CRCC Delivered Solid 3Q Result on Improving Contract Mix and Effective Cost Controls
No-moat China Railway Construction Corporation, or CRCC, delivered solid results for the first nine months, with core net earnings rising at 11% year on year to CNY 9.9 billion, mainly on effective cost controls, while the 9.3% year-on-year top-line growth to CNY 460 billion was also in line with our estimate. The company’s transition toward high-margin urban rail/public-private partnership, or PPP, projects remains on track, and we expect CRCC to meet our full-year 9% net earnings growth estima...
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