DOCSLIB.ORG

Midas Holdings – Buying Into China's Fast-Growing Railway Sector

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Midas Holdings – Buying Into China's Fast-Growing Railway Sector MIDAS HOLDINGS – BUYING INTO CHINA’S FAST-GROWING RAILWAY SECTOR Price: S$1.01 (Target price S$1.20) October 11, 2010 [email protected] Country CHINA FY Mo. S$ mn 2008A 2009A 2010E 2011E Region Asia Revenues 138 150 194 275 Ticker (Reuters/ Bloomberg) MIDA SP EBITDA 46.2 54.4 57.5 83.5 Sector Cyclical EPS 0.03 0.04 0.05 0.07 Industry Transport CFPS 0.04 0.05 0.06 0.08 Mkt. Cap Large FV/EBITDA 90.4x 85.5x 58.9x 50.2x Investment Style Growth P/E 27.9x 24.3x 22.0x 14.7x Up/ Downside (to target price) 19% Price Performance 2007 2008 2009 YTD Report Type Initiation Absolute 16.9% -68.1% 89.7% 9.8% Recommendation BUY Relative 0.3% -18.7% 26.2% 3.3% 52-week Range 0.79-1.16 2 Year Price Chart Dividend/Yield 0.7 % Market Cap (US$ mn) 732 Avg Daily Volume (‘000) 6,000 Est. 5-year EPS Growth 18 % Chen & Patrick/ Controlling Shareholder/% 26% L-T Debt/Capital 5 % ROE (2010 E) 12 % Current Book Value/ Share 0.35 Price/Book 2.9 x Source: Company, Riedel Research Group Inc. Relative price performance shown relative to STI RMB/S$ = 5.0 CFPS = Net profit+depreciation per share • We recently visited Midas’ aluminium alloy extrusion plant in Jilin and the metro-train manufacturing plant in Nanjing belonging to its 32.5%-owned joint venture Nanjing SR Puzhen Rail Transport Co’s (NPRT). We came away with very positive view about the group’s growth prospects. • We are also very positive of China’s railway sector in particular the high-speed rail (HSR) and metro rail segment, which the China authorities are giving priority in their development program, given that China is anxious to relieve the bottlenecks in road transport and to move towards cutting carbon emissions. The 12th Five-Year Plan 2011-15, due to be released early next year, should give a further boost to the sector. • Midas is expanding its plant capacity for production of aluminium extrusion profiles, which are mainly supplied to manufacturers of high-speed and metro train cars. To keep ahead of its competitors, it is moving downstream to fabrication of train car frames. When the expansion is completed in MIDAS HOLDINGS – BUYING INTO CHINA’S FAST-GROWING RAILWAY SECTOR Page 1 of 12 www.riedelresearch.com 1Q2011, Midas’ earnings will grow strongly by 50% in 2011 and 18% in 2012. • The jewel in Midas is probably the 32.5% stake in NPRT, which holds one of the five licenses in China to manufacture HSR or metro cars. NPRT is licensed to produce only metro cars. The associate’s profit contribution has been rising significantly since NPRT’s inception in 2007. • The key risks are likely to come from the increase in industry capacity and competition from new entrants into the industry. • Midas is currently trading at slightly above its peer PE average. The rise of 11% in price over the past month probably reflected the proposal of dual listing in Hong Kong. We recommend a BUY rating for the stock based on the very positive outlook of the industry and the limited opportunities to invest directly in a train builder. Looking at Midas’ 2012 earnings, we have a price target of $1.20, 19% upside. Industry Highlights Rail Development and Positive Implications for Midas Rail transport development has gained high priority in the Chinese government’s development strategy over the past decade. While the government aims to extend the rail networks, it is particularly focused on ramping up the development of high-speed rail (HSR) transport on a national scale, and the development of urban rail transport and inter-city HSR rail transport systems. China’s high-speed trains travel at 350km/h, which is faster than their earlier definition of 250km/h. The train cars that run on HSR railways in China typically are made of material comprising aluminium alloy. Production of aluminium alloy extrusion products for the body frames of HSR and metro train cars is the currently the main business of Midas Holdings. Size of National Rail Network By 2009, China already had 86,000 km of operating railway mileage, making it second longest railway network after the United States, which has 260,000 km. The network should reach 90,000 km of operating railway mileage by the end of this year. China is planning to extend its rail network to reach 120,000 km by 2020. China is upgrading some existing conventional rail lines to accommodate HSR trains and constructing new lines dedicated specially to run HSR trains. According to the Ministry of Railways’ long-term plan, it is building a HSR network consisting of four east-west lines and four north-south