Jinwu Financial News | According to the Western Securities Research Report, Yuexiu Transport Infrastructure (01052) is expected to improve the future growth in vehicle traffic and the sustainability of profits. 1) Overall, expectations for an improvement in traffic flow are stronger. 2) The renovation and expansion of the Guangzhou North Second Ring Expressway, the main road product, will improve traffic capacity, and the toll period will be greatly extended. 3) Relying on the “Group Incubation+Injection into Listed Companies” model to obtain high-quality road production resources to enhance the company's performance.
The bank said that the company continues to obtain high-quality road production resources, and the dividend yield is high. 1) The company plans to acquire 55% of Yuexiu Group's shares in Pinglin Expressway, which will increase the company's net profit; 2) The average dividend payout rate in the past 5 years is 58.7%, and the expected dividend yield is at a high level of similar listed companies; 3) the weighted average remaining charging period of the company is about 13.43 years, which is at a long level among similar listed companies; 4) The company focuses on road and bridge assets, and the net income quality of the main business is high.
The bank continued, considering that the company's model for obtaining high-quality road products is relatively mature (the IRR of Pinglin Expressway, which the company is about to acquire, is 9.2%); the dividend yield is high; and the remaining period of road and bridge asset charges is relatively long, covered for the first time, giving it a “buy” rating.
