Guangshen’s Weak 3Q In Line; Lowering FVE to HKD 6.30 on Weaker Freight Volume
Guangshen’s 18% year-over-year fall in net profit to CNY 310 million was within expectations, as the scheduled overhaul costs continued to weigh on margins. On a positive note, Guangshen’s gross margin recovered to 9.9% from 8.3% in the prior quarter, and with the majority of the planned overhaul completed, we expect the company’s profitability to further improve in the fourth quarter.  Core passenger operations were decent, and passenger volume on the Guangzhou-Shenzhen intercity express and Gu...Guangshen Railway Company Limited is engaged in the provision of passenger and freight transportation on railroads. The Company also operates certain other businesses, which include services offered in railway stations, and sales of food, beverages and merchandises on board the trains and in the railway stations. Its segments include The Railway Transportation Business and All other segments. The railroad and related business is conducted by the Company (the Railway Transportation Business). Other segments include on-board catering services, leasing, sales of materials, sale of goods and other businesses related to railway transportation provided by the subsidiaries of the Company. The Company is engaged in the provision of integrated services in relation to railway facilities and technology, commercial trading and other industrial businesses. It also operates with other railway companies in the People's Republic of China (PRC) for the provision of freight transportation services.
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