智通财经APP获悉，香港联交所最新资料显示，8月20日，招商局公路网络科技控股股份有限公司增持 越秀交通基建(01052)180万股，每股作价4.116港元，总金额约为740.88万港元。增持后最新持股数目约 为2.18亿股，最新持股比例为13.04%。 ...

Core Viewpoint - CICC has raised the net profit forecast for Yuexiu Transportation Infrastructure for 2025 and 2026 by 3.4% and 4.3% to 739 million and 770 million HKD respectively, due to the continuous reduction in financial expenses [1] Financial Performance - The company reported 1H25 revenue of 2.1 billion HKD, a year-on-year increase of 14.9%, and a net profit attributable to shareholders of 360 million HKD, also up 14.9%, exceeding CICC's expectations [2] - The increase in revenue was primarily driven by higher toll income and a significant decrease in financial expenses [2] Toll Revenue Growth - In 1H25, toll revenue reached 2.06 billion HKD, reflecting a year-on-year growth of 15.2%, supported by several factors including the contribution of 260 million HKD from the consolidation of Pinglin Expressway [3] - The company experienced a 56.6% increase in toll revenue from Han-Ezhou Expressway due to construction impacts, and a 17.3% increase from Han-Cai Expressway due to expansion works [3] Cost and Financial Management - Operating costs increased by 22.8% year-on-year in 1H25, with intangible operating rights amortization rising by 26.3%, leading to a decline in gross margin by 3.4 percentage points to 46.8% [3] - Financial expenses decreased by 11.1% year-on-year, benefiting from lower market interest rates, with a weighted average interest rate of 2.6% compared to 3.15% in 1H24 [3] Dividend Policy and Growth Potential - The company maintains a stable dividend policy, with a dividend of 0.12 HKD per share in 1H25, consistent with 1H24, and a payout ratio of 50.6% [2] - Long-term growth is expected from core assets and the acquisition of Pinglin Expressway, with projected dividend yields of 6.9% and 7.3% for 2025 and 2026 respectively [4]

Core Viewpoint - CICC has raised the net profit forecast for Yuexiu Transportation Infrastructure (01052) for 2025 and 2026 by 3.4% and 4.3% to 739 million and 770 million yuan respectively, due to continuous reduction in financial expenses [1] Financial Performance - The company reported 1H25 revenue of 2.1 billion yuan, a year-on-year increase of 14.9%, and a net profit attributable to shareholders of 360 million yuan, also up 14.9%, exceeding CICC's expectations [2] - The increase in revenue was primarily driven by higher toll income and a significant decrease in financial expenses [2] Toll Revenue Growth - In 1H25, the company achieved toll revenue of 2.06 billion yuan, a year-on-year increase of 15.2%, benefiting from several factors including the consolidation of Pinglin Expressway and the impact of construction on other highways [3] - The toll revenue from Han-Ezhou Expressway increased by 56.6% due to construction impacts, while Han-Cai Expressway saw a 17.3% increase [3] Cost and Financial Management - Operating costs increased by 22.8% year-on-year in 1H25, with intangible operating rights amortization rising by 26.3%, leading to a decline in gross margin by 3.4 percentage points to 46.8% [3] - Financial expenses decreased by 11.1% year-on-year, attributed to a drop in market interest rates, with a weighted interest rate of 2.6% in 1H25 compared to 3.15% in 1H24 [3] Dividend Policy and Growth Potential - The company maintains a stable dividend policy, with a dividend of 0.12 HKD per share in 1H25, consistent with 1H24, and a payout ratio of 50.6% [2] - Long-term growth is expected from core assets and strategic acquisitions, with projected dividend yields of 6.9% and 7.3% for 2025 and 2026 respectively, indicating attractive returns for investors [4]

Group 1 - The company, Yuexiu Transportation Infrastructure (01052), announced the issuance of its fourth tranche of medium-term notes for the year 2024, referred to as "24 Yuexiu Transportation MTN004" [1] - The interest payment for this tranche is scheduled for August 26, 2025, with a coupon rate of 2.14% [1] - The total outstanding amount for this debt issuance is 700 million yuan [1]

