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...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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