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03969 CHINA CRSC
RTNominal down2.980 -0.030 (-0.997%)
Others

20/06/2019 17:36

[I-bank focus]JP Morgan tweaks China CTSC (03969) to HK$7.3

[ET Net News Agency, 20 June 2019] J.P. Morgan raised its target price for China
Railway Signal & Communication Corp (CTSC)(03969) to HK$7.3 from HK$7.2 and maintained its
"overweight" rating.
The research house spoke to the management of China CRSC and obtained the latest
business update and growth plan ahead of the upcoming listing on the Domestic Science &
Tech Board (likely to complete in July).
Management expects operating cashflow to improve in coming years, by way of reducing
exposure to such low-margin construction business, which in turn helps improve its blended
margin. JPM expects the potential A-share listing to help improve CRSC's valuation and
liquidity. It revised its FY2019/20 EPS forecasts by -4%/+2%. (KL)

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