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01186 CHINA RAIL CONS
RTNominal up8.360 +0.210 (+2.577%)
Others

18/11/2019 10:46

{I-bank focus}Daiwa cuts China Rail Construction to HK$10.8

[ET Net News Agency, 18 November 2019] Daiwa Research lowered its target price for
China Railway Construction (CRCC)(01186) to HK$10.8 from HK$11.9 and maintained its "buy"
rating.
The research house lifted its 2019 revenue by 3% but cut gross margin by 3pp. New orders
for 9-month grew strongly by 25%, beating Daiwa's estimate of 12%. Daiwa expects the
growth momentum to sustain in housing, urban rail, and overseas segments in 2020, while
road orders will likely be stable.
Daiwa lifted its 2019-20 EPS forecasts by 2% to factor in the 3Q results and its new
revenue and margin forecasts. (KL)

Remark: Real time quote last updated: 13/12/2019 17:59
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