lines. The north-south lines include the 1,318 km long Beijing-Shanghai line, which will be ready in 2011. China has planned to expand the HSR network from the current 7,000 km to 13,000 km by 2012 and at least 25,000 km by 2020. Huge Potential for Growth in Metro Lines Even more phenomenal is the recent growth of China’s urban rail transit system. China has issued directives to give priority to the development of urban rail transit in order to improve efficiency of transport resources and relieve urban road traffic jam. From 10 cities with 31 metro lines and operating mileage of over 800 km in 2008, the number has increased to 15 with 55 metro lines and operating mileage of 1,500 km by the end of this year. Currently, the cities which MIDAS HOLDINGS – BUYING INTO CHINA’S FAST-GROWING RAILWAY SECTOR Page 2 of 12 www.riedelresearch.com already have metro lines are Beijing, Shanghai, Tianjin, Guangzhou, Shenzhen, Wuhan, Nanjing, Chongqing, Changchun, Harbin, Shenyang, Hangzhou, Xian, Chengdu and Suzhou. Another 8 cities are preparing to build their metro lines: Ningbo, Wuxi, Changsha, Zhengzhou, Dalian, Nanchang, Qingdao, and Fuzhou. They will have an aggregate of 1,000-1,500 km of metro lines. Cities that qualify for metro construction in China must satisfy the criteria of having population of over 3m, GDP exceeding Rmb100 bn and annual fiscal revenue exceeding Rmb10 bn. By the end of 2008, already 50-60 cities met the criteria. According to the 17-City Urban Rail Transit Scheme, the Chinese government had approved the rail transport plans in 17 cities, which are planning to construct 65 metro lines by 2015 with the total lengths of 1,856 km and the total investments exceeding Rmb675 bn (US$96.5 bn). These investments will raise total urban rail transit lines to 3,400 km. Inter-City HSR Lines Another focus of the authorities is the building of inter-city HSR system to provide an alternative to the domestic flight network. A number of new HSR railways are being built and will be finished in the coming few years, of which notable examples are the completed Beijing-Tianjin line (117 km, completed in 2008) and the recently completed Shanghai-Nanjing line (301 km completed in July 2010). Some 4,000 km of inter-city HSR lines are in various stages of planning and construction. Big Budget for Rail Infrastructure For the 11th Five-Year Plan in 2006-2010, China invested heavily in railway networks, spending about Rmb1.25 bn. In the next decade, China had initially planned to increase the network from 90,000 km to 110,000 km by 2020. But, as a result of the 2008 global financial crisis, it brought its 2020 deadline forward by eight years to 2012 as part of its economic stimulus package. By 2020, the railway network is expected to increase further to 120,000 km and China plans to build high- speed railways covering 80% of the current domestic flight network and 70% of the country’s key cities according to the Ministry of Railways. With China’s focus on the environment and choice of transportation modes with lower emission, we expect the forthcoming 12th Five-Year Plan in 2011-2015 to benefit the railway sector and particularly the HSR segment. The outline for the 12th Five-Year Plan in 2011-2015, which should be finalized earlier next year, already indicates the investment in urban rail transport alone will exceed Rmb700 bn during the plan. Duopoly of Infrastructure Builders The two listed Chinese companies, China Railway Group (390 HK) and China Railway Construction Group (1186 HK), form a duopoly in the railway infrastructure market with a combined 85% share of the market in China. The third player is China Communications Construction (1800 HK). Train Car Manufacturers are Direct Beneficiaries Train car or rolling stock manufacturers are direct beneficiaries of the rapid expansion in rail network. In particular, the increased HSR and metro line network entails an increase in demand for train cars. China’s Ministry of Railways has projected 8,880 train cars to run on 13,000 km of HSR by 2012. It has so far awarded contracts for more than 5,700 train cars and has committed to build more than 10,000 train cars in 2009-10 to cater to the needs of a larger rail network. The value of each locally-made train car is about Rmb5-7 mn compared with Rmb12 mn for imported ones. More contracts are expected to be awarded. The potential is tremendous for train car manufacturers and their parts supplies. Assuming that HSR density (train cars per km) remains unchanged at 0.7 (which is very low by international standard as developed countries have average of 1.8), come 2020 when 25,000 km of HSR network is completed, there should be a need for 17,000 train cars.
