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<Research>HSBC Research Slightly Cuts CTF SERVICES (00659.HK) TP to HKD10; Sale of Changsha-Liuyang Expressway at Reasonable Price
Recommend 10 Positive 15 Negative 11 |
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CTF SERVICES (00659.HK) announced on 13 May that it would sell a 100% equity interest in Changsha-Liuyang Expressway to the Shanghai State-owned Assets Supervision and Administration Commission for a consideration of RMB1.6 billion, HSBC Global Investment Research mentioned in its report. Considering the asset recorded a loss in FY25, the implied PB of 1.05x is attractive and compares favorably with peers valuations of 0.5-1.7x, the broker opined. The disposal aligns with the company's strategy to streamline its toll road portfolio. HSBC Global Investment Research slightly lowered its TP for CTF SERVICES from HKD10.1 to HKD10 and maintained a Buy rating. Backed by strong cash flow and growing businesses, the company's current dividend yield of around 7% is attractive and sustainable. Auto-translated by AI This article was automatically translated by AI, the original language version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. More Details
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