Daiwa Research raised its target price for China State Construction International (CSCI)(03311) to HK$13.5 from HK$12.5, and maintained its "neutral" rating.
The research house said CSCI's 3Q results were surprisingly strong and management is confident that the progress of its PPP contracts is getting back on track.
Daiwa raised its 2016-18 EPS by 4-8% as it now assumed that CSCI's PRC segment gross margin will improve gradually from 22.5% to 23.5% over 2016-18 (previous: 21.5%).
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