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16-03-2015, 08:03 AM
http://www.aastocks.com/en/stocks/market...0&s=11&o=0
I slowly picking up the dynamics of China's listed toll road sector especially those listed on HKSE based on cimb's big report dated Jul 14.
AAStocks is one of the better sites that provide good overview on HKSE stocks. The comparisons are based on the road and rail sector companies.
CMP's direct comparisons based on mkt cap are as follows:
Zhejiang, Jiangsu, Hopewell Infra (not SOE linked and suffered derating due to cut in tolls in Guangdong - info via a buddy), Yuexiu, Shenzhen Exp, Sichuan and Anhui.
Based on div yield ranking (excl Hopewell) - Anhui 5.54%, Jiangsu, Yuexiu, Zhejiang, Shenzhen 3.79%.
Share price performance of these companies whilst they appear defensive (stable earnings and DPS in general over the last few years) remained affected by sentiment towards China stocks in general - bottomed in 2011 and only recovered recently inline with strong performance of mainland stocks.
Purely based on dividend yield. CMP currently trades on 6.63% historical and 6.97% forward (assuming DPS 7 unchanged from 1-for-20 bonus issue). The room for yield compression remains given the gap between the next highest HKSE peer.
However, as highlighted by buddy - yield is just a benchmark that excludes other benchmarks like P/B, growth outlook of portfolio of roads and hence forward cashflows and DPS.
Vested
Core
GG
I slowly picking up the dynamics of China's listed toll road sector especially those listed on HKSE based on cimb's big report dated Jul 14.
AAStocks is one of the better sites that provide good overview on HKSE stocks. The comparisons are based on the road and rail sector companies.
CMP's direct comparisons based on mkt cap are as follows:
Zhejiang, Jiangsu, Hopewell Infra (not SOE linked and suffered derating due to cut in tolls in Guangdong - info via a buddy), Yuexiu, Shenzhen Exp, Sichuan and Anhui.
Based on div yield ranking (excl Hopewell) - Anhui 5.54%, Jiangsu, Yuexiu, Zhejiang, Shenzhen 3.79%.
Share price performance of these companies whilst they appear defensive (stable earnings and DPS in general over the last few years) remained affected by sentiment towards China stocks in general - bottomed in 2011 and only recovered recently inline with strong performance of mainland stocks.
Purely based on dividend yield. CMP currently trades on 6.63% historical and 6.97% forward (assuming DPS 7 unchanged from 1-for-20 bonus issue). The room for yield compression remains given the gap between the next highest HKSE peer.
However, as highlighted by buddy - yield is just a benchmark that excludes other benchmarks like P/B, growth outlook of portfolio of roads and hence forward cashflows and DPS.
Vested
Core
GG