China Railway Group Results Below Morningstar Estimates; FVE Maintained at HKD 7.50
No-moat China Railway Group, or CRG, reported 2018 second-half results below our estimates. As a result of the adoption of a new accounting policy, the group booked a one-off impairment loss of CNY 5.3 billion during the latter six months of 2018. Excluding the impairment, CRG’s second-half operating profit would have been more in line with our estimates. The 60 basis points uptick in gross margin was driven by rising contribution from public-private-partnership projects, which require the group...China Railway Group is engaged in infrastructure construction, survey, design and consulting services, engineering equipment and component manufacturing and property development; Through its subsidiaries, Co. is also engaged in the provision of engineering consulting services; construction and survey supervision services; manufacture of bridge steel structures, railway specialized equipment and tunnel equipment; construction management; investment and management; financial trust management; and mining. Co. has 5 business segments: infrastructure construction; survey, design and consulting services; engineering equipment and component manufacturing; property development; and other businesses.
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