World uncoordinated (3)-Expressway

First of all, it is necessary to declare that this is purely without foresight a foolish opinion and a small retail real skill. For reference only.

    我打开这条道路。此树是我栽。    要从此路过。留下买路財。

This paragraph of text, must have seen martial arts fiction or martial arts people will be very familiar with. In real life, there is an industry to do things, how to look at the charge of the process according to this procedure. This is the fast road industry.

In my mind, the expressway is not a very long-lasting thing. My hometown in Longhui County, Hunan Province, the first expressway is a fast part of Shanghai-Kunming-"Tan Shao fast". It was a very difficult and difficult thing to fix at that time, and in my mengmengdongdong memory, it seemed like the time to fix the freeway. I'm still reading in the Longhui. After passing through the university, this section of the expressway is just so-so.

From the beginning, it was finally repaired. The middle is spaced out for many years.

Before the rapid road repair, even to the provincial capital of Changsha reading, basically can only rely on the train, now even though the train tickets are difficult to buy. But compared with that time. Very far.

Buy a train ticket at that time. Is serious's just need. Not the difference between buying a house and renting a house, but sleeping in the room. Or the difference between sleeping in a arch.

China's expressways are basically toll-free. The speed roads abroad are toll or free. Suppose I did not travel abroad or travel, the foreign fast kilometer and I have what relationship. I do not want to care, because my home is not there.

As many wise men have said, free is actually the most expensive thing. A lot of people are saying that China's infrastructure is saturated, China's infrastructure is far more than the developed countries, perhaps they are right, but they may and we see the world is not the same world it.
Our hometown of Hunan province, roughly the same size as Germany, the population gap should be small.

Historically, Hunan and Germany have been compared, Hunan province is more rapid than Germany or less? is the airport more or less than Germany? is the railroad more or less than Germany?
I don't know the detailed data. Just shoot the head I also know, far inferior to Germany.

Infrastructure. It wasn't enough!
Longhui County a decade ago, a fast transit, and now, this one is fast.

—————————— Gorgeous cutting line ———————
2015 Spring Festival. Still driving back to the Spring Festival. From Shanghai back to Longhui, the whole journey to Shanghai-Kunming fast. Through Zhejiang, Jiangxi, Hunan province.
The road in Zhejiang province is still the same, just a lot of places are in the construction of the expansion, do not know whether to repair into a one-way 3 lane or 4 lane fast;
The construction of Jiangxi section is even more serious, almost all the whole construction, there are individual sections have been repaired into a one-way 4-lane high standard road, but the service area is too small, basic can not stop. In Shangrao service area, casually some cars will block the road tightly, broadcast has been put "have difficulty please find on duty personnel". But from this side of the service, drive over there. Also only can see the sweep of the big ye, on duty staff do not know is hiding there to play mahjong, or concentrate on learning "serve the people."
This section of Hunan Province, the road surface may be the most broken. Service areas are 100 kilometres apart. If you encounter traffic jams, it is a test for the bladder.
From Hunan Hang Rui fast back to Shanghai, after a period of rapid. Called "Nuclear power fast". Originally in Hanning plan to build an inland nuclear power plant.

—————————— Gorgeous cutting line ———————
A quick highway toll station, feeling on a 24-hour, tireless printing machine. It not only creates value for the people who need it, but also brings a lot of cash benefits to the investors.
It seems to me that almost all of my car-driving friends feel that fast road tolls are really cool, after all, the road is only to be repaired once. But the money can be collected for many years. (Road maintenance and maintenance costs, compared to the first investment is a drizzle).
But in a a-share, the fast road seems to be almost invisible to people. This reality of feeling, and a shares in the difference. Does it also constitute a part of our uncoordinated world?

Ning Shanghai Fast, a A-share in a wonderful flower. It unexpectedly dividends, it unexpectedly large proportion of dividends, according to the current dividend rate calculation. Victory over all kinds of babies.

Wan Tong Fast, casually not very wealthy, but also dividends, but also good. More than a year of regular or high, the relatively backward areas of Jiangsu, Zhejiang, Shanghai and Anhui regions, the future of these four areas of economic development will not be balanced?

