SICHUAN EXPRESSWAY(00107.HK)：CORE ASSETS IN CHENGDU AND CHONGQING; A“HIDDEN CHAMPION” OF EXPRESSWAY BUSINESS

机构：中金公司 研究员：Yuanfan GU/Wenjie ZHANG/Qibin FENG/Xin YANG Initial Coverage Investment positives We initiate coverage on Sichuan Expressway Company Limited (SichuanExpressway) with an OUTPERFORM rating and a target price of Rmb6.85for A-shares. We assign an OUTPERFORM rating and target price ofHK$5.61 for H-shares. Our valuations imply dividend yields of 4.5% and4.7% for A-shares in 2025 and 2026, and 6.0% and 6.4% for H-shares in2025 and 2026, based on the dividend yield valuation method. Thecompany is the on ...