CSCI's First-Quarter Result Was Solid as Expected; Robust New Contract Wins Warrant Stable Growth
No-moat-rated China State Construction International, or CSCI, delivered a solid first-quarter result, with operating income and revenue rising 15% year on year and 21% year on year, respectively. The strong operating data points in combination with robust new contract wins point to a strong year ahead. We maintain our fair value estimate of HKD 15 per share and consider the current share price fairly valued.In addition to the solid financial result, the 24.5% year-on-year new contract wins in ...
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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