Guangshen’s 2017 Results Slightly Beat on Lower Costs; Eyeing Deepening Railway Reform
No-moat Guangshen’s 2017 results, with net profit falling 12% year over year to CNY 1 billion, came in slightly above our expectations, which should mostly be attributed to lower-than-expected overhaul costs. Core operations were well on track, with full-year passenger volumes and recurring earnings remaining largely flat from a year ago. We think Guangshen’s focus on passenger railways will continue to lead to a stable growth outlook with robust cash flows for the company’s existing operations,...
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