GUANGSHEN RAILWAY (525.HK):OW: RAILWAY OPERATOR TO BENEFIT FROM TARIFF HIKE
汇丰银行(中国)有限公司2014-02-18
China Railway Corporation incr eased the rail freight tariff by RMB0.015 per tonne/km, an increase of 11.5%, effective 15 February 2014 We expected a 6-7% positive impact on earnings from the tariff rate hike, assuming no change in freight volume Reiterate OW and TP of HKD4.6 ; we make no changes to our earnings estimates