Guangshen Railway Co. Ltd.’s (Guangshen) FY 2008 revenue and profitability were below our estimate reflecting lower than anticipated passenger and freight traffic coupled with higher operating and interest expenses. However, given the robust performance in 1Q 091 we do not anticipate a change in our common stock rating. We will reassess the common stock target price and rating in our FY 2008 update report…

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Although Guangshen Railway Co. Ltd.’s (Guangshen) reported robust revenue growth in 3Q 08, profitability was impacted by increasing operating expenses. Given our fundamental outlook and given that the decline in common stock price has left the common stock significantly undervalued at current levels, we maintain our BUY rating for the Guangshen common stock....

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Guangshen Railway Co. Ltd.’s (Guangshen) 1H 08 revenues and operating profitability were above our estimates, while net income was broadly in line with our estimate....