12/09/2019 17:30

{I-bank focus}HSBC upgrades CRRC Times (03898) to HK$43

[ET Net News Agency, 12 September 2019] HSBC Global Research raised its target price
for Zhuzhou CRRC Times (03898) to HK$43 from HK$39 and upgraded its rating to "buy" from
"hold" on improving prospects of IGBT (integrated gate bipolar transistor) business and a
potential spin-off.
The research house said the share price has corrected by 27% in 2019 year-to-date and
the market also has downgraded its earnings for FY2019 in recent weeks following a weaker
than expected 2Q.
Market expectations on rail equipment new orders have also gone from optimistic to a
more reasonable, low growth scenario, HSBC said. It believes the rail equipment
procurement budget by China Railway should be maintained at RMB100bn per annum in 2019 and
2020. (KL)

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