Link exhibition MTR Qi Xingao Waiting for 10 antennas to buy
The Hang Seng Index fell 0.21% last week, while the US stock index index rose 1.2%. There was little change during the period. Although the Hong Kong stocks were consolidating at a high level, the two local stocks (0823) and MTR (0006), which are closely related to the people’s livelihood, rose 4.2% and 2.7% respectively, creating a record high, and analyzing the reasons and providing relevant information for readers in this issue. Market entry strategy.
This time the main warehouse holiday, by the author tops a period. Every time I write a book, the pressure on the author is quite high, because Zhu Yu is in front. When I first started as a financial reporter, I also looked at the “First Barn in the World" column written by Tony Measor in a weekly magazine. The market value of 1 million yuan in 1999 was 11 years. It rose 5.4 times to 2010 to 6.385 million yuan. Premium stocks such as Swire B (0087) and Manulife (0945), which were promoted by Tony in the low level, have also risen several times so far. What is most memorable is that Tony is not only clearly explaining the reason for buying and selling a stock in the warehouse every time, but also the position changes caused by each sale and payment and dividends are clearly stated, including the interest expense of borrowing money to buy shares. Let the reader know at a glance, the master style is admirable.
Following the author’s transfer to another weekly magazine in 2004, Liu Zhongkun (Kun Ge), then the investment manager of Shifu Asset Management, wrote a million warehouses. Kun Ge was good at investing in new shares. At that time, he subscribed to Parkson Commercial (3368) and Dongfeng Motor (0489), the share price has doubled in a few months, and the position has similarly increased. Followed by Kun Ge, who was dug by a European-owned bank, and the regulatory requirements were rigorous. He also stopped writing.
I miss the Hong Kong in that era, because there were a lot of high-quality new shares listed at the time, including some local stocks, such as the MTR and The Link REIT, which were listed in October 2000 and November 2005 respectively. The company has risen 4.2 times and 7.9 times. In the past 13 years, the distribution per unit of the Link has continued to rise, with a cumulative allocation of nearly 19 yuan per unit, which is nearly twice the offer price of the year.
The rental and renting space is large, and the dividends are expected to continue to rise.
In the 2017 election campaign, the Chief Executive Lin Zhengyue said that he had to resolve the “Leadership" (additional rent), the MTR (plus fares) and the MPF hedging “three big mountains". The former two are listed companies. Among them, at the time of the listing of the Link, the Hong Kong Government has sold the shares. It is currently a private enterprise. It has a large number of public housing and parking lots in Hong Kong. It has a strong market position and bargaining power and is expected to continue to implement asset enhancement initiatives. AssetEnhancement Initiatives), refurbishment of shopping malls and replacement of tenants to increase rental income. Based on the closing price on Friday, the lead dividend yield is only 2.8 percent.
Considering that the Group has the ability to increase rents and increase revenues, the distribution per unit can continue to rise in the future, which is still a healthy choice.
MTR monopolizes local railways
As for the MTR, although the Hong Kong Government is a major shareholder, its operation of the railway business in Hong Kong is a sole business and its advantages are equally obvious. Hong Kong’s public transport is dominated by railways. The MTR is a monopolist in providing this service. The number of passengers per day is 5 million. Even if the MTR has been operating in recent years and the new line has been repeatedly built, it can continue to follow the increase and decrease mechanism. To raise fares; the Hong Kong Government has introduced a monthly transportation allowance of up to $300 to every member of the public since the beginning of this year. More importantly, the MTR has adopted the “railway + real estate" business model. It has co-operated with real estate developers to develop the railway superstructure project. It is basically a business that is not profitable. In particular, the housing in Hong Kong is now in short supply. In terms of valuation, the MTR’s P/E ratio is about 18 times and the interest rate is 2.4%, which is still reasonable.