[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)