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Dah Sing lowers the target price of China State Construction Engineering Corporation (00390.HK) to 5.1 yuan, maintaining a 'buy' rating but preferring China State Construction Engineering Corporation (03311.HK).
Citigroup released a report stating that China Railway (00390.HK) had slightly lower third-quarter performance than expected, due to the slowdown in project initiation. Therefore, the earnings per share forecast for 2024 to 2026 is reduced by about 9%. The bank has lowered China Railway's target price from 5.3 yuan to 5.1 yuan, maintaining a 'buy' rating. Citigroup stated that China Railway's operational cash flow is facing challenges, with a net cash outflow of 71.257 billion yuan in the first 9 months of this year. Although the fourth quarter is a season of cash inflow, the company may not achieve positive cash flow by the end of this year. On the other hand, the stimulus measures to be introduced in the mainland may address local government issues.
Earnings Miss: China State Construction Engineering Corporation Limited Missed EPS By 37% And Analysts Are Revising Their Forecasts
China State Construction Engineering Corporation (601668): Performance meets expectations. Fast growth in signing new infrastructure contracts.
Event: The company released the third quarter report for 2024. In the first three quarters of 2024, the company achieved revenue of 1,626.541 billion yuan, a decrease of 2.67% year-on-year; achieved a net income attributable to the mother of 39.703 billion yuan, a decrease of 9.05% year-on-year.
China State Construction Engineering Corporation (601668): Performance is under pressure, but operating cash flow has improved on a month-on-month basis.
Event: China State Construction Engineering Corporation released the third quarter report of 2024. From January to September 2024, the company achieved operating income/net income attributable to equity holders/net profit attributable to non-controlling interests of 1626.5/39.7/37 billion yuan, a year-on-year decrease of 2.7%/9.1%.
Express News | The latest holdings of the social security fund have been exposed, with 31 new positions added.
HTSC raises target price of China State Construction Engineering Corporation (03311.HK) to 16.64 yuan, with steady and robust performance growth.
HTSC's research report stated that China State Construction Engineering Corporation (03311.HK) saw a 12.3% year-on-year increase in revenue to 89.3 billion yuan for the first three quarters, while net profit rose by 12.8% to 13 billion yuan. The company believes that the company maintains steady development, maintains a "buy" rating, and raises the target price from 14.49 yuan to 16.64 yuan. The company mentioned that the construction industry in Hong Kong and Macao is flourishing, mainland China's policies are shifting towards stable growth, and the company's MiC business continues to make breakthroughs in mainland China. The bank maintains its net profit forecasts for 2024 to 2026 at 10.4 billion yuan, 11.8 billion yuan, and 13.4 billion yuan respectively.
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