CSCI on Track to Meet Our Full-Year Estimate; Maintaining HKD 10 FVE
No-moat China State Construction International reported 2018 third-quarter preliminary results that are on track to meet our full-year estimates. While the group’s nine-month revenue and operating profit growth is slightly behind the interim result, we believe the Chinese authorities’ efforts in stimulating infrastructure investment will benefit CSCI for the remainder of the year. We maintain our fair value estimate of HKD 10 per share, as our long-term operating assumptions for the company are ...China State Construction International Holdings is an investment holding company and provides corporate management services. Through its subsidiaries and associated companies, Co. is engaged in the construction business, project consultancy services, thermoelectricity business, infrastructure project investments, toll road operation, precast structures business, facade contracting business, the manufacture and sale of ready-mixed concrete, property management and the operation of slaughterhouse. As of Dec 31 2014, Co. conducted its businesses through the following reportable segments: Hong Kong, Mainland China, Macau, Overseas and FEG Group.
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