Without considering the situation of road property acquisition, assuming that the issuance of separable bonds is completed at the beginning of 2009, we estimate that the EPS of Guangdong Expressway in 2007 and 2008 is 0.43 yuan and 0.47 yuan respectively. According to the PE of 20x, the target price is 9.4 yuan. If we take into account the performance growth expectations brought about by the epitaxial expansion of Yue Expressway, we give it a "buy" rating.
【广发证券】粤高速B：外延式扩张的步伐将明显加快
[GF Securities Co., LTD.] Guangdong Expressway B: the pace of epitaxial expansion will be significantly accelerated
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