[ET Net News Agency, 18 November 2019] Daiwa Research lowered its target price for
Zhuzhou CRRC Times Electric (03898) to HK$28 from HK$34 and maintained its "hold" rating,
given weak growth prospects over 2019-20 and a fair valuation.
The research house said CRRC Times's net profit fell by 1% in 3Q due to higher SG&A and
finance expenses. Its 9-month net profit grew slightly by 1%, lower than Daiwa's prior
full-year expectation of 7%, on weak revenue growth and the rise in operating expenses.
For 2019, Daiwa now expects moderate earnings expansion, driven by growth momentum in
the metro cars business but offset by weakness in railway maintenance vehicles and key
electric components.
Daiwa lowered its 2019-21 EPS forecasts by 4-7% to reflect the weak 3Q results and
downward revisions to our revenue forecasts for the rolling stock delivery and new
businesses. (KL)
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03898 TIMES ELECTRIC
Nominal 
29.500 +0.450 (+1.549%) Research Report
18/11/2019 15:09
{I-bank focus}Daiwa lowers CRRC Times Elec (03898) to HK$28
| Remark: | Real time quote last updated: 19/04/2024 13:43 |
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