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Nomura downgrades CRRC (01766) to HK$7.97
Nomura lowered its target price for CRRC Corporation (01766) to HK$7.97 from HK$8.05,
 and downgraded its rating to "neutral" from "buy".   The research house said cut its EPS forecasts by 4-9% for FY2017-19, mainly due to the 
cut in its revenue forecasts for MU (multiple units) and new businesses and the increase 
in its opex assumptions.
Nomura thinks the stock is fairly valued at 1.1x PEG (FY2017 P/E over FY2018-19 EPS
CAGR), in line with peers' average, and at 13x FY2018 P/E. It prefers China Railway
Construction (01186) for its high earnings visibility and more attractive valuation.

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