Guangshen’s Strong 1Q Slightly Beats; Eyeing Deepening Railway Reform.
Guangshen Railway’s strong first-quarter results, with net profit rising 58% year over year to CNY 446 million under PRC GAAP, were slightly ahead of our expectations, owing to lower-than-expected costs. We think this reflects stronger cost synergies amid the consolidation between Guangshen’s existing operation with the newly acquired Sanmao and Guangmeishan railway assets, which expanded its operating margin to 12.2% from 8.8% a year ago. However, the planned overhaul schedule should mean highe...
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