China Communications Construction Results in Line; FVE Maintained at HKD 8.60
No-moat China Communications Construction Company, or CCCC, reported 2018 second-half results in line with our estimates. As China’s financing environment continues to tighten, we expect the constructor to cut back on the number of public-private-partnership projects, leading to lower margins in the years to come. The negative impact on profitability, however, will be offset by a lower level of capital expenditures going out. As a result, we maintain our fair value estimate of HKD 8.60 on CCCC a...
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