若以現價4.97元計 2019年市盈率6.54倍 股息率7.84% 每股資產淨值7.06元. 今年受疫情影響 業績自然大受影響 甚至首次停派中期息.
但集團公布，今年9月旗下多個公路項目的日均收費車流量及路費收入均顯著上升，其中廣州北二環高速、天津津雄高速、廣西蒼郁高速、湖北漢孝高速、湖南長株高速、湖北隨岳南高速、湖北漢鄂高速、湖北大廣南高速、廣州西二環高速及清連高速等10個公路項目的日均收費車流量及路費收入均錄得增長。另外，廣西蒼郁高速、湖北漢鄂高速、湖北大廣南高速及廣州西二環高速的路費收入更錄得雙位數升幅，其中廣西蒼郁高速日均收費車流量大幅上升96.8%，路費收入增加45.6%。
看來集團業務正快速回復正常. 有耐性 有閑$的投資者 又有機會了.
Billy Sir,
回覆刪除The whole Mainland China economy is already recovered, but for 1052.HK :~
1. It was incurred net losses for 1st 6 months of 2019.
2. It has much more borrowings than 2 years ago.
3. Though I can't predict its final dividend amount, but its total yearly dividends should be lesser than previous year, i.e. dividend yield should be much lower than 7.8%.
Why not consider those China enterprises with healthy balance sheets and were still making net profits in Jan~Jun2020 ?
Correction:
刪除1. It was incurred losses in first 6 months of "2020".
如果对年初的疫情影响视为单一的影响，无疑越秀交通的股价已经是过分反映了。今天越秀交通的股价已经跌到6年前的水平，明年它的收入回到19年的正常水平（或更高）的概率非常高，它的每股派息接近6年前的两倍，无论怎说都是很便宜的。
刪除I also concern 1052.HK's borrowings are much higher than before.
刪除按最近的路费收入来看，新收购的公路每月大概有六千多万，对比2020上半年的支出增加（主要是摊销和利息）三亿多元，收入跟支出大概都是一样的。但随着车流量的增长，未来应可以给公司带来收入增长的。
刪除I believe overall China economy is improving. Thus there should be many China companies with positive profit growths in the future.
刪除You may be right,... but "why not consider those China enterprises with healthy/strong balance sheets and were still making net profits in Jan~Jun2020" so that the coming 2020 final dividends are more certain than it ?
^_^
P.S. Right now, I am not recommending any stock name substituting for 1052.HK. Whether to sell it out or not should be left for its investors to make decision.
此留言已被作者移除。
刪除每一家公司都有它的优点和缺点，平衡风险就好了。最好就是分散投资，本人投资了多家高速公路公司，目前就是以1052，995和1576为主。
刪除正常情況下,公路股收入穩定,但首重道路位置及往績.
刪除自从去年收购了几条湖北的高速公路后，越秀交通的主要收入来源已经从广东改成湖北了。可能年初湖北收疫情影响比较大，越秀交通的股价跌幅也是比较其他的公路股为高。但是从这几个月的业务通告显示，湖北的公路收费增长同比远高于广东的路产，看来管理层的眼光是不错的。
回覆刪除The comparative figures in Oct2020 were based on relatively low base numbers due to Traffic Control (Military Games held in Wuhan on 18~27Oct2019) as disclosed in its 27Nov2020 Announcement, so that there were high growth rates reported.
刪除I think investors have to see more months' figures.
没错，但8~10三个月湖北的收费同比增长都是高于广东地区的。
刪除This is the fact,... and 1052.HK have both Wuhan and Guangdong businesses.
刪除Thanks for your sharing.
Have lunch first!
^_^
anyway 1052 not bad
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