Despite stable revenue booking, earnings are depressed mainly by risingfinancial cost as China E&C companies source funding for the projects.
New rail, municipal and overseas construction contracts are top linedrivers in 2H2014 and CCCC will benefit most. Property will slow downand impact CRCC and CRG. We revise our 14-15CL EPS by -3 to 5% forcompanies under coverage. China E&C sector is a direct play of Chinainfra FAI and should remain defensive. We prefer CCCC for dividend yield.
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