CCCC's Net Profit Up 20% Year on Year on Lower Tax Rate; Better Contract Mix Should Drive Up Margin
No-moat China Communication Construction, or CCCC, reported in-line third-quarter results, and is on track to meet our full-year expectations for 9% bottom-line growth, with net income and revenue representing 65% and 66%, respectively, of our full-year 2016 estimate. We are seeing signs of increased build-operate-transfer, or BOT, and public-private partnership, or PPP, contracts in its mix. Operating margins dipped slightly in the third quarter, owing to the contract mix, but this was offset b...
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