[ET Net News Agency, 3 September 2019] Citi Research raised its target price for China
Railway Construction (CRCC)(01186) to HK$12.2 from HK$11.8 and maintained its "buy"
rating.
The research house said CRCC's 2Q net profit grew 17.7%, slightly better than expected
and faster than the 13.6% rise in 1Q. CRCC is the second firm in the sector to beat Citi's
forecast, after CSCI (03311), on net margin improvement by reducing net gearing and
faster-than-expected revenue growth.
Citi raised its EPS estimates by 3-4% for 2019-21. Operating outflow improved from
Rmb45.9m in 1H 2018 to Rmb32.5m in 1H 2019. Citi thinks OCF (operating cash flow) will
turn positive by end-2019 as financial de-leveraging is at top of the corporate agenda.
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01186 CHINA RAIL CONS
Nominal 
5.010 +0.030 (+0.602%) Research Report
03/09/2019 17:26
{I-bank focus}Citi lifts China Rail Cons (01186) to HK$12.2
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