Load more

Recommended publications
  • Jiangsu(PDF/288KB)
    Mizuho Bank China Business Promotion Division Jiangsu Province Overview Abbreviated Name Su Provincial Capital Nanjing Administrative 13 cities and 45 counties Divisions Secretary of the Luo Zhijun; Provincial Party Li Xueyong Committee; Mayor 2 Size 102,600 km Shandong Annual Mean 16.2°C Jiangsu Temperature Anhui Shanghai Annual Precipitation 861.9 mm Zhejiang Official Government www.jiangsu.gov.cn URL Note: Personnel information as of September 2014 [Economic Scale] Unit 2012 2013 National Share (%) Ranking Gross Domestic Product (GDP) 100 Million RMB 54,058 59,162 2 10.4 Per Capita GDP RMB 68,347 74,607 4 - Value-added Industrial Output (enterprises above a designated 100 Million RMB N.A. N.A. N.A. N.A. size) Agriculture, Forestry and Fishery 100 Million RMB 5,809 6,158 3 6.3 Output Total Investment in Fixed Assets 100 Million RMB 30,854 36,373 2 8.2 Fiscal Revenue 100 Million RMB 5,861 6,568 2 5.1 Fiscal Expenditure 100 Million RMB 7,028 7,798 2 5.6 Total Retail Sales of Consumer 100 Million RMB 18,331 20,797 3 8.7 Goods Foreign Currency Revenue from Million USD 6,300 2,380 10 4.6 Inbound Tourism Export Value Million USD 328,524 328,857 2 14.9 Import Value Million USD 219,438 221,987 4 11.4 Export Surplus Million USD 109,086 106,870 3 16.3 Total Import and Export Value Million USD 547,961 550,844 2 13.2 Foreign Direct Investment No. of contracts 4,156 3,453 N.A.
    [Show full text]
  • Identifying Critical Factors Influencing the Safety of Chinese
    This paper has been published: Zhang, S., Sunindijo, R.Y., Loosemore, M., Wang, S., Gu, Y. and Li, H. (2020), "Identifying critical factors influencing the safety of Chinese subway construction projects", Engineering, Construction and Architectural Management, https://doi.org/10.1108/ECAM-07-2020-0525. Identifying critical factors influencing the safety of Chinese subway construction projects Shang Zhang - Suzhou University of Science and Technology, Suzhou, China Riza Yosia Sunindijo - Faculty of Built Environment, UNSW Sydney, Sydney, Australia Martin Loosemore - School of the Built Environment, University of Technology Sydney, Sydney, Australia Shejiang Wang and Yajun Gu - Suzhou Rail Transit Group Co., Ltd, Suzhou, China Hongfei Li - China Railway 12th Bureau Group Co., Taiyuan, China Purpose - The image of the construction industry in China, as in many other countries, is tarnished by its poor safety record. With the rapid development of subway systems in Chinese urban areas, construction workers are being exposed to new risks which are poorly understood and managed. Subway construction projects are large scale and scattered over many construction sites, and involve numerous stakeholders and sophisticated technologies in challenging underground environments. Accident rates are high and have significant economic and social consequences for the firms and people involved. Addressing the gap in research about the safety risk in these projects, the purpose of this paper is to advance understanding of the factors influencing the safety of Chinese subway construction projects with the overall objective of reducing accident rates. Design/methodology/approach - A survey was conducted with 399 subway construction professionals across five stakeholder groups. Follow-up interviews were also conducted with five experienced experts in safety management on subway projects to validate the results.
