Positioned well in the engineering and construction (E&C) markets of Hong Kong and Macau. High growth and rising exposure in Chinese infrastructure-construction projects, but still relatively small scale in China. Good project execution. Good operating cash flow generation in Hong Kong and Macau market. Growth in China through investment projects requiring material working capital or equity investments. Investment buybacks in China starting to emerge. The stable outlook reflects our expectation that China State Construction International Holdings Ltd. (CSCI) will maintain its good market position in Hong Kong and Macau, allowing it to generate stable cash flows. Its cash holdings will act as buffers against cash flow swings in its more volatile operations in China over the next two years. The
