Guangshen’s 3Q Slightly Beats; Railway Reform Is Deepening
No-moat Guangshen’s third-quarter result reflects a strong sequential improvement, with net profit rebounding to CNY 380 million from CNY 226 million in the second quarter. This is slightly ahead of our expectations, and largely attributed to lower-than-expected overhaul costs in the quarter, which (along with the seasonally strong passenger tariffs due to school holidays) helped to boost gross margin to 12.2% from 8.8% a quarter ago. However, we think the margin recovery is not sustainable. The...
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