China Railway Construction Results in Line ; FVE Maintained at HKD 11.50
No-moat China Railway Construction, or CRCC, reported 2018 second-half result in line with our estimates. As expected, the constructor took on less public-private-partnership projects, or PPP, investment-driven new contracts in 2018. As China’s financing environment continues to tighten, we expect the constructor to keep cutting back on the number of PPP, leading to lower margins in the years to come. The negative impact on profitability, however, will be offset by a lower level of capital expen...
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