Although the CSI 300 index has been showing *** since February this year, some companies in the high-speed industry are still performing strongly, and the Ganyue Expressway is one of them.
As early as the first quarter of this year, the hunter has written about 4 high-speed companies, although they are in the same industry, but they also have their own merits, for example, Wantong Expressway has greatly increased the dividend payout ratio due to the acquisition of assets, promising not less than 70% in 2023-2025;The dividend payout ratio of Fujian Expressway has been stable at about 50% for a long time, and its asset-liability ratio is the lowest among the four companies, and it is only higher than Longjiang Transportation in the whole high-speed industryAlthough the performance of Chutian Expressway has risen steadily over the years, the dividend payment ratio has only been maintained at about 30% for a long time, which is slightly insufficient compared with the mainstream dividend level of the industry, which in turn may increase the dividend payment rate of Chutian Expressway, causing certain potential expectationsJilin Expressway is a relatively small market capitalization, dividends and few, but favored by foreign institutions, among which the well-known foreign institutions UBS AG has entered the market in the fourth quarter of last year, as of the third quarter of this year, it still holds 3.74 million shares.
Let's focus on writing about the Jiangxi-Guangdong Expressway.
Similar to the above four companies, since February 2021, the company's stock price seems to have changed from the most **8 yuan in 2015 all the way to 3 yuan, completely getting rid of the state of following or weaker than the CSI 300 index, and changing to reverse the index and go up, which is the first phenomenon since the company's listing. On the one hand, they turned to companies with relatively stable performance and historically low valuations, and on the other hand, they continued to repeat the same old tune, preferring to speculate on state-owned enterprises that are also at a low valuation and full of stories, which is also the most important direction of A-shares since its establishment. ”
This historic shift continues today. Especially from July this year to the present, in the context of the CSI 300 index repeatedly hitting new lows, the share price of Ganyue Expressway has staggered up by 1 yuan, achieving an increase of about 20%, significantly outperforming the CSI 300.
Behind the stock price advance, many institutions are flocking to it.
Among the top ten circulating shareholders of the company in the third quarter, there are three pension nature's top 102 shares, namely the social security 1106 portfolio and the social security 418 portfolio, with a total of 25.89 million shares, and the other is a first-class pension product.
Not only that, the northbound funds, which used to prefer the industry's leading high-performance stocks, also increased their holdings significantly in the third quarter, with a cumulative holding of about 64 million shares and a market value of nearly 300 million.
It is worth mentioning that with the entry of institutions, the number of shareholders of Ganyue Expressway continued to decline to 60,000, a new low in more than ten years.
To say how good the business performance of the Jiangxi-Guangdong Expressway is, it is obviously a bit far-fetched logically.
According to the financial report, although the company's revenue continues to hit new highs, its net profit is mediocre, and it is already good to maintain the level of 1 billion per year, and there is no growth at all. Moreover, at that time, the company's dividend yield was only 3%, which was not an excellent student in the high-speed industry.
However, the company's dividend payout ratio is only 30%, and occasionally exceeds 80% in one year, which is significantly lower than the large dividends in the same industry, which also reflects the expectation of increasing the dividend payout ratio in the future, which is similar to Chutian Expressway.
On a deeper level, in the context of the current overcapacity of major manufacturing factories and the loss of demographic dividend support for consumer demand, companies that can stably generate cash flow and have relatively low valuations may be able to highlight their relative advantages, and the Jiangxi-Guangdong Expressway is just one of them.
END hereby declares that the above views are only a summary of the hunter's investment research, and may not be suitable for others, let alone as investment advice).