We Initiate Coverage of Daqin Railway With Narrow Moat and Stable Moat Trend Ratings
We initiate coverage of Daqin Railway, or Daqin, with narrow moat and stable moat trend ratings and a fair value estimate of CNY 9.20 per share. Daqin is a state-owned coal rail-transport operator in China, with its core asset, the Daqin Line, being China’s most important and busiest coal-rail line. Daqin’s moat is underpinned by the company’s cost advantage in terms of per-ton price to port, and efficient scale with favorable strategic location and access to Qinhuangdao Port, which holds import...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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