Group 1 - The company, Yuexiu Transportation Infrastructure (01052), announced the issuance of its fourth tranche of medium-term notes for the year 2024, referred to as "24 Yuexiu Transportation MTN004" [1] - The interest payment for this tranche is scheduled for August 26, 2025, with a coupon rate of 2.14% [1] - The total outstanding amount for this debt issuance is 700 million yuan [1]

本公告乃根據《香 港 聯 合 交 易 所 有 限 公 司 證 券 上 市 規 則》第13.10B條 而 作 出。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責 任。 （在 百 慕 達 註 冊 成 立 之 有 限 公 司） （股 份 代 號：01052） 海外監管公告 承董事會命 越秀交通基建有限公司 余達峯 公司秘書 香 港，二 ○ 二 五 年 八 月 十 九 日 於 本 公 告 刊 發 日 期，董 事 會 成 員 包 括： 執行董事 ： 劉艷（董 事 長）、陳 靜、蔡 銘 華 及 潘 勇 強 獨 立 非 執 行 董 事 ： 馮 家 彬、劉 漢 銓、張 岱 樞 及 彭 申 债券代码:102483729.IB 债券简称：24 越秀交通 MTN004 关于越秀交通基建有限公司 四、本次付息相关机构 (一) 发行人: 越秀交通基建有限公司 联系人: 朱文波 2024 年度第四期中期票据付息安排公告(202 ...

Core Viewpoint - Yuexiu Transportation Infrastructure reported a revenue of 2.099 billion yuan for the first half of 2025, reflecting a year-on-year increase of 14.9%, with a net profit attributable to shareholders of 361 million yuan, also up by 14.9% [1][2] Revenue Growth - The company achieved a revenue of 2.099 billion yuan in H1 2025, marking a 14.9% increase year-on-year [1] - Toll revenue reached 2.059 billion yuan, up 15.2% year-on-year, driven by the consolidation of Pinglin Expressway and increased toll revenue from Hubei Han'e Expressway [1] - The acquisition of a 55% stake in Pinglin Expressway in November 2024 contributed an additional 256 million yuan in toll revenue [1] - Hubei Han'e Expressway generated toll revenue of 154 million yuan, a significant increase of 56.6% year-on-year due to the closure of competing routes [1] Profitability - The net profit attributable to shareholders was 361 million yuan, reflecting a year-on-year increase of 14.9% [1] - The Pinglin Expressway contributed 42 million yuan to project profits, providing new momentum for the company's growth [2] - Hubei Han'e Expressway's project profit contribution was 57 million yuan, showing a remarkable increase of 987.3% year-on-year [1][2] Financial Metrics - Financial expenses amounted to 222 million yuan, down 11.1% year-on-year, attributed to management's optimization of debt structure and reduction of interest rates [2] - The company's gross margin decreased by 3.3 percentage points to 46.8%, primarily due to the amortization of intangible assets related to the consolidation of Pinglin Expressway [2] - Non-controlling project net profit decreased by 4.4% year-on-year, totaling 73.02 million yuan [2] Dividend and Valuation - The current dividend yield is approximately 6.5%, with an interim dividend of 0.12 HKD per share, unchanged from H1 2024 [2] - The interim payout ratio is 50.6%, down from 58.5% in H1 2024 [2] - Projected earnings per share (EPS) for 2025-2027 are estimated at 0.44, 0.45, and 0.46 yuan per share, with corresponding price-to-earnings (PE) ratios of 7.98, 7.81, and 7.70 [2]

