BOCI 中银国际：中国交通建设公司 深度报告

China Communications Construction Co Ltd：Flying Dragon in the Sky

02.01 76页 英文版 pdf

As a leading integrated project manager on the mainland, China Communications Construction Co Ltd (CCC) will benefit from the country's rising spending in transportation infrastructure under the 11th Five-year Plan. We believe that CCC is the only listed company in the Hong Kong-China universe with the broadest segmental business coverage,including design and construction of ports, roads, bridges, railways and other facilities, as well as dredging and the manufacturing of port machinery

Table of Contents
FLYING DRAGON IN THE SKY .................................................3
VALUATION ......................................................................5
SWOT ANALYSIS ...............................................................9
PORTER FIVE FORCES ......................................................... 10
HISTORY AND BACKGROUND ................................................. 11
INDUSTRY ANALYSIS AND COMPETITIVE STRENGTHS OF CCC ........... 18
BENEFITS OF CCC'S INTEGRATED BUSINESS MODEL ...................... 31
NEW GROWTH DRIVERS ......................................................36
FAVOURABLE MACRO BACKDROP ............................................42
EARNINGS FORECAST .........................................................50
RISKS AND CONCERNS .......................................................54
APPENDIX I. CORPORATE GOVERNANCE & MANAGEMENT ................56
APPENDIX II. GOVERNMENT'S PLANNED INFRASTRUCTURE INVESTMENT .59
APPENDIX III. FINANCIAL DATA OF CCC.................................64
APPENDIX IV. FINANCIAL DATA OF ZPMC ...............................65
APPENDIX V. HISTORIC FINANCIAL INFORMATION OF CRBCI ...........66
APPENDIX VI. CURRENT PROJECTS ENGAGED BY CCC .................. 67
APPENDIX VII. REVENUE RECOGNITION CYCLE OF ZPMC...............70
LISTED COMPANIES IN THIS REPORT ........................................72