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[Brokerage Focus] Zhongtai International raises target price of CSC Development (00830) by 2.3%, pointing to overseas support for future growth.
Jingu News | CITIC International's research report stated that in the first half of 2024, the net income of shareholders of CSC Development (00830) increased by 26.1% year-on-year, reaching HKD 0.55 billion, which is in line with the bank's expectations. Revenue increased by 0.1% year-on-year to 4.72 billion yuan. In the first half of the year, the company signed new contracts amounting to 6.04 billion yuan, down 8.7% year-on-year. Among them, the contracts in Hong Kong, Macao and Taiwan fell by 25.7% year-on-year to 3.16 billion yuan, because the government hospital project with a contract amount of 2.49 billion yuan was won last year, but such projects were not continuously launched. Nevertheless, the company still obtained many landmark curtain wall projects from Hong Kong developers, including new
Brokerage focus: Sinolink maintains a buy rating for CSC Development (00830), expects BIPV and other emerging businesses to be the new growth points for its "Thirteenth Five-Year Plan."
Sinolink's research pointed out that CSC Development (00830) achieved revenue of HKD 4.722 billion in the first half of the year, up 0.1% year-on-year, and achieved net income of HKD 0.551 billion, up 26.1% year-on-year. The company declared a dividend of 7.0 Hong Kong cents per share for the first half of the year, an increase of 27.3% year-on-year. The bank pointed out that the small increase in the company's revenue in the first half was mainly driven by the curtain wall business, with revenue from Hong Kong and Macau curtain walls reaching HKD 3.057 billion, up 24.0% year-on-year, while revenue from North American curtain walls and non-core businesses further contracted as planned according to the established global strategy, resulting in a decrease in revenue. The net profit growth rate was much higher than the revenue growth rate, mainly due to the high profit margin.
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CSC Development (00830.HK) achieved stable increase in revenue in the first half of the year, reaching 4.722 billion HKD, with a year-on-year growth of 26.1% in net profit.
On August 15, Gelunhui reported that CSC Development (00830.HK) announced its interim results. Thanks to the stable development of the construction market in Hong Kong and Macau, the Group's total revenue for the six months ended June 30, 2024 remained stable at HKD 4.722 billion (June 30, 2023: HKD 4.716 billion). The attributable profit to shareholders of the company was HKD 0.551 billion (June 30, 2023: HKD 0.437 billion), an increase of 26.1% over the same period last year. Basic earnings per share were HKD 0.2441 (June 30, 2023: HKD 0.193).
China State Construction Development: Achieved Outstanding Performance in Hong Kong, Macau Markets >0830.HK
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