【出版时间及名称】：2009年12月中国铁路基建行业研究报告
        【作者】：MIRAE ASSET
        【文件格式】：PDF
        【页数】：52
        【目录或简介】：
C O N T E N T S
Executive summary 2
Riding on robust railway expansion 2
Enhanced earning power 2
Duopolistic nature of the industry to persist 2
CRCC specializes; CRGL diversifies 2
Riding on robust railway expansion 4
A) Why transport is critical 5
B) Government focus shifting from roads to rail 7
C) China’s constructors are ready to take part in new projects 8
D) Overseas market is going to shine 9
Enhanced earning power 11
A) Lacking pricing power, but strong demand going forward 11
B) Many new contracts; earnings recognized later… much later 12
C) Margins to recover in FY10 13
D) Fine tuning the product mix improves margins 14
Duopolistic nature of the industry to persist 16
A) Policy favors existing railway builders 17
B) Cash is no problem 17
CRCC specializes; CRGL diversifies 19
A) Diversified risk with different approaches 19
B) Sub-segments come along with extra risks 20
C) Other issues are secondary 21
D) Valuation 22
E) Investment risks 29
Company write-ups:
- China Railway Construction (1186 HK, Buy, TP: HK$13.34):
Railway spending provides comfortable ride 30
- China Railway Group (390, HK, Hold, TP: HK$6.79):
A double-edged sword 38
Appendices 47
Proposed railway network development blueprint under the Eleventh Five-year Plan 47
National expressway network configuration proposal 48
Top 20 global contractors by revenue 48
China real estate: major developers and landbanks 49
Glossary 50
Analyst team profile 51