CRG Q3 2016 Earnings Beat on Solid Margin, Lower Financing and Tax Costs; FVE Maintained at HKD 7.50
No-moat China Railway Group, or CRG’s, cumulative nine-month net profit rose a better-than-expected 16.9% year on year to CNY 9.2 billion as margins expanded and financing and tax costs both fell. However, as we’ve seen with its peers, top-line growth was lackluster at just 2.7% year on year, following uncertainty over the the value-added tax reform that we estimate shaved off 2%-3% in growth. Nonetheless, we increase our full-year net income growth estimate to 14% from 9%, mainly on better-than...
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