China State Construction's revenue up 41.6%

Operating profit and share of profit from JCE increased by 41%.

According to Maybank Kim Eng, China State Construction released an operational update during lunch time yesterday, saying that revenue increased by 41.6% yoy and operating profit and share of profit from JCE increased by 41% yoy. No other details were disclosed, similar to past practice.

Here's more from Maybank Kim Eng:

Implication: The announced figures are in-line with our yoy revenue growth projection of 41.2% for FY12 as well as bottom line growth projection of 36% (after the dilution impact from placement in July). With the backlog amount on hand, we are confident that our projection is achievable.

Action: Share price reacted positively after the 3Q operational update and finished at another all-time high of HKD9.47. On our estimation, this implies a 16.6x FY12 PER and 13.2x FY13 PER, respectively. Our projection is around 3% ahead of consensus and we expect slight upward adjustments by the street. Maintain Buy with target price unchanged at HKD 10.8, 15X of FY13 PER.

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