How is the public transport sector in Hong Kong stocks?
The 88th original of Xiaoyao Investment School
Hong Kong stock daily research 39: take an inventory of public transport plates
Summary
Overall, revenue in the public transport sector has improved after the special circumstances of last year, but it has not yet fully recovered, valuations are still not low, and suitable stocks have not been selected.
Public transport boardInvestment index: 0
The following is the analysis process 👇
Today is April 27, 2022, Wednesday, before the Hong Kong stock market, let's take an inventory of the public transport sector.
A total of five stocks, the market capitalization from 178 million to 261.6 billion, of which more than 2 billion of the three, we will study these three stocks.
$TRANSPORT INT'L (00062.HK)$Revenue fell 24% in 2020, much better than I thought, returning to 90% in 2019. Operating profit, on the other hand, began to decline in 2018 and did not rebound until 2021. Net profit, on the other hand, increased significantly in 2017 and 2020, exceeding the operating profit of that year.
It is because the "non-operating special projects" reached 440 million in 2017 and 1.5 billion in 2020, so the blind guess that such a large amount should be government subsidies. I searched it, and sure enough, there was some news.
Revenue has not fully recovered in 2021, and if calculated on a net profit of 600 million in 2019, the current price-to-earnings ratio of 10 times earnings is still overvalued.
$MTR CORPORATION (00066.HK)$Revenue fell 22 per cent in 2020 and returned to nearly 90 per cent in 2019; operating profit turned into a loss in 2020, while net profit fell from 2018 to 2020 and returned to 80 per cent in 2021.
Looking at the income statement, the subject of "impairment and provision" varies greatly, from an increase of 6.3 billion to a decrease of 9.1 billion, which has a great impact on profits.
Even at a profit of 12 billion in 2019, the price-to-earnings ratio is 22, unlike the valuation of a utility stock.
$GUANGSHEN RAIL (00525.HK)$Revenue fell 23% in 2020 and returned to 9.5% in 2019, but operating profit losses widened in 2021, mainly due to an increase in operating expenses from 19 billion in 19 to 20.5 billion in 21. At present, the dividend is suspended, the benefits of being a public utility stock are gone, and there is no investment value for the time being.
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