高盛-中国交运基建行业深度报告  12月3日  PDF 39页

Source of opportunity — sell-off provides some entry points
We believe the indiscriminate selling of China expressway (H & A) shares
since October 2007 provides investors with an opportunity to accumulate
those expressway companies that offer long-term defensive growth. China
continues to invest in its expressway infrastructure, and its motor vehicle
usage shows good growth prospects — providing long-term growth
drivers for expressway stocks. We think the trend of a narrowing in the P/E
premium of industry peer stocks – that is China ports and airports – over
expressways will continue as the market comes to recognize expressways’
comparable ROE and earnings growth.