CRG Reported Strong 1Q Result on Effective Cost Controls
No-moat China Railway Group's first quarter was solid with net income rising 19.5% year on year to CNY 3 billion, mainly on effective cost controls, while revenue was up 10% year on year to CNY 147.6 billion. CRG’s robust new order growth, especially in the more profitable urban rail contract, should help the company maintain its current margin level, while the solid noninfrastructure segment performance should provide an additional buffer to the bottom line. We maintain our fair value estimate ...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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