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03969 CHINA CRSC
RTNominal down3.140 -0.090 (-2.786%)
Research Report

06/05/2021 17:11

{I-bank focus}JEF starts CRSC (03969) at "hold" and HK$3.4

[ET Net News Agency, 6 May 2021] Jefferies Research initiated coverage on China Railway
Signal & Communication (CRSC) (03969) with a "hold" rating and target price of HK$3.4.
The research house said CRSC is the leading supplier of rail transportation control
systems in China with great exposure to the self-sufficient theme and ongoing railway
development.
CRSC recorded a revenue/earnings of Rmb40.1bn/3.8bn with the growth of -3.6%/+0.1% in
FY2020 on slowdown railway FAI (fixed-asset investment) while overseas revenue increase
67.2% to Rmb0.9bn due to the advance of projects in Indonesia and Hungary.
Jefferies modeled for earnings expansion of 6.2%/8.7% in FY2021/22. (KL)

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