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01766 CRRC
RTNominal down3.710 -0.190 (-4.872%)
Research Report

18/11/2019 14:35

{I-bank focus}Daiwa trims CRRC (01766) to HK$5.9

[ET Net News Agency, 18 November 2019] Daiwa Research lowered its target price for CRRC
Corp (01766) to HK$5.9 from HK$6.4 and maintained its "outperform" rating.
The research house said CRRC reported moderate net profit growth for 3Q but it expects
flattish railway equipment tenders from China Railway in 2020 and delayed delivery in 4Q,
which was disappointing. Daiwa does not see a strong catalyst for the shares in the near
Management stated that China Railway's amendments to repair and maintenance procedures
have effectively postponed tendering for rolling stock maintenance, which Daiwai thinks
will adversely affect CRRC's maintenance business in the short term.
Hence, Daiwa trimmed its revenue growth assumptions for 2019-21 on lower maintenance
revenue over 2019-21. It also cut its 2019-21 EPS forecasts by 6-7% to factor in the 3Q
results and its lower forecasts for rolling stock delivery. (KL)

Remark: Real time quote last updated: 26/02/2021 17:59
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