🔴 China State Construction is trading 4.7% down as nine-month revenue fell 23.9%

China State Construction is trading at HK$8.12 (-4.69%) after nine-month revenue declined 23.9% year over year.

• Revenue was RMB59.114 billion; operating profit plus joint-venture profits fell 17.3% to RMB9.863 billion.
• JPMorgan said third-quarter revenue and operating profit fell 28% year over year, maintained a Reduce rating and HK$7 target, and cited growing downside earnings risks.
• The results and analyst commentary provide a direct company-specific explanation for the October 23 decline.