CCCC's Nine-Month Result Modestly Missed on Higher Raw Material Costs; FVE Maintained at HKD 12.50
Higher raw material costs drove a softer-than-expected nine-month result at no-moat China Communication Construction Corporation, or CCCC, with net income rising at a lower-than-expected 4% year on year amid in-line 5% year-on-year revenue growth. Higher research and development expenses also contributed to the soft bottom line. Still, we retain our 9% full-year net earnings growth estimate on the recently favorable raw material pricing trend. Our fair value estimate of HKD 12.50 per share is un...
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