Transferring Coverage of CCCC; Lowering FVE to HKD 8.60; Shares Look Fairly Valued
After transferring coverage of China Communication Construction Company, or CCCC, to a new analyst, we are lowering our fair value estimate to HKD 8.60 from HKD 12.50. The bulk of the downward adjustment comes from the expectation of slowing infrastructure project demand that will put pressure on the company’s margins for the next couple of years. Recovery in margins will more likely be seen over the longer term (post-2023) as capital investment toll roads start to bear fruit. Our valuation has ...
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