China's Moderating Infrastructure Spending Outlook to Drive Construction Firm Valuation Rerating
With the central government likely to implement a more prudent fiscal policy in 2018, we anticipate a moderating top-line outlook for the no-moat infrastructure firms under our coverage.Still, the impact is likely to vary among different companies: China Communication Construction Corp, or CCCC, will likely be resilient due to the ramp-up in Belt and Road Initiative, while the more domestically focused China Railway Group, or CRG, and China Railway Construction Corp, or CRCC, will face greater c...
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