CSCI Posted Disappointing 4Q Results; FVE Lowered to HKD 7.50
No-moat China State Construction International, or CSCI, reported a 2018 second-half result below our estimates. As China’s financing environment continues to tighten, we expect the constructor to cut back on the number of public-private-partnership, or PPP, projects, leading to lower margins in the years to come. The negative impact on profitability, however, will be partially offset by a lower level of capital expenditures going out. As a result, we lower our fair value estimate for CSCI to HK...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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