CSCI Delivered Solid Fiscal 2016 Result; FVE Raised to HKD 15 on Rosy PPP Market Outlook
China State Construction International, or CSCI, delivered a solid 2016 result that beat our expectations, with revenue increasing at a higher-than-expected 21.6% year on year to HKD 46 billion. This was on the back of robust mainland and Macau infrastructure revenue growth, while the 13.4% year-on-year net income growth to HKD 5.1 billion was broadly in line with our estimate. For 2017, we expect CSCI to deliver net income and top-line growth of 17.7% and 17.5%, respectively, driven by the comp...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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