    [Show full text]
  • 8Th Metro World Summit 201317-18 April
    30th Nov.Register to save before 8th Metro World $800 17-18 April Summit 2013 Shanghai, China Learning What Are The Series Speaker Operators Thinking About? Faculty Asia’s Premier Urban Rail Transit Conference, 8 Years Proven Track He Huawu Chief Engineer Record: A Comprehensive Understanding of the Planning, Ministry of Railways, PRC Operation and Construction of the Major Metro Projects. Li Guoyong Deputy Director-general of Conference Highlights: Department of Basic Industries National Development and + + + Reform Commission, PRC 15 30 50 Yu Guangyao Metro operators Industry speakers Networking hours President Shanghai Shentong Metro Corporation Ltd + ++ Zhang Shuren General Manager 80 100 One-on-One 300 Beijing Subway Corporation Metro projects meetings CXOs Zhang Xingyan Chairman Tianjin Metro Group Co., Ltd Tan Jibin Chairman Dalian Metro Pak Nin David Yam Head of International Business MTR C. C CHANG President Taoyuan Metro Corp. Sunder Jethwani Chief Executive Property Development Department, Delhi Metro Rail Corporation Ltd. Rachmadi Chief Engineering and Project Officer PT Mass Rapid Transit Jakarta Khoo Hean Siang Executive Vice President SMRT Train N. Sivasailam Managing Director Bangalore Metro Rail Corporation Ltd. Endorser Register Today! Contact us Via E: [email protected] T: +86 21 6840 7631 W: http://www.cdmc.org.cn/mws F: +86 21 6840 7633 8th Metro World Summit 2013 17-18 April | Shanghai, China China Urban Rail Plan 2012 Dear Colleagues, During the "12th Five-Year Plan" period (2011-2015), China's national railway operation of total mileage will increase from the current 91,000 km to 120,000 km. Among them, the domestic urban rail construction showing unprecedented hot situation, a new round of metro construction will gradually develop throughout the country.
    [Show full text]
  • Modern Tram and Public Transit Integration in Chinese Cities A
    Modern Tram and Public Transit Integration in Chinese Cities A Case Study of Suzhou Discussion Paper No. 2017-xx Prepared for the Roundtable on [Integrated and Sustainable Urban Transport] (24-25 April 2017, Tokyo) Chia-Lin Chen Department of Urban Planning and Design, Xian Jiaotong-Liverpool University, Suzhou, China Disclaimer: This paper has been submitted by the author for discussion at an ITF Roundtable. Content and format have not been reviewed or edited by ITF and are the sole responsibility of the author. The paper is made available as a courtesy to Roundtable participants to foster discussion and scientific exchange. A revised version will be published in the ITF Discussion Papers series after the Roundtable. The International Transport Forum The International Transport Forum is an intergovernmental organisation with 57 member countries. It acts as a think tank for transport policy and organises the Annual Summit of transport ministers. ITF is the only global body that covers all transport modes. The ITF is politically autonomous and administratively integrated with the OECD. The ITF works for transport policies that improve peoples’ lives. Our mission is to foster a deeper understanding of the role of transport in economic growth, environmental sustainability and social inclusion and to raise the public profile of transport policy. The ITF organises global dialogue for better transport. We act as a platform for discussion and pre-negotiation of policy issues across all transport modes. We analyse trends, share knowledge and promote exchange among transport decision-makers and civil society. The ITF’s Annual Summit is the world’s largest gathering of transport ministers and the leading global platform for dialogue on transport policy.
    [Show full text]
  • 行业对外服务业务 Professional Services to External Entities Professional Services to External Entities 行业对外服务业务
