CCCC's 3Q Result in Line with our Estimate; FVE Maintained at HKD 8.60
No-moat China Communication Construction Company's, or CCCC's, reported third-quarter earnings that are on track to deliver our full-year estimate. Foreign exchange gains boosted the group’s bottom line, which booked a decent 11% year-over-year growth in the third quarter. Excluding such gains, CCCC’s third-quarter net income dropped by 10% compared with the same period last year. We maintain our fair value estimate of HKD 8.60 per share on CCCC and consider the current market price fairly value...
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