标题：China Communications Construction (H)Data update： Fine-tuning earnings estimates
发布日期：2015-12-31 15:17:00
内容： Changes and Implications We fine-tune our 2015/16/17E EPS by -1%/-2%/-3% to reflect recent pick upin infrastructure fixed asset investment, offset by higher expense ratioassumptions. Our 12-month target price is derived using 2016E EV/GCI vs. CROCI/WACC.Key risks include stronger/weaker-than-expected domestic infrastructureinvestment and faster/slower-than-expected overseas expansion. We do not view these changes as material, and there is no change to ourinvestment thesis, rating or price target.
发布日期：2015-12-31 15:17:00
内容： Changes and Implications We fine-tune our 2015/16/17E EPS by -1%/-2%/-3% to reflect recent pick upin infrastructure fixed asset investment, offset by higher expense ratioassumptions. Our 12-month target price is derived using 2016E EV/GCI vs. CROCI/WACC.Key risks include stronger/weaker-than-expected domestic infrastructureinvestment and faster/slower-than-expected overseas expansion. We do not view these changes as material, and there is no change to ourinvestment thesis, rating or price target.
