Unsurprising conclusions from analysts at the rating agency:
- SOEs’ first quarter financials indicate vast improvements from 2020, with both revenue and profit before taxation rising from low levels
- SOEs in sectors like construction, steel and chemicals will benefit from strong revenue growth, as will those in economically stronger regions
A little more, again unsurprising:
- companies in construction, steel and chemicals benefiting from strong revenue growth as China’s economy recovers, while those in tourism and hospitality will take longer to recover to pre-pandemic levels.