CSCI Delivered Decent 1H Result; Strong New Order Book Points to Accelerating Growth Ahead
The no-moat China State Construction International, or CSCI’s decent first-half result was broadly in line with our expectation. The net earnings and revenue were up 11% year on year and 22% year on year, respectively, to HKD 2.5 billion and HKD 23 billion. The main operating highlights were the continuous margin improvement and robust new contract wins. While the new share issuance at HKD 11.3 per share, or 10% discount to the latest market price, would cause the short-term shareholder value di...China State Construction International Holdings is an investment holding company and provides corporate management services. Through its subsidiaries and associated companies, Co. is engaged in the construction business, project consultancy services, thermoelectricity business, infrastructure project investments, toll road operation, precast structures business, facade contracting business, the manufacture and sale of ready-mixed concrete, property management and the operation of slaughterhouse. As of Dec 31 2014, Co. conducted its businesses through the following reportable segments: Hong Kong, Mainland China, Macau, Overseas and FEG Group.
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