CCCC's 1H Result in Line with our Estimate; FVE Maintained at HKD 12.5
The no-moat China Communications Construction Corporation, or CCCC, delivered a decent first-half result that is broadly in line with our expectation. The net income rose 8% year on year on continuous margin expansion, while the 4% year-on-year top-line growth slightly trailed our full-year estimate due to delayed revenue recognition on major infrastructure contracts. We believe CCCC is on track to meet our full-year net income growth projection of 9%, as construction tends to peak in the second...
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