[ET Net News Agency, 24 January 2018] HSBC Global Research lowered its target price for
China Communications Construction (CCCC)(01800) to HK$12.2 from HK$14.3, but upgraded its
rating to "buy" from "hold".
The research house said the upgrade reflects: (1) Financial innovation to overcome high
leverage; (2) corporate restructuring to benefit earnings and free up capital; and (3) a
better performing Chinese contractor in overseas markets.
The company reported robust growth of 30.6% in new contracts as of September 2017.
However, HSBC expects new contract growth to decelerate in 2018-19, with most of the
growth coming from PPP projects, railways, and overseas contracts. It reduced its 2017 EPS
estimates for CCCC by 25.8% due to lower revenue and lower margin assumptions. (KL)
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01800 CHINA COMM CONS
Nominal 
4.040 +0.010 (+0.248%) Others
24/01/2018 16:52
[I-bank focus]HSBC lowers China Comm Cons (01800) to HK$12.2
| Remark: | Real time quote last updated: 23/09/2024 17:59 |
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