CRG's Outlook Remains Stable Amid Solid New Order Wins; FVE Maintained at HKD 7.5 per Share
No-moat China Railway Group reported virtually flat net income of CNY 11.8 billion, which missed our estimate by 10%, as higher material costs and delayed contract pricing adjustment led to margin erosion at the infrastructure operation. The 5.5% year-on-year top-line growth marginally missed our expectations due to the one-off impact of value-added tax reform. With new orders rising 29% and reacceleration in real estate market activity, we expect CRG’s 2017 net income and revenue to rise 7% and...
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