Daqin’s Strong 3Q Slightly Beats; Raise FVE to CNY 9.40 On Higher Coal Volume Outlook
Driven by stronger-than-expected coal transport volume, narrow-moat Daqin’s net profit of CNY 3.6 billion came in slightly ahead of our expectation. Coal volume on Daqin Line reached 112 million tons in the third quarter, representing 33.6% year-over-year growth, or 5.5% sequential improvement. We think China’s stricter air-pollution controls will lead to rail transport replacing coal trucks, and continue to drive coal transport volume growth for Daqin in the coming years. However, with daily vo...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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