[ET Net News Agency, 30 March 2020] Daiwa Research lowered its target price for Zhuzhou
CRRC Times Electric (03898) to HK$24 from HK$28 and maintained its "hold" rating.
The research house said CRRC Times' 2019 results were in line. For 2020, CRRC Times sees
flattish sales growth from its railway business but remains positive on its metro car
products and new businesses (IGBT, motor controllers for NEV, etc).
Given the 55% revenue contribution in 2019 and a higher gross margin from the railway
business, Daiwa sees downside risks to CRRC Times's earnings growth in 2020. It cut its
2020-21 EPS forecasts by 14-15% to reflect its 2019 results and weaker-than-expected
outlook for the railway business. (KL)
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03898 TIMES ELECTRIC
Nominal 
30.150 +0.900 (+3.077%) Others
30/03/2020 11:42
{I-bank focus}Daiwa cuts CRRC Times Electric to HK$24
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