Interim Result Disappoints; CSCI's FVE Slashed to HKD 10 Amid Rising Competition
China State Construction International, or CSCI, reported a 2018 interim result below our estimates. The margin for its Mainland China operation (approximately 70% of company bottom line) dropped to 20% versus 23% for the same period last year. We believe much of the decline in profitability has to do with the rising level of competition as the country's infrastructure spending slows. Consequently, we are cutting our fair value estimate for no-moat CSCI to HKD 10 from HKD 14 to reflect further d...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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