Core Viewpoint - 越秀交通基建 reported a revenue of 2.099 billion yuan for the first half of 2025, representing a year-on-year increase of 14.9%, with a net profit attributable to shareholders of 361 million yuan, also up 14.9% year-on-year, driven by acquisitions and favorable network changes [1][2] Financial Performance - The company's financial expenses decreased by 28 million yuan year-on-year in 1H25, with the average borrowing rate dropping to 2.57% from 3.05% in 1H24 [2] - The toll revenue increased by 15.2% year-on-year in 1H25, with a non-consolidated toll revenue growth of 3.1% after excluding the impact of certain highways [2][3] - The company plans to distribute an interim dividend of 0.12 HKD per share for the 2025 fiscal year, maintaining a dividend payout ratio of 50.6% [1] Acquisition and Asset Management - The acquisition of Pinglin Expressway at the end of 2024 contributed significantly to the profit increase, while the disposal of Tianjin Jinxiong Expressway also played a role [1] - The company recorded an investment loss of 20.43 million yuan from a joint project in 1H24, which improved to a loss of 2.68 million yuan in 1H25 [1] Market and Industry Trends - The overall impact of road network changes in 2025 is expected to be neutral, with slight variations in toll revenues across different highways [2][3] - The company’s core asset, Guangzhou North Second Ring, is undergoing expansion, which is anticipated to have a minimal impact on traffic flow [2] Profit Forecast and Valuation - The profit forecasts for 2025-2027 have been adjusted upwards by 8.5%, 5.1%, and 10.4% to 730 million, 745 million, and 757 million yuan respectively [3] - The target price has been raised to 4.79 HKD based on a 10x PE ratio for 2025E, indicating a strong dividend yield of 6.8% [3]

Group 1 - The core viewpoint of the article highlights that Yuexiu Transportation Infrastructure (01052) experienced a stock price increase of over 4% following the release of its interim financial report, with a current price of 4 HKD and a trading volume of 17.6353 million HKD [1] - The company reported a revenue of 2.099 billion RMB for the first half of the year, representing a year-on-year increase of 14.9%, and a net profit of 361 million RMB, also up by 14.9% [1] - The earnings per share (EPS) was reported at 0.2156 RMB, and the company declared an interim dividend of 0.12 HKD, unchanged from the same period last year [1] Group 2 - Huatai Securities noted that the company's profit exceeded expectations primarily due to the lower-than-expected amortization of existing road assets [1] - The interim dividend payout ratio reached 50.6%, and the firm is optimistic about the company's ability to continue acquiring quality road assets at favorable prices, maintaining a "buy" rating [1] - Assuming a dividend payout ratio of 55% for the fiscal year 2025, the estimated dividend yield for 2025 is projected to be 6.8%, indicating strong attractiveness [1] Group 3 - As of August 15, the Hang Seng High Dividend Yield Total Return Index has risen by 29% year-to-date, supported by ample liquidity in the Hong Kong market and low Hibor rates, which bolster dividend valuations [1] - In the context of low domestic interest rates, there remains a demand from Chinese long-term funds to increase allocations in Hong Kong dividend stocks, with the company's southbound holdings rising from 18.8% at the beginning of the year to 20.3% by August 15 [1]

Core Viewpoint - Yuexiu Transportation Infrastructure (01052) reported a strong interim financial performance, leading to a stock price increase of over 4% following the announcement of its mid-year results [1] Financial Performance - The company reported a revenue of 2.099 billion RMB for the first half of the year, representing a year-on-year increase of 14.9% [1] - Net profit reached 361 million RMB, also reflecting a year-on-year growth of 14.9% [1] - Earnings per share were reported at 0.2156 RMB [1] Dividend Information - The company declared an interim dividend of 0.12 HKD, unchanged from the same period last year [1] - The dividend payout ratio for the interim period was 50.6% [1] Analyst Insights - Huatai Securities noted that the company's earnings exceeded expectations primarily due to lower-than-anticipated amortization adjustments on existing road assets [1] - The firm maintains a "buy" rating on the stock, projecting a dividend payout ratio of 55% for the fiscal year 2025, which would result in an estimated dividend yield of 6.8% [1] Market Context - The Hang Seng High Dividend Yield Total Return Index has increased by 29% year-to-date as of August 15 [1] - The liquidity in the Hong Kong market remains ample, with low Hibor rates supporting dividend valuations [1] - In the context of low domestic interest rates, there is a growing demand from Chinese long-term funds to allocate to Hong Kong dividend stocks, with the company's southbound holdings increasing from 18.8% at the beginning of the year to 20.3% by August 15 [1]