will be done using the same format as the previous post. No flooding of numbers.
1) CMPH
Hope to see:
- a) 3.5 cents dividends maintained
- b) OCF of 1.8 - 2 billion HKD
- c) Stable operating numbers for it roads, especially YTW
In reality:
YTW continue to do well but it's JVs are not doing so well. 3.5 cents dividends are maintained but OCF is only 1.5 billion.
Guixing and Guiyang are profitable and NP improving from previous management
JiuRui operating numbers is still bad.
Management outlook is challenging and will have an impact on tolls and revenue due to lower economic activities.
Management also announced scrip dividends scheme which will save the company cash of the owner opted for it but will end up diluting the stakes of Miniority shareholders.
Action:
Hold, will sell into strength if Mr Market likes the results which ......
