[ET Net News Agency, 2 July 2019] Goldman Sachs reduced its target price for China
Railway Signal & Communication (CRSC)(03969) to HK$6.3 from HK$7.6 and maintained its
"buy" rating.
The research house updated its estimates for CRSC's publicly announced STAR (Sci-Tech
innovAtion boaRd) market offering, 1Q/1H financials, and Rmb260mn one-off property asset
sales announced on 10 June.
Goldman factored in capitalized R&D of Rmb4.6bn and capex of Rmb2.8bn over a four-year
period to drive the development of new business. It refined its 2019-21 net profit by -3%
to +2% and EPS by -16% to -20%, factoring in a 17% enlarged share count.
Goldman forecast 2018-21 revenue/net profit CAGR of +10%/+15% on largely stable market
share and improving business mix. (KL)
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03969 CHINA CRSC
Nominal 
3.160 -0.120 (-3.659%) Research Report
02/07/2019 15:16
[I-bank focus]Goldman reduces China CRSC (03969) to HK$6.3
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