Higher Costs Continue to Drag on Guangshen’s First Half; Eyes On Forthcoming Railway Reform
Although revenue is on track to meet our full-year estimates, Guangshen Railway’s first-half net profit fell 25% to CNY 509 million, the low end of our expectation. A 9.7% jump in labor expense, following its acquisition of Sanmao and Guangmeishan railways in October 2016, continues to drive higher costs that outpaced revenue growth and cut EBITDA margin to 18.8% from 20.3% a year ago. However, sequential performance indicates an improvement, with net profit rebounding to CNY 509 million from CN...
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