In today’s briefing:
- China Comm Const (1800 HK): Takeaways from Post-FY21 Result Call
China Comm Const (1800 HK): Takeaways from Post-FY21 Result Call
- China Communications Construction (1800 HK) targets for at least 6% growth in revenue with slight operating margin expansion for FY22; and these should sustain its stable growth trend.
- It will increase focus on “big city” projects where there are more opportunities. We think its target of at least 11.8% new contract value growth in FY22 is conservative.
- Reduction in losses at concessionary projects, improvement in operating cash flow and lowering of gearing levels all indicate that CCCC is moving in the right direction.
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