GUANGSHEN RAILWAY (525.HK) : OW: SLOWER THAN EXPECTED IMPROVEMENT IN 1H13
汇丰银行(中国)有限公司2013-08-23
1H13 NPAT declined 4.3% to RMB649m slightly below our expectation due to an asset disposal loss Passenger and freight volume on the recovery path in 2H13 Maintain OW, no change of TP HKD4.4, lower FY13 earnings forecast by 5.6%