601006 CN Daqin - 2017 August
We maintain our fair value estimate of CNY 9.20 per share for narrow-moat Daqin, following the company’s strong first-half net profit of CNY 7.6 billion that was in line with our expectations. The coal transport volume on Daqin Line rebounded sharply by 33% to 210 million tons, and dominated one fifth of China’s coal rail transport. This reaffirms Daqin’s leading position in west-east coal rail transport, compared with an 8% growth to 140 million tons at its key competitor Shuohuang Line. Howeve...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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