Guangshen stands to benefit handsomely from China’s railway reform initiatives.
Guangshen’s first-quarter net profit fell 13% to CNY 284 million, tracking 21% of our full-year forecast, and on the low end of our expectation. The shortfall was mainly attributable to higher costs, following its acquisition of Sanmao and Guangmeishan railways in October 2016, which outpaced revenue growth and cut gross margin to 10.4% from 12.8% a year ago. However, sequential performance indicates an improvement with net profit rebounding to CNY 284 million from CNY 69 million in fourth-quart...
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