[ET Net News Agency, 28 August 2018] UBS Global Research lowered its target price for
Zhuzhou CRRC Times Electric (03898) to HK$53.4 from HK$55.6, and maintained its "buy"
rating.
The research house cited CRRC in a NDR saying that sales from railway segment would be
flat or slightly increase in 2018. They see healthy revenue growth as likely in 2019,
mainly driven by rising demand for locomotives (benefiting from supportive government
policy towards railway transportation).
The company confirmed that CRC will place one more locomotive order (188 units) in 3Q,
but has not received confirmation from CRC about proposed 2019-20 purchasing plan. UBS
trimmed its 2018-20 earnings forecast for Zhuzhou CRRC, reflecting lower investment income
and EMU revenue (partly due to lower assumption on market share gains). (KL)
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03898 TIMES ELECTRIC
Nominal 
29.250 +0.250 (+0.862%) Others
28/08/2018 09:51
[I-bank focus]UBS cuts CRRC Times Elec (03898) to HK$53.4
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