Announcement • Jun 04
China Railway Construction Corporation Limited, Annual General Meeting, Jun 26, 2026 China Railway Construction Corporation Limited, Annual General Meeting, Jun 26, 2026, at 09:00 China Standard Time. Location: crcc bureau building, no. 40 fuxing road, haidian district, beijing China Reported Earnings • May 01
First quarter 2026 earnings released: EPS: CN¥0.28 (vs CN¥0.34 in 1Q 2025) First quarter 2026 results: EPS: CN¥0.28 (down from CN¥0.34 in 1Q 2025). Revenue: CN¥231.6b (down 9.8% from 1Q 2025). Net income: CN¥4.39b (down 15% from 1Q 2025). Profit margin: 1.9% (down from 2.0% in 1Q 2025). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 3.7% p.a. on average during the next 3 years, compared to a 6.9% growth forecast for the Construction industry in China. Over the last 3 years on average, earnings per share has fallen by 16% per year whereas the company’s share price has fallen by 18% per year. Major Estimate Revision • Apr 07
Consensus EPS estimates fall by 17% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from CN¥1.11t to CN¥1.06t. EPS estimate also fell from CN¥1.68 per share to CN¥1.39 per share. Net income forecast to grow 18% next year vs 17% growth forecast for Construction industry in China. Consensus price target down from CN¥11.40 to CN¥10.45. Share price was steady at CN¥6.92 over the past week. Price Target Changed • Apr 07
Price target decreased by 8.3% to CN¥10.45 Down from CN¥11.40, the current price target is an average from 2 analysts. New target price is 51% above last closing price of CN¥6.91. Stock is down 14% over the past year. The company is forecast to post earnings per share of CN¥1.39 for next year compared to CN¥1.18 last year. Board Change • Apr 01
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Executive Director Minshan Pei was the last director to join the board, commencing their role in 2026. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 31
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: EPS: CN¥1.18 (down from CN¥1.46 in FY 2024). Revenue: CN¥1.03t (down 3.5% from FY 2024). Net income: CN¥18.4b (down 7.2% from FY 2024). Profit margin: 1.8% (down from 1.9% in FY 2024). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 4.8%. Earnings per share (EPS) also missed analyst estimates by 27%. Revenue is forecast to grow 4.7% p.a. on average during the next 2 years, compared to a 8.3% growth forecast for the Construction industry in China. Over the last 3 years on average, earnings per share has fallen by 13% per year whereas the company’s share price has fallen by 11% per year. Announcement • Mar 30
China Railway Construction Corporation Limited to Report Q1, 2026 Results on Apr 30, 2026 China Railway Construction Corporation Limited announced that they will report Q1, 2026 results on Apr 30, 2026 Announcement • Jan 30
China Railway Construction Corporation Advances Undersea Tunnel Projects with Homegrown Technology China Railway Construction Corporation (CRCC) is advancing multiple undersea tunnel projects across the Bohai, Yellow, East, and South Seas, deploying domestically developed technologies to tackle complex geologic and engineering challenges. The projects aim to enhance regional connectivity along China's extensive coastline. Off the coast of Ningbo, in the East China Sea, the Yongzhou Railway's Jintang undersea tunnel is being excavated to a maximum depth of approximately 78 meters. CRCC's engineers are using China's first integrated shield tunneling system with pressurized face operations, designed to manage high water pressure and allow safe, remote-controlled maintenance and cutter replacement. The system addresses critical technical gaps in China's construction of ultra-long and ultra-deep undersea tunnels. In the north, the Qingdao Jiaozhou Bay Second Tunnel, spanning 17.48 kilometers, is under construction using a combination of shield tunneling and conventional mining methods. The approach enables safe passage through alternative hard rock and fractured zones. Meanwhile, in the south, the Shenzhen-Jiangmen Deep River undersea tunnel is advancing at depths reaching 116 meters, positioning it among the world's deepest high-speed rail tunnels beneath the sea. The Bohai region's Jinpu Sea River Tunnel, part of the Jinan-Qingdao high-speed line, has already been completed. The project overcome highly corrosive saline soil and complex river-sea intersection zones through specialized anti-corrosion measures and precise engineering controls, ensuring the long-term stability of the massive shield tunneling equipment. From equipment manufacturing to smart construction, CRCC has established a complete technical system covering survey and design, construction management, core components, and digital operations. With multiple cross-sea tunnel projects progressing steadily, transportation connectivity along China's coastal regions and the level of regional integration are expected to improve further. Announcement • Dec 26
