报告名称：Shandong Hi-speed(600350)：To benefit from SOE reform and favorable policies
报告类型：点评报告
报告日期：2015-07-03
研究机构：中金公司
股票名称：山东高速
股票代码：600350
页数：4
简介：Investment positives
SOE reform in Shandong warrants attention; the parent Shandong Hi-speed Group has largeconsolidation potential. The Group was included in the recently released second restructuring list for SOEs inShandong. As the largest state-owned company in the province, the Group mainly focuses on toll road and finance. Thelistco is expected to benefit from high shareholding concentration and the parent group’s low asset securitization ratio.
Reform to drive transformation. We expect the listco to 1) dispose of weak and small businesses (such as realestate and minerals) to reduce losses (real estate business likely to have posted a loss of Rmb180mn in 2014,accounting for 7% of earnings); 2) receive light-asset subsidiaries from the parent group.

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