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03311 CHINA STATE CON
RTNominal down6.320 -0.040 (-0.629%)
Others

18/11/2019 11:13

{I-bank focus}Daiwa cuts China State Construction to HK$7.5

[ET Net News Agency, 18 November 2019] Daiwa Research lowered its target price for
China State Construction International (CSCI)(03311) to HK$ 7.5 from HK$8 and maintained
its "outperform" rating.
The research house revised its assumptions for CSCI and reaffirmed its conviction on the
stock, supported by stable earnings (20% reported EPS CAGR over 2019-21) and a decent
dividend yield of more than 5% during 2020-21.
Management expects operating cash flow to improve in 2019, thanks to falling expenses in
investment projects in China, and its lower net gearing ratio to reach 50% as at end-3Q
versus 60% as at end-2018. Daiwa lifted its 2019 EPS by 2.5% to factor in the 3Q results
but revised its 2020/21 EPS forecasts by -0.4%/+5.9% to reflect its new revenue and margin
assumptions. (KL)

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