China Railway Construction Corporation Limited to Report Fiscal Year 2025 Results on Mar 31, 2026 China Railway Construction Corporation Limited announced that they will report fiscal year 2025 results on Mar 31, 2026 Reported Earnings • Nov 01
Third quarter 2025 earnings released: EPS: CN¥0.28 (vs CN¥0.26 in 3Q 2024) Third quarter 2025 results: EPS: CN¥0.28 (up from CN¥0.26 in 3Q 2024). Revenue: CN¥239.2b (down 1.2% from 3Q 2024). Net income: CN¥5.29b (up 5.7% from 3Q 2024). Profit margin: 2.2% (in line with 3Q 2024). Revenue is forecast to grow 3.9% p.a. on average during the next 3 years, compared to a 8.4% growth forecast for the Construction industry in China. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Announcement • Sep 30
China Railway Construction Corporation Limited to Report Q3, 2025 Results on Oct 31, 2025 China Railway Construction Corporation Limited announced that they will report Q3, 2025 results on Oct 31, 2025 Declared Dividend • Jul 16
Dividend reduced to CN¥0.30 Dividend of CN¥0.30 is 14% lower than last year. Ex-date: 22nd July 2025 Payment date: 22nd July 2025 Dividend yield will be 3.6%, which is higher than the industry average of 3.4%. Sustainability & Growth Dividend is covered by earnings (22% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 8.7% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 23% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Price Target Changed • Jun 05
Price target increased by 8.7% to CN¥11.90 Up from CN¥10.95, the current price target is an average from 2 analysts. New target price is 49% above last closing price of CN¥7.96. Stock is down 8.0% over the past year. The company is forecast to post earnings per share of CN¥1.63 for next year compared to CN¥1.46 last year. Announcement • May 29
China Railway Construction Corporation Limited, Annual General Meeting, Jun 20, 2025 China Railway Construction Corporation Limited, Annual General Meeting, Jun 20, 2025, at 09:00 China Standard Time. Location: crcc bureau building, no. 40 fuxing road, haidian district, beijing,prc., China Board Change • May 01
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Non-Executive Director Jun Wang was the last director to join the board, commencing their role in 2025. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Apr 30
First quarter 2025 earnings released: EPS: CN¥0.34 (vs CN¥0.40 in 1Q 2024) First quarter 2025 results: EPS: CN¥0.34 (down from CN¥0.40 in 1Q 2024). Revenue: CN¥256.8b (down 6.6% from 1Q 2024). Net income: CN¥5.15b (down 14% from 1Q 2024). Profit margin: 2.0% (down from 2.2% in 1Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 3.2% p.a. on average during the next 3 years, compared to a 6.8% growth forecast for the Construction industry in China. Over the last 3 years on average, earnings per share has fallen by 6% per year whereas the company’s share price has fallen by 2% per year. Announcement • Apr 30
China Railway Construction Corporation Limited Approves Board and Board Committee Changes China Railway Construction Corporation Limited at its EGM held on April 29, 2025, approved the following: the resolution in relation to the re-election of Mr. TSIN Wai Lun Kenneth as an independent non-executive Director of the sixth session of the Board of the Company; and the resolution in relation to the appointment of Mr. WANG Jun as an independent non-executive Director of the sixth session of the Board of the Company. Upon consideration and approval at the first meeting of the sixth session of the Board, (i) Mr. DAI Hegen was elected as the chairman of the sixth session of the Board; (ii) the members of the special committees of the sixth session of the Board are as follows: Audit and Risk Management Committee: It is composed of Mr. GAO Lieyang, Mr. MA Chuanjing, Mr. XIE Guoguang, Mr. TSIN Wai Lun Kenneth and Mr. WANG Jun, with Mr. XIE Guoguang serving as the chairman of the committee. Remuneration and Evaluation Committee: It is composed of Mr. GAO Lieyang, Mr. MA Chuanjing and Mr. WANG Jun, with Mr. MA Chuanjing serving as the chairman of the committee. Nomination Committee: It is composed of Mr. DAI Hegen, Mr. XIE Guoguang, Mr. TSIN Wai Lun Kenneth, Mr. WANG Jun and Ms. ZHU Lin, with Mr. DAI Hegen serving as the chairman of the committee. Strategy and Investment Committee: It is composed of Mr. DAI Hegen, Mr. GAO Lieyang, Mr. MA Chuanjing and Mr. XIE Guoguang, with Mr. DAI Hegen serving as the chairman of the committee. Reported Earnings • Mar 30
