Guangshen’s First-Half 2016 Result Beats; High-Speed Delegated Service Becomes a Key Growth Driver
Despite weakness in both passenger and freight traffic, Guangshen Railway posted strong first-half 2016 results that beat market expectations, with recurring net profit increasing 21% to CNY 682 million on 9.5% revenue growth and 0.7% margin expansion, making up 60% of our full-year forecast. Notably, the company’s transport service segment, which mainly comprises its high-speed rail operations, contributed 94% of overall revenue growth, becoming the key growth driver. We increase our 2016 earni...
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