CSCI's 2017 Core Profit Rose 22% on Strong PPP Growth; FVE cut to HKD 14 on Tightening Fiscal Policy
Excluding the one-off investment revaluation ad project disposal gains, China State Construction International's, or CSCI's, 2017 core profit of HKD 5.1 billion (up 22% year on year) would have modestly exceeded our estimate, while the 12% year-on-year top-line growth rate (adjusted for associate revenue) was as expected. The robust mainland infrastructure revenue growth and improving margin at FEG Group (mainly the curtain wall business) remained the operating highlights. For 2018, we expect CS...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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