1186 (CRCC) HKEX China Railway Construction Corporation Limited Class HHKEX_DLY:1186A3MInvestments🌎China Railway Construction Corporation Limited (CRCC) is one of the world's largest companies specializing in the design, construction, and management of infrastructure projects. It is a Fortune Global 500 company and a leading Chinese enterprise. Core Businesses Engineering Contracting: Railways, Highways, Urban Rail Transit (Metro), Bridges, Tunnels, Airports, Ports, Hydraulic Structures, and Real Estate Equipment and Materials Manufacturing Design, Surveying, and Consulting Services Cargo and Materials Logistics and Trade Financial Operations and Asset Management Operates in both the domestic and international markets. An extremely low price-to-earnings ratio is key. P/E Ratio: 3.63 P/B Ratio: 0.20 Dividend Yield: Approximately 5.37% As a reminder, the Hong Kong dollar is pegged to the US dollar, meaning the yield is denominated in US dollars. Notably, the company's operating cash flow showed negative growth (-RMB 29.2 billion over the 12-month period), which is related to the implementation cycle and financing characteristics of large-scale infrastructure projects. Last quarter, new urban rail contracts saw a significant increase (109.0% year-on-year). Public-Private Partnership (PPP) projects accounted for 25-30% of new orders, indicating the company's transition to a higher-quality, more stable business model. New overseas contracts increased by 59.1% year-on-year (data based on year-on-year figures from the previous reporting period). The company's debt level is relatively low. Free cash flow (FCF) is negative, but we expect it to gradually turn positive.