Gan Yue fast. In the near future road, road. is the management more rotten, the later promotion will be more? Look at his annual report in detail. At present, the stock price is less than net assets, there is a 8% equity stake in Guosheng Securities, 20% of Jiangxi Nuclear Power Co., Ltd. Is this a a-share real seedling red root nuclear power unit?

Chongqing Road and Bridge, this is a a-share in tens of thousands of exotic flowers in a particularly flirtatious, its operating margin of up to 89%.

In my mind, whether it's the bat that's subverting the world. or high-end manufacturing of all kinds of Mars science, the stability of the gross profit can not exceed it, theoretically. It does not expand. So what do you do with the money? Dividends, indeed divided a point, a share of a few cents. Look at the annual report, this brother bought a lot of money ... This is a big shareholder, no shortage of money? Or the company's operation of the three acres of this mu as their own home. We don't know either.

......
—————————— Gorgeous cutting line ———————

Peer and near this year return on net asset rate analysis

 name share price net Assets 2008 2009 2010 2011 2012 2013 5 Average 5 year calculated low risk price price-asset ratio 5 ning Shanghai Fast 7 3.92 10.03 12.55 14.81 13.96 12.99 14.49 13.76 1.83467 7.1918933 1.027413333 Wan Tong Express 6.23 4.44 1 4.36 13.08 13.6 14.39 11.81 12.01 12.978 1.7304 7.682976 1.233222472 Chongqing luqiao 6.45 3.09 6.33 6.36 8.72 18.85 11.27 12.1 11.46 1.528 4.72152 0.732018605 Sichuan Chengdu-Chengdu 4.93 3.8 9.38 11.27 13.77 13.96 11.52 9.18 11.94 1.592 6.0496 1.227099391 Guangdong Express a 4.85 3.58 11.64 9.23 9.07 5.27 4.12 3.02 6.142 0.81893 2.9317813 0.604490997 Shandong Express 4.78 4.23 13.99 11.23 12.12 12.06 11.2 12.01 11.724 1 .5632 6.612336 1.383333891 chu days Express 4.51 3.06 12.13 11.22 13.37 9.2 5.86 7.25 9.38 1.25067 3.82704 0.848567627 Jiangxi-Guangdong Express 4.66 5.13 15.3 14.04 13.44 11.08 10.66 5.72 10.988 1.46507 7.515792 1.612830901 

This article only considers the net assets and the income situation, the net asset growth rate is too low or the dividend attitude is not good to consider.
(No dividend is a question of attitude, how much is a competency problem)
From this point of view, the Nanjing-Shanghai Rapid in about 7.19, is a reasonable valuation.
Gan Yue Fast relative value is higher.
Wan Tong Fast and Shandong fast, Sichuan into Chongqing each has a characteristic.

Assume:
Jiangxi-Guangdong Fast can maintain about 11% of the return on net assets in the future:
After 10 years, net assets are: 13.3
15 years later. NET Assets: 21.4
After 20 years, net assets are: 34.5

Do not consider the completion of nuclear power plants. Although I know that the nuclear power plant will be built well.

But it was 2020, or 2035 years. This is not my ability to range. I think. This is to be built after all.

—————————— Gorgeous cutting line ———————
Here's the rhythm of the big brain hole.

Purely yy.

X-state insurance, direct purchase of various types of fast road equity. Direct holding Yangtze River Delta Expressway network. Various recharge, all kinds of compensation. A variety of value-added services package, is not a little imagination?

XX company, holding all the Pearl River Delta Expressway Network, into the expressway on a new mobile phone, a new number. Free 200 phone calls, free to make a communication between the app interconnection, but also try to leather a penguin's life;

The Git company, lifting the brand Chongqing Luqiao. Historical profit and the profits of the year all dividends, 2 years back to this, it is a good deal
......

This article is only used to express my often erroneous views. Does not constitute any advice whatsoever.

Copyright notice: This article blog original article. Blogs, without consent, may not be reproduced.

World uncoordinated (3)-Expressway