[ET Net News Agency, 28 August 2019] Daiwa Research lowered its target price for
Zhuzhou CRRC Times Electric (03898) to HK$34 from HK$49 and maintained its "hold" rating.
The research house said CRRC's 1H net profit of CNY1,066m was well short of Daiwa's
full-year forecast, due to lower product deliveries, along with increased SG&A expenses.
The company foresees moderate net profit growth for 2019. Daiwa lowered its 2019-20 EPS
forecasts by 10-14% to reflect the weaker 1H results and its new revenue assumptions for
rolling stock delivery and new businesses. (KL)