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Smooth traffic flow
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lpkoh5
Senior |
05-Aug-2009 19:50
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Dividends of 2.5cts declared......solid performance.... |
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lpkoh5
Senior |
05-Aug-2009 12:49
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Look at the cash holdings of this counter....toll road business in China is solid and stable....should not have any problem matching its NAV...way too cheap now.... |
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lpkoh5
Senior |
31-Jul-2009 21:57
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Toll road business in China...stable n solid....wait for this to chiong next... |
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Nostradamus
Supreme |
28-Jul-2006 20:07
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Kim Eng has a price target of $1.24. Three quarters of sequential growth Q206 growth of 35% yoy was driven by a 10% rate hike in Nov 2005 for a major toll road asset. Half-year earnings is already 54% of KE's original FY forecast. Traffic volume, excluding Ningzhenluo which has been sold, rose 7.2% yoy in Q206, gaining on Q106's 6.6% climb. NZ property biz (rev +3% after forex adjustment) was hit by a stronger HK$ upon translation but lowered group tax rate due to beneficial intercompany loan treatment. Maintaining forward momentum in H206 Guiliu was the key driver of H106's outstanding performance. Although volume growth slowed in Q206, +4.4% yoy versus 13.4% in Q106, KE expects a pick-up in the seasonally stronger H206. Traffic volume at other toll roads was stable. KE is adjusting our FY forecast up by 7% to account for the better Q206 performance. Cash return offsets loss of Ningzhenluo; NZ property weak With HK$122m of the RMB210m proceeds from Ningzhenluo's sale, cash increased almost 2x to HK$375m. There was no impact on P&L as cash returns offset the loss of profits. Slower overall home sales hit NZ property contributions but were mitigated by higher sales of land/home plots, albeit at lower margins; CMH expects NZ to remain profitable in 2006. CMH also announced an interim dividend of $0.0275. KE believes CMH is still exploring acquisitions: a deal is likely with ultimate parent company China Merchants Group, which owns many of China's choicest toll roads. We believe a deal is likely this year or by middle of 2007 at the latest, to avoid RCPS dilution if immediate parent company CMHI triggers the first 1/3 conversion round, which is likely. Road infrastructure will ultimately remain a direct beneficiary of China's economic growth, which sizzled in Q206 at an 11% clip. CMH is now even more attractively priced at 6x pre-RCPS earnings and 8.6% yield. KE is expecting $0.06 dividends for the full year. |
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