Ac t i o n | 16 Jul 2026 07:00:23 ET │ 15 pages BJ-SH High Speed Railway (601816.SS) Model Update; Maintain Buy on Strong FCF, High Profitability, and Trough Valuation CITI'S TAKE We are updating our model of BJ-SH HSR (High Speed Railway), trimming our 2026/27E earnings forecasts slightly by 4%/4% respectively as we lower our GPM forecasts for these two years to reflect rising COGS, in particular transportation mgmt. fee. We also lower our DCF-derived TP by ~10% to Rmb6.0 (from Rmb 6.7) and also introduce ...