    行业对外 服务业务 PROFESSIONAL SERVICES TO EXTERNAL ENTITIES 行业对外服务业务 PROFESSIONAL Services TO EXTERNAL ENTITIES PROFESSIONAL Services TO EXTERNAL ENTITIES 行业对外服务业务 地铁设计 设计院承接南京地铁两上盖物业项目 地铁监理 The Design & Research Institute undertook two upper METRO DESIGN cover property projects from Nanjing Metro Metro ENGINEERING SUPERVISION 2013年，广州地铁监理业务已拓展至全国16个城 In 2013, Guangzhou Metro supervision business was expanded to 16 市，年内成功新拓展西北兰州市场，业务结构调整初显 cities in China, successfully exploited the market in Lanzhou, northwest of China, and achieved the effect of business structure adjustment for the first 成效。全年实现产值5616万元，经营收入5298万元， time. The annual output value was 56.16 million Yuan and the operation in- 同比增加14.70%。 come 52.98 million with the year-on-year growth of 14.70%. 公司深入推行以项目预算为基础的项目核算，大力 The company further implemented the project business accounting 建设精细化、规范化标准项目监理部，广受业主好评。 based on project budget and vigorously established the project supervi- sion department in terms of sophisticated and standardized criteria, which 先后荣获广东省诚信示范企业、广东省守合同重信用企 received many praises from the owners. It was awarded many honorary ti- 业、先进工程监理企业、广东省十项工程劳动竞赛优胜 tles including “Guangdong Model Enterprise of Good Faith”, “Contract First, 单位等多项企业荣誉表彰。科研项目《复合地层盾构施 Credit First Enterprise of Guangdong Province”, “Advanced Enterprise for 工关键技术创新与实践》荣获广东省科学技术奖励二等 Project Supervision” and “Excellent Unit of Guangdong Ten Engineering La- bor Competition”. The scientific research project Key Technology Innovation 奖，《步履式盾构机侧移系统及侧移方法》、《步履式 and Practice on Shield Construction of Complex Strata was awarded the 2013年，广州地铁设计院积极响应广州新一轮线 地区梯式经营模式。全年中标总金额超过13亿元，新 盾构平移过站系统和方法》获得发明专利授权，成功申 Guangdong Science and Technology Reward (Second Class); Walking-frame 网建设要求，全力配合完成相关线路勘探、初步设计及 签合同超过10.22亿元，合同保有量达到 37.7亿元，实 报获得9项计算机软件著作权登记。 Shield Tunneling Machine Lateral Migration System and Method and Walk- 施工图设计，同时，加大与国内外优秀建筑设计企业的 现经营收入6.46亿元，实现利润8162万元。 ing-frame Shield Translation Station Transit System and Method obtained the 合作力度和民用项目人才引进力度，全力提升设计业务 设计院专利授权数量稳步增长，2013年共获得专 invention patent licensing.
    [Show full text]
  • Annual Report 2019 年 報 Our Mission 企業使命
    ANNUAL REPORT 2019 年 報 OUR MISSION 企業使命 It is our mission to focus on customer needs and pursue the 秉承以客為本及追求卓越之精神， spirit of excellence with quality products and services through 不斷透過研究、設計及創造價值，恪 our commitment to research, design and value creation. With 守不屈不撓、群策群力及具遠見之 vision, perseverance and teamwork, we strive to provide 經營理念，為客戶提供優質產品及 shareholders with the best return on their investment. 服務，並為股東帶來理想投資回報。 CORPORATE PROFILE 公司簡介 K. Wah International Holdings Limited (“KWIH” or “the Group”, stock 嘉華國際集團有限公司（「嘉華國際」或「集 code: 00173) is the listed property arm of K. Wah Group. With a strong 團」；股份代號：00173）為嘉華集團旗下之 foothold established in Hong Kong, KWIH has grown and prospered into a 房地產業務旗艦，創立並紮根於香港，至 leading integrated developer and investor of exquisite and niche projects, 今已發展成以香港、長三角及珠三角地區 with a strategic focus on Hong Kong, the Yangtze River Delta and Pearl 為策略據點之綜合發展商及投資者，所開 River Delta regions. 發之項目均以品精質優見稱。 Committed to delivering premium projects built to an uncompromising 嘉華國際擅長於開發精品物業，由旗下專 standard of quality, our portfolio of residential developments, Grade A 業團隊所拓展之項目涵蓋住宅、甲級商廈、 office towers, hotel, serviced apartments and retail complexes are truly 酒店、服務式公寓及特色商舖，物業皆匠 one-of-a-kind. Each of our properties boasts a perfect interplay of superb 心獨運，揉合特色設計、精湛技術、頂尖 design, delicate craftsmanship, top-notch facilities and innovative features, 設備及創新元素於一身，多年來物業質素 thanks to a team of seasoned professionals. That is also why we are 備受市場認同，建築及設計屢獲國際殊榮。 honoured with a host of international accolades, besides earning a reputed name for impeccable living. Cresleigh Property, the property management arm of the Group, delivers 集團旗下的嘉英物業以先進的管理理念和 exceptional hotel serviced property management services guided by 國際高端精品酒店的營運模式，為物業提 advanced and international standards in general to premium residential 供專業及優質的管理服務，其服務類型涵 buildings, commercial facilities, office towers and real estate complexes.