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: CN¥1.46 (down from CN¥1.73 in FY 2023). Revenue: CN¥1.07t (down 6.2% from FY 2023). Net income: CN¥22.2b (down 5.7% from FY 2023). Profit margin: 2.1% (in line with FY 2023). Revenue missed analyst estimates by 4.1%. Earnings per share (EPS) also missed analyst estimates by 14%. Revenue is forecast to grow 3.7% p.a. on average during the next 3 years, compared to a 8.4% growth forecast for the Construction industry in China. Over the last 3 years on average, earnings per share has fallen by 3% per year whereas the company’s share price has increased by 2% per year. Announcement • Mar 28
China Railway Construction Corporation Limited to Report Q1, 2025 Results on Apr 30, 2025 China Railway Construction Corporation Limited announced that they will report Q1, 2025 results on Apr 30, 2025 Announcement • Mar 18
China Railway Construction Corporation Limit Elects Zhu Lin as the Employee Director The Board of China Railway Construction Corporation Limited announced that, the Company's employee representative meeting (the "Employee Representative Meeting") elected Ms. ZHU Lin ("Ms. ZHU") as the employee director of the Company for a term commencing from the date of election by the Employee Representative Meeting to the end of the term of office of the Fifth Session of the Board. As the election of Ms. ZHU has been approved by the Employee Representative Meeting, the Company will enter into a director's service contract with Ms. ZHU. Ms. ZHU serves as an employee director of the Company and concurrently as secretary of the Party committee and executive vice president (director) of CRCC Training Center (Party School). As an employee director, she will not receive any additional remuneration. Her remuneration for other positions held with the Company will be determined in accordance with the applicable remuneration policy of the Company based on her position and performance appraisal. Subject to confirmation of the relevant remuneration, disclosure will be made by the Company, and specific remuneration can be referred to in the annual report to be released by the Company in due course. Announcement • Dec 27
China Railway Construction Corporation Limited to Report Fiscal Year 2024 Results on Mar 29, 2025 China Railway Construction Corporation Limited announced that they will report fiscal year 2024 results on Mar 29, 2025 Major Estimate Revision • Nov 07
Consensus EPS estimates fall by 10% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from CN¥1.17t to CN¥1.13t. EPS estimate also fell from CN¥1.97 per share to CN¥1.77 per share. Net income forecast to grow 36% next year vs 22% growth forecast for Construction industry in China. Consensus price target up from CN¥10.95 to CN¥11.83. Share price rose 11% to CN¥9.89 over the past week. Price Target Changed • Nov 02
Price target increased by 12% to CN¥12.27 Up from CN¥10.95, the current price target is an average from 2 analysts. New target price is 33% above last closing price of CN¥9.21. Stock is up 17% over the past year. The company is forecast to post earnings per share of CN¥1.92 for next year compared to CN¥1.73 last year. Reported Earnings • Oct 31
Third quarter 2024 earnings released: EPS: CN¥0.26 (vs CN¥0.38 in 3Q 2023) Third quarter 2024 results: EPS: CN¥0.26 (down from CN¥0.38 in 3Q 2023). Revenue: CN¥242.0b (down 8.8% from 3Q 2023). Net income: CN¥5.00b (down 2.0% from 3Q 2023). Profit margin: 2.1% (up from 1.9% in 3Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 6.6% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Construction industry in China. Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has increased by 7% per year. Announcement • Sep 30
China Railway Construction Corporation Limited to Report Q3, 2024 Results on Oct 31, 2024 China Railway Construction Corporation Limited announced that they will report Q3, 2024 results on Oct 31, 2024 Valuation Update With 7 Day Price Move • Sep 26
