Daqin’s Strong Preliminary 2017 Result In Line; Raising Our FVE to CNY 9.70 per Share
Narrow-moat Daqin’s preliminary 2017 net profit of CNY 13.3 billion reveals a strong 86% net profit rebound from 2016 levels, driven by coal transport volume recovery and a freight rate hike. This is in line with our expectations, although it’s lower than management’s guidance of CNY 14.7 billion. We think China’s stricter air-pollution controls will lead to rail transport replacing coal trucks, which will continue to drive coal transport volume growth for Daqin in the coming years. However, wit...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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