    [Show full text]
  • The Urban Rail Development Handbook
    DEVELOPMENT THE “ The Urban Rail Development Handbook offers both planners and political decision makers a comprehensive view of one of the largest, if not the largest, investment a city can undertake: an urban rail system. The handbook properly recognizes that urban rail is only one part of a hierarchically integrated transport system, and it provides practical guidance on how urban rail projects can be implemented and operated RAIL URBAN THE URBAN RAIL in a multimodal way that maximizes benefits far beyond mobility. The handbook is a must-read for any person involved in the planning and decision making for an urban rail line.” —Arturo Ardila-Gómez, Global Lead, Urban Mobility and Lead Transport Economist, World Bank DEVELOPMENT “ The Urban Rail Development Handbook tackles the social and technical challenges of planning, designing, financing, procuring, constructing, and operating rail projects in urban areas. It is a great complement HANDBOOK to more technical publications on rail technology, infrastructure, and project delivery. This handbook provides practical advice for delivering urban megaprojects, taking account of their social, institutional, and economic context.” —Martha Lawrence, Lead, Railway Community of Practice and Senior Railway Specialist, World Bank HANDBOOK “ Among the many options a city can consider to improve access to opportunities and mobility, urban rail stands out by its potential impact, as well as its high cost. Getting it right is a complex and multifaceted challenge that this handbook addresses beautifully through an in-depth and practical sharing of hard lessons learned in planning, implementing, and operating such urban rail lines, while ensuring their transformational role for urban development.” —Gerald Ollivier, Lead, Transit-Oriented Development Community of Practice, World Bank “ Public transport, as the backbone of mobility in cities, supports more inclusive communities, economic development, higher standards of living and health, and active lifestyles of inhabitants, while improving air quality and liveability.
    [Show full text]
  • 5G for Trains
    5G for Trains Bharat Bhatia Chair, ITU-R WP5D SWG on PPDR Chair, APT-AWG Task Group on PPDR President, ITU-APT foundation of India Head of International Spectrum, Motorola Solutions Inc. Slide 1 Operations • Train operations, monitoring and control GSM-R • Real-time telemetry • Fleet/track maintenance • Increasing track capacity • Unattended Train Operations • Mobile workforce applications • Sensors – big data analytics • Mass Rescue Operation • Supply chain Safety Customer services GSM-R • Remote diagnostics • Travel information • Remote control in case of • Advertisements emergency • Location based services • Passenger emergency • Infotainment - Multimedia communications Passenger information display • Platform-to-driver video • Personal multimedia • In-train CCTV surveillance - train-to- entertainment station/OCC video • In-train wi-fi – broadband • Security internet access • Video analytics What is GSM-R? GSM-R, Global System for Mobile Communications – Railway or GSM-Railway is an international wireless communications standard for railway communication and applications. A sub-system of European Rail Traffic Management System (ERTMS), it is used for communication between train and railway regulation control centres GSM-R is an adaptation of GSM to provide mission critical features for railway operation and can work at speeds up to 500 km/hour. It is based on EIRENE – MORANE specifications. (EUROPEAN INTEGRATED RAILWAY RADIO ENHANCED NETWORK and Mobile radio for Railway Networks in Europe) GSM-R Stanadardisation UIC the International
    [Show full text]
  • CIECC Research Center [email protected]
    Global overview for Urban Rail Transit and the urgency for PPP Standard Development Prof. Li Kaimeng, Ph.D., Director General of CIECC Research Center [email protected] 中 国 国 际 工 程 咨 询 公 司 People First , a tool to achieve the SDGs China International Engineering Consulting Corp. Development of Urban Rail Transit History and Status Quo 7 Systems Metro a history of over 150 years (since 1863 in London) Light rail Monorail built in large-scale since 1970s Urban fast track 10,000 km at present in operation Tram in more than 180 cities of over 50 countries Maglev Train APM 中 国 国 际 工 程 咨 询 公 司 China International Engineering Consulting Corp. People First , a tool to achieve the SDGs Development of Urban Rail Transit The prior way of public transportation in large and medium-sized cities A high percentage of the gross city passenger volume in metropolis: • Tokyo: 88% • London: 71% • Paris: 70% • Moscow: 55% • Beijing: 86.6% • Shanghai: 89.1% 中 国 国 际 工 程 咨 询 公 司 People First , a tool to achieve the SDGs China International Engineering Consulting Corp. Development of Urban Rail Transit The innovation and application of new technologies on urban rail transit • RAMS (Reliability、Availability、Maintainability and Safety) • Big data • BIM（Building Information Modeling） 7 national engineering innovation labs in China • rail transit system test • automobile system integration • communication and operation control of trains • technologies on transit system security assurance • transit system security and maintenance assurance • technologies on green and safe construction • technologies on digital construction and assessment.
