China Communications Construction's Strong First Quarter; Solid New Order Intake, Sustainable Growth
No-moat China Communication Construction Corporation, or CCCC, kicked off 2017 with strong first-quarter results, with net income rising 36% year on year to CNY 3.2 billion mainly on lower tax and financing expense, while revenue was relatively flat at CNY 82.7 billion. The strong new order growth in infrastructure services and high-margin public-private-partnership (PPP)/overseas contracting set the tone for solid top-line growth and margin expansion ahead. We reaffirm our fair value estimate o...
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