Wan Tong High-speed 600 012 regional monopolies prospects Financial Tips Tips Bar

Category: Money tips Release Date: 2006-05-14

Source: Jin Tong Securities

Wan Tong High-speed (600,012) Company's only highway in Anhui Listed companies, now has Hefei-Nanjing Expressway, 205 National Road Tianchang new line segment, even Huo Anhui section of road all the rights and interests of Nobuhiro highway 55.47% stake in the high circles Highway 51% stake. 5 stretches of the road are the backbone of China's road traffic and the main hub of an important part of the region with a very strong dominance. Company or a limited number of domestic self-developed ability to maintain the highway network billing system and integrated information systems for highway classes listed companies and independent development of integrated information systems have been classified highway National Torch Plan Project. From January to September this year, the company realized the main income of 1.211 billion yuan, an increase of 5.95%; main profit of 777 million yuan, an increase of 16.65%; net profit of 524 million yuan, an increase of 25.17%; to achieve earnings per share were 0.316 yuan. One 7-September earnings per share were 0.121 yuan to achieve higher than average level in the first half.

As a main highway management, and has good performance of room for growth. From the growth rate, despite the "Wan-pass high-speed" major road traffic volume growth rate of production has not yet returned to the charge weight prior to the implementation level of growth, but the traffic volume rendering speed recovery trend. According to the current growth rate is expected to 07,08, the company producing the main road, especially those in the National Trunk Highway, traffic constitutes a large proportion of long-haul trucks, "Even Huo Anhui section of the highway" and "high border high-speed" and "high-speed Nobuhiro "will show a higher level of growth.

Secondary market, the share price movements are more defensive, and the company good operating performance and broad prospects for development has been the main body of the favor, the future, as China's economic development, road capacity would be substantially upgraded to a motorway operating companies to bring more Good revenue growth opportunities, investors can take an active interest.

Historical Information: G Wan Tong (600,012): a great variety of defensive configuration June 17, 2006

Source: Shanghai Securities News

With the upsurge of Quotes, some institutional investors have begun to seek defensive asset allocation. As a result, part of the Highway Unit has been re-excavated and respected. In all highways stocks, their business performance and growth of the "369 other" parts, on the advantages of stock options, whether it is real good degree of performance or the robustness of the latter part of growth, or estimated value space of the breadth of institutional investors have given a G Wan Tong (600,012) more attention. (Open to investment)
Date of rating agencies downgraded investment ratings points EPS (RMB) Valuation (million)
2005 2006 2007 China Merchants Securities 2006/04/24 recommended 0.40 0.45 0.52 5.40 ~ 6.30
Growth performance of the company in 2005, taking into account re-charging mode, the company significant revenue growth and cycling Hefei-Nanjing Line of speeding the completion of growth of profits has brought; in under the weight of the one-time fee income effect of a gradual weakening of punitive circumstances, Endogenous growth in traffic volume the company has once again become the focus of attention. Based on the current performance of the company still expected to get a sustained lift in the current stock price of the company's intrinsic value there is a certain underestimation.

GF Securities 2006/04/24 bought 0.40 0.44 0.48 7.50

In the split share structure reform, the non-tradable shareholders commitment to continue to support high-speed acquisition of the parent company Anhui Tong Road class quality assets, and reduction of the price positioning of 8.28 yuan, indicating non-tradable shareholders of the Wan-pass high-speed future development of is full of confidence.
Guoxin Securities 2006/04/24 recommended 0.40 0.47 0.54 6.70 ~ 9.90

A toll-quarter revenue increased by 4.4%, of which 12.3% of the overall decline in revenue cycle, the overall traffic volume increased by 19.7%. The substantial increase in traffic volume, indicating that weight charges on the negative impact of traffic flow is to eliminate the cycle of income showed a significant decline in weight charges of serious overloading overloaded transport phenomena play a significant role in curbing them. As we all know, serious overloading overloaded transportation fare increase fares too insufficient to cover the damage it caused to the roads, cycling decline in revenue on the surface to reduce the company's profitability, actually increased acceptance of road traffic volume saturation capacity, and thus improve the company's profitability is more important to reduce future road maintenance expenditure, to promote the quality of earnings improved significantly.
The valuation of the company's performance and price mean (yuan) 0.40 0.453 0.513 7.22
Corresponds to the dynamics of the current stock price-earnings ratio (times) 12.33 10.88 9.61
Risk Warning (1) the next two years the company have nearly 15 billion capital expenditure;
(2) the extent of its commitment to fulfill the major shareholder.