高盛交通/基础设施行业深度分析报告

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Negative impact: rising uncertainty on infrastructure investment
We believe the government’s tightening of infrastructure FAI is likely to have
an adverse effect on the highway construction and municipal transportation
sub sectors. These sectors are largely local government driven and have
relatively high dependence on bank loan financing (our GS China Banking
Team forecasts new loan to infrastructure projects to decline by 31% in
2010E). We reiterate our cautious view on waterway (i.e. ports) investment
outlook, in-line with market expectations. We believe the railway sector will
be relatively defensive, however new low-profile railway projects will likely
be more impacted than existing and upcoming high-profile railway projects.
We are cutting our infrastructure construction companies’ 12-m target prices
by 7% to 29%, mainly due to our downward revisions in construction growth
and using 2010E ROE (vs. 2011E ROE previously) given reduced visibility.
Risks include government investment policy shifts, MOR cost
reimbursements and raw material costs. Transportation&Infrastructure.pdf (358.73 KB, 需要: 50 个论坛币)

2010-8-31 13:47:16 上传

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关键词：分析报告 深度分析 基础设施 Construction Expectations government financing 分析报告 believe likely

太贵了点吧。。便宜点就收了。

Uncertainty in infrastructure construction shifts our preferences: Railway > Highway, Waterway 3
Infrastructure construction companies: CCCC is most vulnerable 7
CCCC: High exposure to highway construction 9
CRG: Lack of positive catalysts 11
Toll roads: Fundamentals improving steadily 12
Zhejiang Expressway: 2010E to be a recovery year; retain Buy 14
Sichuan Expressway: Low utilization but strong Sichuan Economy 15
Jiangsu Expressway: Yield positive but not our favorite 15
Shenzhen Expressway: New BOT project could be an overhang 18
Jiangxi Ganyue Expressway: Diversifying into nuclear business 19
Shandong Expressway: Possible asset injection overhang 21
Fujian Expressway: Negative diversion impact in 2010E 22
Appendix: Infrastructure construction valuation charts 23
Appendix: Expressway valuation charts 24
Disclosures 32

做个记号！！！

太贵了，放弃

太贵了，放弃。

太贵，好东西也要有个好价钱。向LX学习吧。

做个记号先

Infrastructure construction companies: CCCC is most vulnerable 7
CCCC: High exposure to highway construction 9
CRG: Lack of positive catalysts 11
Toll roads: Fundamentals
本文来自: 人大经济论坛 行业分析 版，详细出处参考：http://www.pinggu.org/bbs/viewth ... &from^^uid=621294

这是个好东西呀,能便宜一点不,便宜一点就买了