CCCC's ZPMC Stake Disposal Could Boost 2017 Profit by 8%-10%; FVE Maintained at HKD 12.50 per Share
No-moat China Communication Construction Corp., or CCCC, announced in the evening of July 18 that it would sell its 30% stake ownership in ZPMC, its equipment manufacturing arm, to its parent company for an estimated one-off gain of CNY 2.4 billion. If approved, we believe this could boost the company’s 2017 bottom line by 8%-10%. We will make the necessary adjustments to our assumptions once the deal is complete; for now, we retain our fair value estimate of HKD 12.50 per share. At the current ...
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