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to CN¥8.05, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 10x in the Construction industry in China. Total returns to shareholders of 13% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥6.84 per share. Price Target Changed • Sep 03
Price target decreased by 7.5% to CN¥10.35 Down from CN¥11.19, the current price target is an average from 5 analysts. New target price is 42% above last closing price of CN¥7.28. Stock is down 19% over the past year. The company is forecast to post earnings per share of CN¥1.97 for next year compared to CN¥1.73 last year. Reported Earnings • Aug 31
Second quarter 2024 earnings released: EPS: CN¥0.39 (vs CN¥0.54 in 2Q 2023) Second quarter 2024 results: EPS: CN¥0.39 (down from CN¥0.54 in 2Q 2023). Revenue: CN¥241.2b (down 9.8% from 2Q 2023). Net income: CN¥5.88b (down 9.4% from 2Q 2023). Profit margin: 2.4% (in line with 2Q 2023). Revenue is forecast to grow 6.3% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Construction industry in China. Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has fallen by 2% per year. Announcement • Jul 26
China Railway Construction Corporation Limited Announces Resignation of NI Zhen as Executive Director and A Member of the Nomination Committee The board of directors of China Railway Construction Corporation Limited received a written letter of resignation from Mr. NI Zhen (Mr. NI), an executive director of the company, on 26 July 2024. Mr. NI applied to the Board for resignation from his positions as an executive director of the company and a member of the nomination committee of the Board due to work relocation, with effect from the date of delivery of the letter of resignation to the Board. After his resignation, Mr. NI will no longer hold any position in the Company. The resignation of Mr. NI will not cause the number of directors of the Board to fall below the quorum and the Board will continue to function properly. Mr. NI confirmed that he had no disagreement with the Board and there were no other matters in respect of his resignation that need to be brought to the attention of the shareholders of the company. Declared Dividend • Jul 17
Dividend increased to CN¥0.35 Dividend of CN¥0.35 is 25% higher than last year. Ex-date: 23rd July 2024 Payment date: 23rd July 2024 Dividend yield will be 4.1%, which is higher than the industry average of 3.4%. Sustainability & Growth Dividend is covered by earnings (20% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 10% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 34% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Price Target Changed • Jul 06
Price target decreased by 8.9% to CN¥10.97 Down from CN¥12.05, the current price target is an average from 5 analysts. New target price is 30% above last closing price of CN¥8.47. Stock is down 17% over the past year. The company is forecast to post earnings per share of CN¥2.04 for next year compared to CN¥1.73 last year. Announcement • Jul 02
China Railway Construction Corporation Limited Approves Final Cash Dividend for the Year Ended December 31, 2023, Payable on August 16, 2024 China Railway Construction Corporation Limited in its annual general meeting held on June 20, 2024 approved final cash dividend of RMB 0.350 per share (tax inclusive) for the year ended December 31, 2023. Payable on August 16, 2024. The Final Dividend is denominated and declared in Renminbi, and is payable to H shareholders in Hong Kong dollars. The relevant exchange rate is determined at RMB 1.00 equivalent to HKD 1.0977 as the average of the middle exchange rate of Renminbi to Hong Kong dollars as announced by the People's Bank of China during one calendar week prior to the date of announcement of the Final Dividend (i.e. the date of the 2023 annual general meeting). Accordingly, the Final Dividend to the H shareholders of the Company is HKD 0.3842 per share (tax inclusive). In order to determine the entitlement of H shareholders of the Company to the Final Dividend, the register of H shareholders of the Company will be temporarily closed from July 17, 2024 to July 22, 2024, both days inclusive. In order to qualify for entitlement to the Final Dividend, all duly completed transfer forms of H shares accompanied by the relevant share certificates must be lodged with the H share registrar of the Company, Computershare Hong Kong Investor Services Limited, at Shops 1712-1716, 17th Floor, Hopewell Centre, 183 Queen's Road East, Wanchai, Hong Kong, for registration not later than 4:30 p.m. on July 16, 2024. In respect of the distribution of the Final Dividend for the A shareholders and H shareholders of the Company, the record dates are both July 22, 2024. For the A shareholders of the Company, the ex-entitlement date and the date of distribution of the Final Dividend are both July 23, 2024. For the H shareholders of the Company, the ex-entitlement date is 15 July 2024, and the date of distribution of the Final Dividend is August 16, 2024. Announcement • Jun 28
