Asia Ex-J Consumer/ Transport analyst

Valerie Law, CFA

Equity Capital Markets

Shandong Expressway Qilu Con / Equity Capital Markets

Shandong Expressway Qilu Con (1366036D CH)

<p>Qilu Expressway Company is an expressway operator with over a decade of experience. It has the concession rights to build, maintain, and operate Jihe Expressway over a 30-year period between September 2004 to September 2034 (Concession Period).</p><p>It counts Qilu Transportation Development Group Company (70% owned by Shandong SASAC), COSCO Shipping, and Shenhua National Power Group as its major shareholders. In this article, we hope to answer the following questions:</p><ol class=""><li>What has been the EBITDA growth of the company?</li><li>What is the projected revenue growth for Qilu vs industry?</li><li>Why is the company listing now, after operating Jihe Expressway for a decade?</li><li>Is the company likely to sustain a stable dividend payout ratio in the next 3 years?</li><li>What other risks should investors take note of?</li></ol>

Qilu Expressway Company is an expressway operator with over a decade of experience. It has the concession rights to build, maintain, and operate Jihe Expressway over a 30-year period between September 2004 to September 2034 (Concession Period).It counts Qilu Transportation Development Group Company (70% owned by Shandong SASAC), COSCO Shipping, and Shenhua National Power Group as its major shareholders. In this article, we hope to answer the following questions:What has been the EBITDA growth of the company?What is the projected revenue growth for Qilu vs industry?Why is the company listing now, after operating Jihe Expressway for a decade?Is the company likely to sustain a stable dividend payout ratio in the next 3 years?What other risks should investors take note of?

Qilu Expressway IPO Preview: Concentration Risk and Recent News May Mean Discount to Peers

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Qilu Expressway IPO Preview: Concentration Risk and Recent News May Mean Discount to Peers

Qilu Expressway Company is an expressway operator with over a decade of experience. It has the concession rights to build, maintain, and operate...

Valerie Law, CFA