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安徽皖通(0995)宣布斥资5.59亿元人民币建设省内马坝至六合公路安徽段。由于预期该项目内在回报率只有10%,我们认为新项目未能提升公司整体估值。不过,投资该项目将可望弥补205国道车流量因该高速公路通车所造成的交通分流。投资评级维持“收集”,12个月目标价为4.00港元,长线目标价为4.50港元。
Anhui Wantong (0995) announced that it will spend 559 million yuan to build the Anhui section of Maba to Liuhe Road in the province. As the expected internal return of this project is only 10%, we think the new project failed to upgrade the overall valuation of the Company. However, investing in the project will be expected to make up for the traffic diversion caused by the opening of the expressway to the 205 State Highway. The investment rating remains “Accumulate” with a 12-month target price of HK $ 4.00 and a long-term target price of HK $ 4.50.