China Railway Construction Corporation Limited to Report First Half, 2024 Results on Aug 31, 2024 China Railway Construction Corporation Limited announced that they will report first half, 2024 results on Aug 31, 2024 Announcement • May 30
China Railway Construction Corporation Limited, Annual General Meeting, Jun 20, 2024 China Railway Construction Corporation Limited, Annual General Meeting, Jun 20, 2024, at 09:00 China Standard Time. Location: No. 40, Fuxing Road, Haidian District, Beijing China Reported Earnings • Apr 30
First quarter 2024 earnings released First quarter 2024 results: Revenue: CN¥274.9b (flat on 1Q 2023). Net income: CN¥6.03b (up 2.0% from 1Q 2023). Profit margin: 2.2% (in line with 1Q 2023). Revenue is forecast to grow 6.0% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Construction industry in China. Reported Earnings • Mar 30
Full year 2023 earnings: Revenues miss analyst expectations Full year 2023 results: Revenue: CN¥1.14t (up 3.8% from FY 2022). Net income: CN¥26.1b (up 9.2% from FY 2022). Profit margin: 2.3% (up from 2.2% in FY 2022). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 3.4%. Revenue is forecast to grow 7.2% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Construction industry in China. Announcement • Mar 29
China Railway Construction Corporation Limited to Report Q1, 2024 Results on Apr 30, 2024 China Railway Construction Corporation Limited announced that they will report Q1, 2024 results on Apr 30, 2024 Announcement • Jan 30
China Railway Construction Corporation Limited Appoints Dai Hegen as Executive Director, Chairman of Company and Chairman of the Nomination Committee China Railway Construction Corporation Limited at its EGM held on January 30, 2024 approved election of Mr. DAI Hegen as the executive director of the fifth session of the Board of the Company. The twenty-fifth meeting of the fifth session of the Board was held on 30 January 2024 for the election of Mr. DAI Hegen as the chairman of the Company and the chairman of the Nomination Committee of the Board. The term of Mr. DAI Hegen shall commence from the date of election at the EGM until the expiry of the term of the current session of the Board. Valuation Update With 7 Day Price Move • Jan 29
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to CN¥8.66, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 11x in the Construction industry in China. Total returns to shareholders of 23% over the past three years. Announcement • Dec 28
China Railway Construction Corporation Limited Announces Resignation of Wang Jianping as Chairman and Executive Director The board of directors (the "Board") of China Railway Construction Corporation Limited (the "Company") received a written letter of resignation from Mr. WANG Jianping ("Mr.WANG"), the chairman and executive director of the Company, on 28 December 2023. Mr. WANG applied to the Board for resignation from his positions as the chairman and executive director of the Company and the chairman of the nomination committee of the Board due to his age, with effect from the date of delivery of the letter of resignation to the Board. After his resignation, Mr. WANG will no longer hold any position in the Company. The resignation of Mr. WANG will not cause the number of directors of the Board to fall below the quorum and the Board will continue to function properly. Mr. WANG confirmed that he had no disagreement with the Board and there were no other matters in respect of his resignation that need to be brought to the attention of the shareholders of the Company. Upon the resignation of Mr. WANG, there will be a vacancy in the position of chairman of the nomination committee and the Company will identify a suitable candidate to fill the vacancy in the position of chairman of the nomination committee as soon as practicable. New Risk • Nov 02
