CRG Fiscal 2016 Result First Take: Net Income Below Our Estimate, but Outlook Remains Firm
No-moat China Railway Group reported a mixed 2016 result, with flat year-on-year net income growth to CNY 11.8 billion, missing our estimate by 10%, while the 5.5% year-on-year top-line increase was broadly in line with our expectations. It appears that the rising proportion of high-margin urban rail contracts was insufficient to offset the tepid core railway infrastructure performance. The higher-than-expected tax expense also contributed to the bottom-line miss. Still, with new orders rising 2...
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