CRG's First-Half 2016 Net Income Beat on Lower Financing Costs and Robust Nonconstruction Sales
No-moat China Railway Group, or CRG’s, 12% year-on-year net earnings growth (to CNY 5.1 billion) in the first half exceeded our expectations, owing to materially lower financing costs and robust noninfrastructure performance (mainly real estate and manufacturing). Revenue was up by a lower-than-expected 1.5% to CNY 268 billion, mainly owing to a hit from increased value-added tax of 2%-3%, following the reform in tax policy. CRG is on track to meet our 9% full-year net profit growth estimate, an...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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