报告名称：China Railway Construction(01186.HK)Data update： Fine-tuning earnings estimates
报告类型：港股研究
报告日期：2015-12-30
研究机构：高盛高华
股票名称：中国铁建
股票代码：601186,01186
页数：6
简介：Changes and Implications
We fine-tune our 2015/16/17E EPS by +2%/0%/+1% to reflect recent pick upin infrastructure fixed asset investment.
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.

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