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 4.0% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (4.0% operating cash flow to total debt). Minor Risk Paying a dividend despite having no free cash flows. Reported Earnings • Oct 31
Third quarter 2023 earnings: Revenues miss analyst expectations Third quarter 2023 results: Revenue: CN¥265.4b (up 2.9% from 3Q 2022). Net income: CN¥7.03b (up 5.3% from 3Q 2022). Profit margin: 2.6% (in line with 3Q 2022). Revenue missed analyst estimates by 11%. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Construction industry in China. Announcement • Sep 30
China Railway Construction Corporation Limited to Report Q3, 2023 Results on Oct 31, 2023 China Railway Construction Corporation Limited announced that they will report Q3, 2023 results on Oct 31, 2023 Announcement • Sep 23
China Railway Construction Corporation Limited Approve Board Appointments China Railway Construction Corporation Limited announced at 2023 first extraordinary general meeting held on September 22, 2023, the shareholders elected Mr. WANG Lixin and Mr. NI Zhen as the executive directors of the fifth session of the Board of the Company. The nineteenth meeting of the fifth session of the Board was held on 22 September 2023 for the resolution of Mr. WANG Lixin as the chairman of the Strategy and Investment Committee of the Board and Mr. NI Zhen as a member of the Nomination Committee of the Board. The term of Mr. WANG Lixin and Mr. NI Zhen shall commence from the date of election at the EGM until the expiry of the term of the current session of the Board. Price Target Changed • Sep 14
Price target decreased by 8.4% to CN¥12.22 Down from CN¥13.34, the current price target is an average from 9 analysts. New target price is 38% above last closing price of CN¥8.84. Stock is up 18% over the past year. The company is forecast to post earnings per share of CN¥2.11 for next year compared to CN¥1.76 last year. Reported Earnings • Sep 02
Second quarter 2023 earnings: EPS and revenues miss analyst expectations Second quarter 2023 results: EPS: CN¥0.54. Revenue: CN¥267.5b (down 3.1% from 2Q 2022). Net income: CN¥6.49b (flat on 2Q 2022). Profit margin: 2.4% (up from 2.3% in 2Q 2022). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 11%. Earnings per share (EPS) also missed analyst estimates by 8.6%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Construction industry in China. Announcement • Jul 13
China Railway Construction Corporation Limited Announces Final Dividend for the Year Ended 31 December 2022, Payable on 25 August 2023 China Railway Construction Corporation Limited announced Final Dividend of RMB 0.28 per share for the Year Ended 31 December 2022. Ex-dividend date is 25 July 2023. Record date is 01 August 2023. Payment date is 25 August 2023. Announcement • Jun 28
China Railway Construction Corporation Limited to Report First Half, 2023 Results on Aug 31, 2023 China Railway Construction Corporation Limited announced that they will report first half, 2023 results on Aug 31, 2023 Price Target Changed • May 15
Price target increased by 16% to CN¥12.54 Up from CN¥10.85, the current price target is an average from 9 analysts. New target price is 14% above last closing price of CN¥11.00. Stock is up 33% over the past year. The company is forecast to post earnings per share of CN¥2.15 for next year compared to CN¥1.76 last year. Price Target Changed • May 04
Price target increased by 7.3% to CN¥11.32 Up from CN¥10.55, the current price target is an average from 9 analysts. New target price is 8.7% below last closing price of CN¥12.39. Stock is up 46% over the past year. The company is forecast to post earnings per share of CN¥2.21 for next year compared to CN¥1.76 last year. Reported Earnings • Apr 01
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: EPS: CN¥1.76 (up from CN¥1.60 in FY 2021). Revenue: CN¥1.10t (up 7.5% from FY 2021). Net income: CN¥26.6b (up 23% from FY 2021). Profit margin: 2.4% (up from 2.1% in FY 2021). Revenue missed analyst estimates by 2.7%. Earnings per share (EPS) also missed analyst estimates by 10%. Revenue is forecast to grow 10% p.a. on average during the next 2 years, compared to a 15% growth forecast for the Construction industry in China. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Mar 17
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to CN¥9.82, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 13x in the Construction industry in China. Total returns to shareholders of 9.4% over the past three years. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 5 non-independent directors. Chairman of Supervisory Committee and GM of Corporate Management Department Zhao Wei was the last director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Oct 29
