CSCI Delivered Solid Q3 2016 Result on Margin Rebound; PPP Projects Accelerate
China State Construction International, or CSCI, posted third-quarter results that reflect improving profitability, indicating a stronger second-half 2016 performance. We think the company is on track to meet our full-year estimates, with cumulative revenue and operating income making up 70% and 68% of our 2016 projections, respectively, and with the fourth quarter traditionally the strongest. Our fair value estimate of HKD 14 is unchanged, as is our narrow moat rating. We think the market is co...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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