德意志银行-2017-2018xx基建ppp展望-28页.pdfVIP

Deutsche Bank Markets Research Asia Industry Date China China Infrastructure 3 March 2017 Transportation Infrastructure Forecast Change Phyllis Wang PPP story continues, upgrading 2017- Research Analyst (-) - - 2018 infra FAI; Buy CCC/CSCI phyllis.wang@ Reiterating positive view on constructors in 2017 Key Changes We reiterate our positive view on the construction sector for the rest of this Company Target Price Rating year after our recent trip and analysis of PPP projects. Domestic orders for 1800.HK 12.08 to - infrastructure projects are still healthy in Jan 2017. We believe healthy 13.71(HKD) momentum in the coming months will continue, supported by the accelerating 3311.HK 14.97 to - development of PPP projects (mainly highway and municipal projects). 16.06(HKD) Management guidance on new orders in 2017 looks stronger than expectation. 1186.HK 11.84 to - We raise our estimate on infrastructure spending in China by 2-4% in 2017- 13.36(HKD) 2018, on our base case analysis of PPP projec