CRCC First-Half 2018 Result First Take
No-moat China Railway Construction Corporation’s, or CRCC’s, strong first-half result came in ahead of our expectations, with recurring profit up 18% year over year to CNY 7 billion. This should be attributable to slightly higher-than-expected revenue growth of 7%, and the improving business mix toward higher-margin segments, which drove gross margin to expand by 0.9% to 9.7%. CRCC’s year-over-year growth in new orders accelerated in the second half, up 13.5% compared with 3.4% in the first-quar...
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