TC

12/09/2019 17:46

{I-bank focus}HSBC upgrades CRRC Corporation (01766) to HK$8

[ET Net News Agency, 12 September 2019] HSBC Global Research lifted its target price
for CRRC Corporation (01766) to HK$8 from HK$7.5 and upgraded its rating to "buy" from
"hold".
The research house said CRRC's share price has corrected 27% year-to-date. HSBC thinks
this reflects the market's change in expectations for new rail equipment orders in the
domestic market, from overly optimistic to the reality of a flat growth outlook.
HSBC made minor 1-2% adjustments to our rail equipment revenue estimates for FY2019-21,
while its EPS estimates remain broadly unchanged. (KL)

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