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Toll Road Sector:Benefiting from Falling Treasury Yields and RMB Appreciation

时间:2019-11-10 15:12来源:新闻中心
A strong USD and rising US treasury yields were investors’ greatestfears at the beginning of 2017, but this is no longer the case. Thepolitical drama under the Trump Administration and the limited progressin fiscal reforms have caused the

A strong USD and rising US treasury yields were investors’ greatest fears at the beginning of 2017, but this is no longer the case. The political drama under the Trump Administration and the limited progress in fiscal reforms have caused the USD to depreciate 6.8% against the RMB YTD and the US 10-year treasury yield to fall >50 bps YTD. We believe the Chinese toll road sector, which offers a stable RMB dividend, will be one of the biggest beneficiaries of this backdrop and de-serves a revisit. Yuexiu Transportation [1052.HK] and Anhui Expressway [995.HK] may present better opportunities, based on their historical dividend yield. They are now offering a 6.3% and 5.1% 2017E dividend yield, respectively, based on Bloom-berg consensus. We also have a BUY rating on SZE [548.HK], which may offer up-side potential with its Shenzhen property project and potential special dividend.

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