Guangshen’s 2016 Missed on Higher Labor Costs; Focus Remains on Intensifying Railway Reform
Guangshen Railway’s 2016 result, with net profit increasing 8% year over year to CNY 1.2 billion, slightly missed our expectations. The shortfall was mostly attributed to a significant 19.4% increase in labor and employment benefit expenses, as a result of 2% increase in workforce and higher wages and benefits. The railway operations were on track, with 33% growth in high-speed services a key growth driver, leading to sound revenue growth of 10%.We remain optimistic regarding Guangshen’s long-t...
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