[ET Net News Agency, 13 November 2018] Daiwa Research lifted its target price for China
Railway Group (CRG)(00390) to HK$8 from HK$7.8 but downgraded its rating to "outperform"
from "buy".
The research house favours CRG's earnings expansion over 2019-20 given the fiscal
stimulus and loosening credit environment since 4Q, which may drive new orders and revenue
growth over 2018-19, and robust growth in non-construction businesses, such as real
estate.
Daiwa thinks CRG's operating cash flow will continue to face downside pressure in 2019,
with the company's increasing exposure to investment projects and real estate, while Daiwa
cut its 2018-20 core EPS forecasts by 4-8% to reflect the 3Q results miss and its lower
new-order growth assumptions. (KL)
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00390 CHINA RAILWAY
Nominal 
4.030 +0.020 (+0.499%) Others
13/11/2018 09:40
[I-bank focus]Daiwa lifts China Railway (00390) to HK$8
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