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01766 CRRC
RTNominal up4.590 +0.020 (+0.438%)
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30/08/2019 17:44

{I-bank focus}Citi trims CRRC Corp (01766) to HK$7.54

[ET Net News Agency, 30 August 2019] Citi Research lowered its target price for CRRC
Corp (01766) to HK$7.54 from HK$8.37 and maintained its "buy" rating.
The research house said CRRC's 1H earnings of RMB4.8bn was in line. GPM decline was due
to intensive delivery of 160km/h MU, and surging metro project. CRRC expected 200 sets
SEMU bidding in 2H, and maintained FY2019 EMU (electric multiple unit) delivery guidance
of 320-350 sets.
However, CRRC lowered guidance on locomotive bidding to 700 units (from 800 units) in
2019, implying a slowdown in 2H (419 units in 1H). Citi cut its FY2019-21 earnings
forecasts by 6%/6%/8%, mainly on lower Locomotive and EMU contribution. (KL)

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