Global infrastructure company Ferrovial has been added to the Nasdaq-100 Index, with the move set to take effect before trading opens on 22 December. The company has maintained operations in North America for over two decades, including projects such as express lanes in several US states and Ontario, Canada. Ferrovial is also working on the New Terminal One at JFK International Airport in New York. It ranks among the largest infrastructure companies listed in North America and has established a presenc ...

Core Viewpoint - Anhui Expressway (AHE) is initiated with an OUTPERFORM rating, targeting Rmb17.32 for A-shares and HK$15.12 for H-shares, indicating attractive dividend yields for 2025 and 2026 [1][7] Investment Positives - AHE's road assets are strategically located on key interprovincial routes, ensuring strong profitability and extended toll collection periods, with an average gross margin of 59.5% from 2014 to 2024 [2] - The company is expected to benefit from the acquisition of the Anhui section of the Fuzhou and Sixu Expressways and the completion of renovations on existing expressways, potentially increasing earnings [3] - AHE's dividend payout ratio is projected to be at least 60% for 2025-2027, with A-shares yielding 4.5% and H-shares yielding 5.4% for 2025, both among the highest in their respective sectors [4][7] Financials and Valuation - Expected EPS for AHE is Rmb1.15 in 2025 and Rmb1.27 in 2026, reflecting a CAGR of 14.0% from 2024 to 2026, justifying a valuation premium due to high-quality assets and growth potential [6] - Target price for A-shares is set at Rmb17.32 based on a 4% dividend yield, implying a P/E of 15.0x for 2025 and 13.6x for 2026, with an upside of 12.0% [6] - Target price for H-shares is set at HK$15.12 based on a 5% dividend yield, implying a P/E of 12.0x for 2025 and 10.8x for 2026, with an upside of 8.0% [7] Market Differentiation - While the market expresses concerns regarding AHE's debt-to-asset ratio and cash flow, the company anticipates increased vehicle traffic on renovated roads and has solid financing options [5]

Market Overview - The infrastructure sector delivered positive returns in Q3, although it lagged behind global equities due to a risk-on market environment driven by animal spirits [3] - U.S. utilities, renewables, and North American natural gas and pipelines performed well, supported by high demand for power from AI-focused data centers [4][12] - European utilities faced challenges, particularly U.K. water utilities, which were negatively impacted by rising interest rates [4] Sector Performance - North American rails showed strong performance following news of a proposed merger, which could unlock significant value [5] - French toll roads declined due to political uncertainty and rising sovereign risk linked to the French budget fallout [6] - Communication towers were the weakest performers, experiencing slower growth in carrier capital expenditures during the current 5G cycle [6] Regional Highlights - The U.S. and Canada were the top contributors for the quarter, with Entergy and TC Energy leading the performance [7] - Entergy, a regulated electric utility, saw its share price increase due to ongoing data center deals [7] - TC Energy manages extensive natural gas pipelines and power assets, benefiting from stable cash flows and favorable project origination conditions [8] Detractors - Severn Trent and Vinci were the largest detractors, with Severn Trent facing concerns over U.K. fiscal policy [9] - Vinci operates a significant portion of France's toll road network and was affected by political uncertainty, although its operations remained stable [10] Future Outlook - Strong opportunities are anticipated in the infrastructure sector driven by decarbonization and energy transition, particularly in electric utilities across the U.S., EU, and U.K. [11] - Investments in electric and water utilities are expected to enhance grid resiliency and accommodate increased load growth due to reshoring and AI-focused data centers [12] Portfolio Highlights - The infrastructure strategy saw positive contributions from four out of seven sectors, with electric and gas utilities and airports being the top contributors [15] - The strategy underperformed relative to the FTSE Global Core Infrastructure 50/50 Index, primarily due to stock selection issues in the electric and water utility sectors [16] - Top contributors to absolute returns included Entergy, TC Energy, and WEC Energy, while Vinci and Severn Trent were the main detractors [17] Investment Actions - A new position was initiated in Spanish electric utility Iberdrola, while positions in Eletrobras, United Utilities, and Pembina Pipeline were exited [18]

Group 1: Company Overview - Transurban Group specializes in managing and developing urban toll road networks across Australia, Canada, and the United States, holding interests in 22 urban motorways including CityLink in Melbourne and the Hills M2 in Sydney [1][2] - Fortescue Ltd is a leading iron ore production and exploration company, primarily focusing on iron ore production with over 190 million tonnes shipped annually, and expanding exploration efforts for key materials such as copper, rare earths, and lithium [3][4] Group 2: Financial Metrics - For FY24, Transurban Group reported a debt/equity ratio of 175.1%, indicating high leverage, with an average dividend yield of 3.6% over the last 5 years and a return on equity (ROE) of 3.0% [5][6][7] - Fortescue Ltd reported a debt/equity ratio of 27.6% in FY24, indicating more equity than debt, with an average dividend yield of 10.5% since 2019 and an ROE of 30.2% [7]

CTF Services Limited (659.HK) FY2025 Annual Results Presentation Section 1 CTFS at a Glance Section 2 Financial Update Section 3 Business Operation Update Section 4 Environment, Social & Governance (ESG) 3 FY25 Highlights Continued efforts to refine and strengthen the Group's business portfolio to enhance long-term value creation Renamed the Insurance Segment to the Financial Services Segment and executed strategic acquisitions to drive one of the Group's focuses on the fast-growing wealth management busine ...

