[ET Net News Agency, 15 April 2020] Daiwa Research lowered its target price for CRRC
Corp (01766) to HK$4.2 from HK$4.3 and maintained its "hold" rating.
The research house believes CRRC's 1Q profit warning was probably due to the COVID-19
outbreak during February and March, which led to a large-scale work suspension in China.
Year-to-date, China Railway (CR) has tendered 269 units of locomotives and two
maintenance services contracts for locomotives and freight wagons. Daiwa expects CR to
issue the 100-unit tender of the new 250km/hour type Standard MU and the new tenders for
350km/hour Standard MU in April or May, while the CR200J tender should go in 2H.
Daiwa trimmed its 2020-22 EPS forecasts by 1-2% to factor in the 1Q profit warning. (KL)
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01766 CRRC
Nominal 
4.470 +0.100 (+2.288%) Research Report
15/04/2020 11:37
{I-bank focus}Daiwa lowers CRRC Corp (01766) to HK$4.2
| Remark: | Real time quote last updated: 09/05/2024 11:56 |
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