China Communications Construction Posts Solid Results Despite Higher Material Costs; FVE Maintained
No-moat China Communication Construction Corp's results are in line with our expectations. Excluding the one-off related to the disposal of the heavy machinery division, net income and the top line rose roughly 7% year on year on back of 13% top-line growth. The company’s gross margin declined roughly 30 basis points year on year as strong growth in public-private-partnership (PPP) projects and overseas contracting were unable to offset the notably higher material costs. In 2018, the firm's over...
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