[ET Net News Agency, 3 September 2019] CICC Research lowered its target price for China
Communications Construction (CCC)(01800) by 23% to HK$9.2 considering falling valuations
in the sector and maintained its "outperform" rating.
The research house said CCC's 1H earnings are lower than CICC's forecast, as its gross
margin fell and minority interest rose. It believes the firm's new orders will maintain
rapid growth in 2H. H-share buyback may also boost valuation. CCC announced a plan to buy
back up to 440mn of its H-shares.
CICC kept its earnings forecasts unchanged. It expects CCC's 2019/20 earnings to grow
15.6% and 11.5% to RMB22,903mn and RMB25,542mn respectively. (KL)
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01800 CHINA COMM CONS
Nominal 
4.280 +0.060 (+1.422%) Others
03/09/2019 17:39
{I-bank focus}CICC cuts China Comm Cons (01800) to HK$9.2
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