The Canggang Railway (02169) soared by nearly 90%. As of press release, it rose 61.36% to HK$1.42, with a turnover of HK$35.145,700.
The Zhitong Finance App learned that the Canggang Railway (02169) soared by nearly 90%. As of press release, it had risen 61.36% to HK$1.42, with a turnover of HK$35.145,700.
According to the news, the Canggang Railway previously announced annual results. The group obtained revenue of 349 million yuan during the period, an increase of 4.68% over the previous year; the profit attributable to the company's equity shareholders was 589.78 million yuan, a decrease of 13.36% over the previous year; and plans to pay a final dividend of 0.6 points per share. According to the announcement, the increase in revenue was mainly due to a decrease of 25.2 million yuan in railway freight revenue but an increase of 40.8 million yuan in ancillary business revenue.
According to reports, the Canggang Railway is a local railway operator based in Hebei Province, and coal is the most important transportation commodity on the Canggang Line. Huafu Securities pointed out that railways, highways, and ports are steady and profitable, and have high safety margins. Railways, highways, and ports are all asset-heavy industries. They have a regional monopoly, and the level of profit is generally high; due to the relatively weak cycle and the fact that freight rates are controlled to varying degrees by relevant government departments, profit stability is generally strong, laying the foundation for high dividends.