[ET Net News Agency, 31 March 2020] Daiwa Research lowered its target price for CRRC
Corp (01766) to HK$4.3 from HK$6.4 and downgraded its rating to "hold" from "outperform".
The research house said CRRC's 2020 outlook for railway equipment investment is quite
disappointing. Daiwa cut its 2020-21 EPS forecasts by 13-14%.
Due to the shortfall in rail freight and passenger volume in 1Q that reduced equipment
maintenance demand, the company expects relatively flat maintenance revenue growth in
2020, down from 16% growth in 2019. (KL)