Third quarter 2022 earnings: EPS and revenues miss analyst expectations Third quarter 2022 results: EPS: CN¥0.36 (down from CN¥0.36 in 3Q 2021). Revenue: CN¥257.9b (up 4.4% from 3Q 2021). Net income: CN¥6.67b (down 6.0% from 3Q 2021). Profit margin: 2.6% (down from 2.9% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 5.1%. Earnings per share (EPS) also missed analyst estimates by 25%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Construction industry in China. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Announcement • Oct 18
China Railway Construction Corporation Limited to Report Q3, 2022 Results on Oct 28, 2022 China Railway Construction Corporation Limited announced that they will report Q3, 2022 results at 3:00 PM, China Standard Time on Oct 28, 2022 Reported Earnings • Aug 31
Second quarter 2022 earnings: Revenues in line with analyst expectations Second quarter 2022 results: Revenue: CN¥276.0b (up 8.4% from 2Q 2021). Net income: CN¥7.85b (up 36% from 2Q 2021). Profit margin: 2.8% (up from 2.3% in 2Q 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 12%, compared to a 21% growth forecast for the Construction industry in China. Announcement • Aug 18
China Railway Construction Corporation Limited to Report First Half, 2022 Results on Aug 30, 2022 China Railway Construction Corporation Limited announced that they will report first half, 2022 results on Aug 30, 2022 Announcement • Jul 06
China Railway Construction Corporation Limited Announces Final Dividend, Payable on 19 August 2022 China Railway Construction Corporation Limited announced final dividend of RMB 0.246 per share. Ex-dividend date is 18 July 2022, Record date is 25 July 2022 and payment date is 19 August 2022. Reported Earnings • May 02
First quarter 2022 earnings: EPS and revenues exceed analyst expectations First quarter 2022 results: EPS: CN¥0.36 (up from CN¥0.31 in 1Q 2021). Revenue: CN¥264.5b (up 13% from 1Q 2021). Net income: CN¥5.62b (up 12% from 1Q 2021). Profit margin: 2.1% (in line with 1Q 2021). Revenue exceeded analyst estimates by 8.9%. Earnings per share (EPS) also surpassed analyst estimates by 7.1%. Over the next year, revenue is forecast to grow 11%, compared to a 16% growth forecast for the industry in China. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 5 non-independent directors. Chairman of Supervisory Committee and GM of Corporate Management Department Zhao Wei was the last director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Apr 03
Full year 2021 earnings: Revenues miss analyst expectations Full year 2021 results: Revenue: CN¥1.02t (up 12% from FY 2020). Net income: CN¥24.7b (up 21% from FY 2020). Profit margin: 2.4% (up from 2.2% in FY 2020). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 1.6%. Over the next year, revenue is forecast to grow 11%, compared to a 14% growth forecast for the industry in China. Announcement • Apr 01
China Railway Construction Corporation Limited Declares Final Dividend for the Financial Year Ended 31 December 2021 China Railway Construction Corporation Limited declared final dividend of RMB 0.246 per share for the financial year ended 31 December 2021. Board Change • Jan 13
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 5 non-independent directors. Executive Chairman of the Board Jianping Wang was the last director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Oct 31
Third quarter 2021 earnings released: EPS CN¥0.36 (vs CN¥0.37 in 3Q 2020) The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2021 results: Revenue: CN¥247.0b (down 2.5% from 3Q 2020). Net income: CN¥7.10b (up 28% from 3Q 2020). Profit margin: 2.9% (up from 2.2% in 3Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Reported Earnings • Sep 11
Second quarter 2021 earnings released: EPS CN¥0.52 (vs CN¥0.49 in 2Q 2020) The company reported a solid second quarter result with improved earnings and revenues, although profit margins were weaker. Second quarter 2021 results: Revenue: CN¥254.6b (up 13% from 2Q 2020). Net income: CN¥5.77b (up 7.2% from 2Q 2020). Profit margin: 2.3% (down from 2.4% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Sep 02
