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01766 CRRC
RTNominal up5.050 +0.030 (+0.598%)

24/09/2019 10:14

{I-bank focus}Daiwa lowers CRRC Corp (01766) to HK$6.4

[ET Net News Agency, 24 September 2019] Daiwa Research lowered its target price for
CRRC Corp (01766) to HK$6.4 from HK$7.4 and maintained its "outperform" rating.
The research house said the China Railway's (CR) new 2019 guidance of Fuxing MU tenders
is lower than its estimate of 340 units. Daiwa noted that CR's delayed tenders on MU were
caused by the shareholding system reform. Hence, it lowered its 2019 MU delivery growth
from 10% to 6%.
As a replacement for passenger rail trains, demand for dynamic concentrated MU (CR200J)
is rising. For 2019 year-to-date, tenders of CR200J stood at 113 units versus 28 units in
2018. Daiwa expects the robust procurement of CR200J to partially compensate for the
moderate growth of Fuxing MU.
Daiwa cut its 2019-20 EPS forecasts by 5% to factor in the 1H results and its new
assumptions on railway equipment delivery. (KL)

Remark: Real time quote last updated: 26/02/2020 17:59
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