ANHUI EXPRESSWAY(600012)：FOCUSING ON JIANGHUAI REGION; REGAINING VITALITY

Why an OUTPERFORM rating? 机构：中金公司 研究员：Wenjie ZHANG/Qibin FENG/Xin YANG Investment positives We initiate coverage of Anhui Expressway's (AHE) A-shares with an OUTPERFORM rating and a target price of Rmb17.32, implying 2025e and 2026e dividend yields of 4.0% and 4.4%. We resume coverage of its H- shares with a target price of HK$15.12, implying 2025e and 2026e dividend yields of 5.0% and 5.6%. AHE is the only A-H dual-listed toll road company in Anhui Province. Potential catalysts: Increases in the vehicle tr ...