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01186 CHINA RAIL CONS
RTNominal up4.420 +0.010 (+0.227%)
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20/04/2018 09:35

[I-bank focus]Morgan cuts China Rail Cons (01186) to HK$11.6

[ET Net News Agency, 20 April 2018] Morgan Stanley lowered its target price for China
Railway Construction (CRCC)(01186) to HK$11.6 from HK$13.3, and reiterated its
"overweight" rating.
The research house projected an earnings CAGR of 18% in 2018-20 for CRCC, thanks to
continuous gross margin expansion with higher revenue contribution from PPP and municipal
projects. Hence, it believes CRCC's profitability will continue to improve with ROE to
expand to 14.4% in 2020 from 12.2% in 2017.
Its current valuation at historical low and 41% discount to current book value looks
attractive, Morgan added.
It expects CRCC's revenue to increase 8% YoY, below Morgan's full-year estimate of 11%
YoY growth, due to the influence of environmental controls in North China, while Morgan
projected net profit to increase 22% YoY, thanks to higher revenue contribution from PPP
construction. (KL)

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