Delegated High-Speed Rail Services Continue to Drive Earnings for Guangshen
Despite lackluster passenger and freight volumes, no-moat Guangshen Railway posted decent third-quarter 2016 results, with revenue and recurring net profit rising 12.8% and 13.8%, respectively, on a sequential basis, slightly ahead of our expectations. The key profit driver remains its fast-growing delegated high-speed rail operations. We increase our 2016 earnings forecast slightly to CNY 1.3 billion from CNY 1.2 billion, to factor in increased growth in delegated services, and raise our fair v...
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