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01766 CRRC
RTNominal up4.590 +0.020 (+0.438%)
Research Report

31/08/2020 11:56

{I-bank focus}Morgan lowers CRRC Corp (01766) to HK$6

[ET Net News Agency, 31 August 2020] Morgan Stanley lowered its target price for CRRC
Corp (01766) to HK$6 from HK$7 and maintained its "overweight" rating.
The research house said CRRC's net profit just dropped 14% in 1H, exchange loss booked
Rmb498mn, compared with a Rmb9mn loss in 1H 2019. By segment, revenue of railway equipment
fell 26%, including locomotives down 55%, EMUs down 8%, passenger carriages down 59%, and
freight wagons down 29%.
CRRC's GP (gross profit) margin dropped 1.2ppt, to 21.3% in 1H, mainly due to the change
of revenue mix. Morgan forecast CRRC's net profit CAGR will be 17% in 2020-22. It expects
that CRRC's EPS will be Rmb0.38, Rmb0.47 and Rmb0.53 in 2020-22. (KL)

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