CCCC Delivered Solid 2016 Result Due to Robust PPP and Overseas Contracting; FVE Raised to HKD 12.50
No-moat China Communication Construction Corp., or CCCC, reported a solid 2016 result that was in line with our expectations, with net income and revenue rising 8.7% and 6.5% year on year, respectively, to CNY 17.2 billion and CNY 429 billion. The 130-basis-point year-on-year gross margin expansion to 13.5%, driven by sharply higher contribution from profitable public-private-partnership, or PPP, projects and overseas contracting, was partially offset by higher financing costs and tax expenses. ...
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