CRG's First Nine Months' Profit Rose 19% on Improving Revenue Mix; FVE Maintained at HKD 7.50
No-moat China Railway Group reported a strong nine-month result. The company’s net income rose at a stronger-than-anticipated 19% year on year to CNY 11 billion amid margin expansion from its core infrastructure operation, while the 6% year-on-year top-line increase to CNY 470 billion was broadly in line with our estimate. It appears the company’s improving contract mix toward high-margin urban rail contracts is finally paying off, and the stabilizing finance costs amid ongoing deleveraging also...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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