Daqin’s 3Q in Line; Robust Coal Rail Demand Underpins Solid Earnings Growth
We maintain our fair value estimate of CNY 9.80 per share for narrow-moat-rated Daqin, following its in line third-quarter performance, with net profit rising 9% year-over-year to CNY 3.9 billion. Coal rail-transport demand remains robust, and Daqin saw its daily average volume recovering to 1,263 kilotonnes in September, from 1,209 kilotonnes in August that was affected by 10-day repairs work. We think China’s stricter air-pollution controls will lead to rail transport replacing coal trucks, wh...Daqin Railway is principally engaged in the transportation of coal business. Co. is engaged in the railway passenger and cargo transportation; manufacture, installation and repair of railway transportation equipment, facilities and spare parts; undertaking railway construction projects; organization and management of engineering survey, design and construction; provision of loading and unloading of goods, as well as warehousing services; and the selling and storage of related raw materials and spare parts needed. In addition, Co. is also engaged in the provision of locomotive towing, truck repair, ticketing, and other related services.
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