CRG Growth Prospects Intact With Full-Year New Orders Up 29%; FVE Maintained at HKD 7.5
No-moat China Railway Group, or CRG, saw 29% year-on-year growth in its 2016 new order book and points to solid growth ahead. The margin expansion remains on track as well, driven by the group's expanding share of profitable urban rail contracts and reacceleration in noninfrastructure activities (real estate and equipment manufacturing). We maintain our fair value estimate of HKD 7.5 per share and consider shares fairly valued at the current market price.Full-year new orders for 2016 increased ...
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