    [Show full text]
  • Delivering Value with Distinctive Quality
    Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. (Stock Code: 00173) Delivering Value with Distinctive Quality ANNOUNCEMENT OF ANNUAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2019 ANNUAL RESULTS HIGHLIGHTS The Board of Directors (“ Board ”) of K. Wah International Holdings Limited (“ Company ”) is pleased to announce the consolidated annual results of the Company and its subsidiaries (together the “Group ”) as follows: • Revenue of the Group was HK$10,652 million and taking into account joint ventures and associated companies, total attributable revenue of the Group was HK$11,714 million. • Underlying profit was HK$3,156 million (5% up) while profit attributable to equity holders of the Company was HK$3,150 million. • Earnings per share was 100.79 HK cents and the full year dividend per share (including final dividend per share of 14 HK cents) was 20 HK cents. • Attributable contracted sales of the Group amounted to approximately HK$9.8 billion for the year ended 31 December 2019. • As of 31 December 2019, attributable contracted sales of the Group yet to be recognised amounted to approximately HK$10.8 billion. • As of 31 December 2019, net asset value per share increased to HK$12.4. • The Group has acquired six pieces of residential/commercial land in Hong Kong and Mainland China on its own or via joint ventures.
    [Show full text]
  • Download Article (PDF)
    Advances in Economics, Business and Management Research, volume 167 Proceedings of the 5th Asia-Pacific Conference on Economic Research and Management Innovation (ERMI 2021) Status Quo Analysis and Development Trend Study of Metro Media Scene Marketing Jingjing Ye1, 2,* 1 College of Journalism and Communications, Shanghai Jian Qiao University, Shanghai 201306, China 2 School of Media & Communication, Shanghai Jiao Tong University, Shanghai 200240, China *Corresponding author. Email: [email protected] ABSTRACT With the innovation and development of mobile Internet technology and digital interactive media, metro media presents a trend of high integration between old and new communication. Based on the analysis of policy support and audience characteristics, this paper analyzes the status quo of metro media scene marketing and explores the development trend of metro media scene marketing in the future. Metro media has four elements of scene marketing and is composed of four different types including traditional media, traditional media plus, sensory device media and mobile interactive media. It creates four different scenarios of metro scene marketing which contains cognition scenario, sympathy scenario, experience scenario and spread scenario. However, the author believes that the spread scenario is not the end of metro scene marketing but the turning point which ultimately leads to the transaction scene of marketing. Finally, it is proposed that taking the subway ticketing system as the entry point and effectively spreading the scene to the shopping, dining, leisure and other entertainment consumption places will be the development direction of metro media with great market potential in the future. Keywords: metro media; scene marketing; status quo analysis; development trend 1.
    [Show full text]
  • MTR's Experiences in PPP for Railway Projects
    MTR’s Experiences in PPP for Railway Projects Dr Jacob Kam Managing Director – Operations & Mainland Business 11 May 2017 MTR Businesses in China and Overseas 港铁公司在国内及海外的铁路业务 Line 4 & Daxing Line 1.881 Mil Line 14, Line 16 113.4 km Elizabeth Line Stockholm Metro 14.2k 1.228 mil 32.5 km 110km South Western rail Contract started MTR Express Hangzhou Metro Line 537k 53.7km from Aug 2017 455km(shared track) 1 and Ext Shenzhen Metro 550k Stockholm Hong Kong MTR Line 4 and Ext Commuter rail 20.5km 8.6 mil 34.3k 266 km 241 km Sydney Metro 36 km North West Under construction Melbourne Metro • Over 1,200km route length (exclude shared track) • Over 14 Million Passenger trips per weekday (using line based counting) 812k • Line based passenger trips do not match with the passenger trip data in annual report 390km MTR Corporation 5/16/2017 Page 2 Why cities need railways? • High capacity • High energy efficiency, low carbon emission In persons per hour in both direction Source: UITP MTR Corporation 5/16/2017 Page 3 Why cities need railways? Effective land use Modal Bus Rapid Bus Tram Light Rail Metro Characteristics Transit Max Flow 2,500 6,000 12,000 18,000 30,000 & above (per hour per direction) Average speed 10-14 15-22 15-22 18-40 18-40 (kph) Reliability Improving Good Medium to Good Good Very Good Mixed running Largely Road-space Mixed running Totally segregated and on-road tram segregated Totally segregated with traffic alignment Allocation lanes alignments All underground: Land Consumed 15 – 25 times 10 – 15 times 5 – 10 times 3 – 6 times 1
    [Show full text]