Guangshen Is Well Positioned to Benefit From China's Railway Reform
Guangshen’s 18% year-over-year fall in net profit to CNY 310 million was within expectations, as the scheduled overhaul costs continued to weigh on margins. On a positive note, Guangshen’s gross margin recovered to 9.9% from 8.3% in the prior quarter, and with the majority of the planned overhaul completed, we expect the company’s profitability to further improve in the fourth quarter.  Core passenger operations were decent, and passenger volume on the Guangzhou-Shenzhen intercity express and Gu...
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