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00390 CHINA RAILWAY
RTNominal down3.870 -0.030 (-0.769%)
Research Report

18/11/2019 14:03

{I-bank focus}Daiwa lowers China Railway (00390) to HK$5.3

[ET Net News Agency, 18 November 2019] Daiwa Research lowered its target price for
China Railway Group (CRG)(00390) to HK$5.3 from HK$5.9 and maintained its "outperform"
rating.
The research house is cautious on CRG's gearing ratio and cash flow conditions. CRG
booked CNY1.1tn of new orders for 9-month 2019, beating Daiwa's 2019 forecast of 12%,
primarily driven by the decent growth of investment projects, especially municipal and
housing orders, and overseas projects.
As such, Daiwa revised up its 2019 new order growth to 13.8%. It also revised up its
2019 earnings forecast by 5% after factoring in the strong 3Q results, but trimmed the
2020-21 earnings estimates by 0.3-4%, as it is more cautious about the increasing
operating expenses. (KL)

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