Strong 1H Result China Railway Construction Helped By Changing Project Mix, FVE Remains at HKD 11.50
No-moat China Railway Construction Corporation's, or CRCC's, the strong first-half result came in ahead of our expectations, with revenue and recurring profit up 7% and 18%, respectively. Management attributes the faster bottom-line growth to a more favorable project mix and better cost management. With new contracts expanded by 10% during the first half, the company's uncompleted orders amounted to more than three times sales, boding well for future growth. We retain our fair value estimate of ...
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