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RTNominal down5.870 -0.030 (-0.508%)

03/12/2019 17:37

{I-bank focus}UBS lowers China Comm Cons (01800) to HK$6.7

[ET Net News Agency, 3 December 2019] UBS Global Research lowered its target price for
China Communications Construction (CCCC)(01800) to HK$6.7 from HK$9.7 and downgraded its
rating to "neutral" from "buy".
The research house cut its 2019-21 EPS estimates by 6-13% to reflect margin contraction
and higher interest expenses. UBS believes CCC's year-to-day share price underperformance
already factored in its weakest financials among SOE construction companies.
UBS remains positive on PPP/BOT (public-private partnership/build-operate-transfer)
investments generating long-term reasonable returns. However, it sees near-term risks from
margin pressure, high gearing and weak FCF (free cash flow). (KL)

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