Core Viewpoint - Transurban Group (ASX:TCL) has seen a share price increase of 7.59% since January 2025, indicating potential investment interest due to its strong revenue growth despite a decline in profit [1][2][13] Company Overview - Transurban, established in 1999, specializes in managing and developing urban toll road networks across Australia, Canada, and the United States [2] - The company has interests in 22 urban motorways, including notable ones like CityLink in Melbourne, Hills M2 in Sydney, and Logan Motorway in Brisbane [2] Financial Performance - The latest reported annual revenue for Transurban was $4,119 million, with a compound annual growth rate (CAGR) of 12.6% over the past three years [5] - The gross margin reported was 57.0%, indicating a strong profitability from core services before overhead costs [6] - Transurban reported a profit of $326 million for the last financial year, which represents a significant decline with a CAGR of -53.8% compared to three years ago when the profit was $3,303 million [7] Financial Health - The current net debt for Transurban stands at $18,018 million, indicating a substantial amount of debt [8] - The debt/equity ratio is 175.1%, suggesting that the company has more debt than equity, which can introduce higher risk, especially if revenue stability is not maintained [10] - The return on equity (ROE) for FY24 was 3.0%, reflecting the company's ability to generate profit relative to its total equity [11] Investment Consideration - Given the strong revenue growth over the last three years, Transurban may be a candidate for investment consideration, although the negative profit trend warrants further investigation into its financial health and growth potential [13]

Group 1: Transurban Group (TCL) - Transurban Group's share price has increased by 7.9% since the beginning of 2025 [1] - The company manages and develops urban toll road networks in Australia, Canada, and the United States, with interests in 22 urban motorways [1][2] - Transurban's notable motorways include CityLink in Melbourne, Hills M2 in Sydney, and Logan Motorway in Brisbane [1] Group 2: Financial Performance and Valuation - Transurban has a current dividend yield of approximately 4.28%, which is higher than its 5-year average of 3.64%, indicating potential growth in dividends [5] - The annual report shows that last year's dividend was greater than the 3-year average, suggesting that dividends have been increasing [5] Group 3: Fortescue Ltd (FMG) - Fortescue Ltd is a leading iron ore production and exploration company, shipping over 190 million tonnes annually [3] - The company is expanding its exploration efforts across multiple countries, targeting materials such as copper, rare earths, and lithium [3] - FMG offers a historical dividend yield of around 10.44%, which is comparable to its 5-year average of 10.52% [6]

Market Overview - Markets rebounded in Q2 2025 after a correction in Q1, overcoming tariff concerns and geopolitical tensions, with solid gains reported [2] - The U.S.-China trade situation improved, leading to lower tariffs and increased exports of rare earth metals from China to the U.S. [2] - The end of a conflict between Israel and Iran in June further supported market sentiment [2] Infrastructure Performance - Listed infrastructure showed resilience during market volatility, outperforming the broader market in April and maintaining stability through May and June [3] - Western Europe emerged as the strongest regional performer, benefiting from interest rate cuts by the European Central Bank and Germany's fiscal stimulus focused on infrastructure spending [4] Key Contributors - E.On, a leading German electric utility, was the top performer in Western Europe, supported by structural reforms and significant grid investment potential [5] - French toll road operator Vinci also performed well, aided by positive operational momentum and significant free cash flow generation [6] Detractors - U.S. energy infrastructure company ONEOK and Canadian company Pembina Pipeline were the largest detractors, primarily due to OPEC+ decisions affecting oil prices [7] - Pembina Pipeline's performance was impacted by market concerns over toll renegotiations, although it remains a leader in the growing Western Canadian Sedimentary Basin [8] Outlook - The current environment is characterized by volatility, but confidence remains in utility and infrastructure assets for generating consistent cash flows [9] - Infrastructure investments are expected to benefit from inflation pass-through mechanisms, with approximately 90% of the portfolio linked to such mechanisms [9] Portfolio Highlights - The strategy saw positive contributions from six out of seven sectors, with electric utilities, airports, water, and toll roads being the top contributors [13] - The top individual stock contributors included Constellation Energy, E.On, Severn Trent, SSE, and Vinci, while ONEOK and Pembina Pipeline were the main detractors [14]

Financial Performance Highlights - Atlas Arteria's statutory net profit after tax was $733 million, a decrease of 329% compared to H1 2024's $1092 million[24, 39] - Proportional toll revenue increased by 81% to $9545 million compared to H1 2024[24, 39] - Proportional EBITDA increased by 78% to $7292 million compared to H1 2024[24, 39] - Free cash flow per security increased by 90% to 194 cents per security, compared to 178 cents per security in H1 2024[24, 39] Distribution and Outlook - The company reaffirmed its 2025 distribution guidance of 40 cents per security[24, 45] - The distribution policy targets a payout of 90-110% of free cash flow on a full-year basis, with 2025 expected to be above this range due to the impact of the French Temporary Supplemental Tax (TST)[45] - The company is targeting future distributions of at least 40 cents per security, supported by growing free cash flow[45] Strategic Initiatives - The company is pursuing associated growth projects in partnership with Eiffage, such as A412 and A154[24] - The company is proceeding with Dulles Greenway federal litigation and a new rate case application[24] - An FX hedging program has been implemented over the 2025 distribution guidance period[24, 45]

Group 1 - The Cohen & Steers Infrastructure Fund (NYSE: UTF) is a diversified closed-end fund focused on infrastructure companies across various sectors including utilities, pipelines, toll roads, airports, railroads, ports, and telecommunications [1] - The fund aims to provide high-yield investment opportunities by investing in a broad range of infrastructure assets [1] Group 2 - The company invests significant resources, including thousands of hours and over $100,000 annually, into researching profitable investment opportunities [2] - The investment approach has garnered over 180 five-star reviews from members, indicating a strong satisfaction rate and perceived benefits [2]