Category: Money tips Release Date: 2006-07-16
Source: Changjiang Securities Research
Highlights of the report.
May Jinan-Qingdao and the Yellow River Bridge access revenues remain under pressure in the previous reporting period, we had in May's revenue growth movement who are more optimistic expectations, but from the recently published data shows that in May, the company earnings will continue to pass by the "ton-km," a large truck weight fees to reduce the negative impact of traffic this month, Jinan-Qingdao and the Yellow River Bridge access revenues were up by 3.3% and slightly reduced growth of 1 percent, although year on year growth rate has been negative view of the Yellow River Bridge regularized (in April fell 2.6%), and the Jinan-Qingdao in May to see the chain still achieved a 10% growth (total access revenues have recovered to the level of weight before March), but the recovery rate is still below our expectations. Taking into account the relative rigidity of transport demand, we believe that May data further supports our previous report on the Shandong Province toll road did not have weight and its relatively good road conditions, turn on the Jinan-Qingdao and the Yellow River Bridge constitutes a certain streaming judgments.
May others all the way Bridge continued to show good momentum, in which Thai song a road, Jinan Yellow River Bridge and the Yellow River Bridge in Pingyin grew 18%, respectively, 25% and 43%, compared with the overall growth rate in April and a quarter, further accelerated.
Pingyin of the Yellow River Bridge closed to specific sections of the transformation and conservation of Jinan-Qingdao delay according to our recent understanding, originally proposed in this year's implementation of the Yellow River bridge closure Pingyin transformation and Jinan-Qingdao high-density segment will be delayed until next year a special conservation, according to pre - May Pingyin Yellow River Bridge in income growth roughly estimated that in 2006 the Yellow River Bridge in Pingyin revenue is expected to be higher than our original forecast 12 million yuan, while the 2006 Jinan-Qingdao special conservation will have to lower than we originally expected about 30 million yuan.
Zid high speed in the second half of next year, and the table should be more objective zid be successful when high-speed acquisition and that and the current situation of uncertainty is still large, but its transfer to the company previously had access to government approval, while the operational cycle relatively long after our recent visit to further confirmed that the current situation zid high-speed and the table in the second half of next year should be more objective, but also more cautious in line with our original expected. In a recent field study, we Jinan - Tai'an High-Speed (with the economy and the German high-speed Beijing-Shanghai high-speed with the intersection of Beijing-Fuzhou above) was impressed by the huge flow of traffic, and further strengthen our economic prospects of a good German high-speed profits expected.
Looking forward to June data, warming and general highway weight fees from April to May, "ton-km," weight fees are not as expected as the market showed positive promotion of the company's recent share price should be the main cause of relatively low, while the average weight charges the implementation of the road if the with the expected warming in the June data presented side by side, we think that together constitute the stock price fares of power. Taking into account the key data in June, early July we will pass the full year revenues, cost and performance to be re-assessed, while the investment grade rating is not subject to fluctuations in short-term data and maintain the "Recommended" rating unchanged.