Investor sentiment improved over the past week After last week's 17% share price gain to CN¥8.66, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 10x in the Construction industry in China. Total loss to shareholders of 5.2% over the past three years. Price Target Changed • Aug 12
Price target increased to CN¥10.53 Up from CN¥9.80, the current price target is an average from 18 analysts. New target price is 45% above last closing price of CN¥7.26. Stock is down 20% over the past year. Upcoming Dividend • Jul 28
Upcoming dividend of CN¥0.23 per share Eligible shareholders must have bought the stock before 04 August 2021. Payment date: 04 August 2021. Trailing yield: 3.2%. Within top quartile of Chinese dividend payers (1.9%). Higher than average of industry peers (2.9%). Reported Earnings • Apr 30
First quarter 2021 earnings released The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: CN¥234.0b (up 61% from 1Q 2020). Net income: CN¥5.01b (up 69% from 1Q 2020). Profit margin: 2.1% (up from 2.0% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Reported Earnings • Apr 01
Full year 2020 earnings released: EPS CN¥1.50 (vs CN¥1.40 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: CN¥910.3b (up 9.6% from FY 2019). Net income: CN¥22.4b (up 18% from FY 2019). Profit margin: 2.5% (up from 2.3% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Announcement • Mar 09
China Railway Construction Corporation Limited to Report Fiscal Year 2020 Results on Mar 31, 2021 China Railway Construction Corporation Limited announced that they will report fiscal year 2020 results on Mar 31, 2021 Price Target Changed • Feb 11
Price target lowered to CN¥10.20 Down from CN¥11.24, the current price target is an average from 16 analysts. The new target price is 37% above the current share price of CN¥7.47. As of last close, the stock is down 18% over the past year. Is New 90 Day High Low • Jan 28
New 90-day low: CN¥7.79 The company is down 6.0% from its price of CN¥8.33 on 30 October 2020. The Chinese market is up 9.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Construction industry, which is down 8.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is CN¥3.46 per share. Price Target Changed • Jan 21
Price target lowered to CN¥10.35 Down from CN¥11.24, the current price target is an average from 17 analysts. The new target price is 28% above the current share price of CN¥8.07. As of last close, the stock is down 14% over the past year. Announcement • Jan 06
CRCC Southeast Investment Construction Co., Ltd. and Other Parties Wins the Bid for the Comprehensive Development Project of Jiuwang New Town Area and Cultural Tourism Town in Xinjian District, Nanchang City CRCC Southeast Investment Construction Co. Ltd. and other parties won the bid for the comprehensive development project of Jiuwang New Town Area and Cultural Tourism Town (Xinfeng New Town Area) in Xinjian District, Nanchang City. With a total investment of approximately RMB 30 billion, the project will be implemented under the model of authorized cooperation + equity cooperation with returns by the way of investment costs + finance costs + entrusted construction management fees. Cooperation period of the project is tentatively scheduled for 10 years. The capital ratio of the project is 20% and the registered capital amounts to RMB 100 million, which will be funded by Nanchang Xinjian District Urban Construction Investment Development Co. Ltd. and the bid winner at an equity proportion of 10%:90%. Nanchang Xinjian District Urban Construction Investment Development Co. Ltd. only contributes the registered capital, and its equity, as special equity, shall not be entitled to dividend of the project company. The project will be developed and constructed in accordance with the principle of "phased implementation and rolling development". The capital fund will be gradually contributed by other shareholders of the project company in accordance with the construction progress and financing needs and in proportion to their shareholding.
Funds other than the capital to be invested in the project will be raised by the project company as the financing entity through debt financing. Is New 90 Day High Low • Dec 15
New 90-day low: CN¥8.22 The company is down 5.0% from its price of CN¥8.66 on 16 September 2020. The Chinese market is up 2.0% over the last 90 days, indicating the company underperformed over that time. However, its price trend is similar to the Construction industry, which is also down 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is CN¥3.32 per share. 
