Core Viewpoint - Shenzhen International Holdings Limited is the only wholly overseas-listed company among Shenzhen's state-owned enterprises, focusing on modern logistics, toll roads, ports, and environmental protection, aiming to become a leading urban infrastructure developer and operator in China [1] Group 1: Business Overview - The company operates in four main sectors: toll roads and environmental protection, logistics (including logistics parks and services), ports and related services, and other investments [1] - The toll road and environmental protection business relies primarily on Shenzhen Expressway Group Co., Ltd. for operations [1] - The company has developed a "投建管转" (investment, construction, management, and transfer) large closed-loop business model and a "投建融管" (investment, construction, financing, and management) small closed-loop business model to achieve sustained performance growth [1] Group 2: Financial Performance - The transformation of the South China logistics park is expected to contribute over HKD 156.58 billion in after-tax profits through land and monetary compensation from the government, followed by real estate development [2] - The company has maintained a stable dividend policy with a payout ratio of around 50% of net profit since 2017, with cumulative dividends of HKD 155.93 billion from 2015 to 2024 [2] - Future profits from the South China logistics park transformation and logistics port REITs are expected to continue driving net profit growth [2] Group 3: Investment Analysis - Forecasted net profits for Shenzhen International from 2025 to 2027 are HKD 30.81 billion, HKD 34.30 billion, and HKD 39.25 billion, respectively, with corresponding dividend yields of 8.28%, 9.22%, and 10.55% based on a 50% payout ratio [3] - The company’s exploration of logistics park transformation and asset securitization enhances earnings elasticity, with expectations of sustained performance from the logistics park transformation project over the next 6-8 years [3] - The current PE valuation of 5.9x is below the average of comparable companies, while the dividend yield of 8.28% is above the average, indicating attractive low valuation and high dividend characteristics [3]
深圳国际(00152.HK)：国企优质资源禀赋 物流园转型升级带来业绩弹性