Adjusted for RMB100mn of non-cash impairment on Shantou Bay Bridge, the core net profit would be RMB865mn (+91% YoY), 10%/8% below our/consensus forecast as the gross margin is below expectation.
SUMMARY
(Sign Up to Access)
Get started on the Smartkarma Research Network with a complimentary Preview Pass to:
Unlock all research summaries
Follow top, independent analysts
Receive personalised alerts and emails
Access Briefings, Analytics, and Events
Upgrade anytime to our paid plans for full-length research, real-time analyst discussions, and more.
Join a thriving community of 45,000+ investors, including the top global asset managers managing over $13trn in assets.