External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

Yuexiu Transport Infrastructure / Equity Bottom-Up

<ul><li>Yuexiu Transport’s net profit in 1H23 surged 45% YoY to RMB427mn, driven by the recovery of tariff volume and reduction of finance expense.</li><li>Yuexiu Transport proposed interim dividend of HK$0.15/share, implying 53.8% dividend payout ratio (1H22: 48.8%).</li><li>The Company is confident of maintaining a full year payout target of 50-60%. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Yuexiu Transport’s net profit in 1H23 surged 45% YoY to RMB427mn, driven by the recovery of tariff volume and reduction of finance expense.Yuexiu Transport proposed interim dividend of HK$0.15/share, implying 53.8% dividend payout ratio (1H22: 48.8%).The Company is confident of maintaining a full year payout target of 50-60%. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Yuexiu Transport (1052 HK) – 1H23 Earnings +45% YoY with Solid Div Payout

<ul><li>We believe the strategy of “business incubation (at parent company level) + asset injection (to Yuexiu Transport)”, followed by the spin-off of mature projects through the listing of REITs, will enable Yuexiu Transport to fully capture the most profitable stage of toll road operations.</li><li>We like the Company’s excellent track record of dividend payment (continuous distribution since listing in 1997) and good execution on asset transaction.</li><li>As a pure expressway operator in Guangdong and Hubei, Yuexiu Transport is set to benefit from the strong recovery of traffic volume after economy reopening. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We believe the strategy of “business incubation (at parent company level) + asset injection (to Yuexiu Transport)”, followed by the spin-off of mature projects through the listing of REITs, will enable Yuexiu Transport to fully capture the most profitable stage of toll road operations.We like the Company’s excellent track record of dividend payment (continuous distribution since listing in 1997) and good execution on asset transaction.As a pure expressway operator in Guangdong and Hubei, Yuexiu Transport is set to benefit from the strong recovery of traffic volume after economy reopening. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Yuexiu Transport (1052 HK) – Growth Formula: Organic Growth + Asset Injection ...

Independent Research, Turtles all the way down

Turtles all the way down

Independent Research

Writing short articles about mis-priced boring stocks around the world.

<ul>
<li>I think most (value) investors go through four stages: Stage 0: Buy stuff that goes up. Especially when a lot of people around you get rich from doing it.</li>
<li>Stage 1: Invest in the future! Buy into some fancy exciting new technology that will become big some day! The Cathie Wood stage. Usually stage 1 and stage 0 go hand in hand.</li>
<li>Stage 2: Buy at low PE multiples. Some are smart and skip the first two. This stage is not bad, it should lead to slight outperformance. Can be dangerous without wide diversification as a lot of them are value traps.</li>
</ul>


I think most (value) investors go through four stages: Stage 0: Buy stuff that goes up. Especially when a lot of people around you get rich from doing it.
Stage 1: Invest in the future! Buy into some fancy exciting new technology that will become big some day! The Cathie Wood stage. Usually stage 1 and stage 0 go hand in hand.
Stage 2: Buy at low PE multiples. Some are smart and skip the first two. This stage is not bad, it should lead to slight outperformance. Can be dangerous without wide diversification as a lot of them are value traps.


Partner, River Valley Asset Management

River Valley Asset Management

Partner

Singapore-based boutique asset management firm

River Valley Asset Management is a Singapore-based boutique asset management firm. Our team at RVAM strongly believes in being a trusted steward of our clients' wealth across generations.

Each of our fund managers has years of rich portfolio management experience over multiple market cycles at world-class investment houses. We bring our clients the combined strength of our investment team to manage their financial portfolios and to provide bespoke guidance on all aspects of their financial health.

We offer multi-asset class expert investment advice to accredited investors who are family offices, high net worth individuals and institutional investors to preserve and grow our clients' wealth.

The fund management team of the company includes Homiyar Vasania, Anand Ramachandran and Jamshed Desai.

In a market where people fall over each other to find the next exciting idea, we love dull boring stocks which keep clocking the numbers day in and day out. Yuexiu, a toll road operator, whose operations snake across China, is one such consistent performer.  A company which generates consistent cashflow growth, pays good dividends and keeps growing its portfolio, trading at reasonable valuation, what more can one ask for. Then we say, it is a state owned company, operates in fixed asset investment space in China and people start rolling their eyes.

In a market where people fall over each other to find the next exciting idea, we love dull boring stocks which keep clocking the numbers day in and day out. Yuexiu, a toll road operator, whose operations snake across China, is one such consistent performer.  A company which generates consistent cashflow growth, pays good dividends and keeps growing its portfolio, trading at reasonable valuation, what more can one ask for. Then we say, it is a state owned company, operates in fixed asset investment space in China and people start rolling their eyes. 

Hong Kong

Yuexiu Transport Infrastructure Ltd., through its subsidiaries, invests in, develops, operates, and manages toll highways, expressways, and bridges in China.

Yuexiu Transport Infrastructure (1052 HK)

Yuexiu Transport Infrastructure (1052 HK)

Yuexiu Transport (1052 HK) – 1H23 Earnings +45% YoY with Solid Div Payout

Yuexiu Transport’s net profit in 1H23 surged 45% YoY to RMB427mn, driven by the recovery of tariff volume and reduction of finance expense.

CMB International

Yuexiu Transport (1052 HK) – Growth Formula: Organic Growth + Asset Injection ...

We like the Company’s excellent track record of dividend payment (continuous distribution since listing in 1997) and good execution on asset...

CMB International

Investing in HK Stocks

If you invest in Western markets this would be enough, but not in Asian markets where the trust factor is a lot lower, and where ownership is more...

Turtles all the way down

Yuexiu - Sleeping Outperformer

In a market where people fall over each other to find the next exciting idea, we love dull boring stocks which keep clocking the numbers day in and...

River Valley Asset Management