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招银证券8月9日发布公告。Yuexiu Transport’s net profit in1H23surged45% YoY to RMB427mn, driven by the recovery of tariff volume and reduction of finance expense. Yuexiu Transport proposed interim dividend of HK$0.15/share, implying53.8% dividend payout ratio (1H22:48.8%). The Company is confident of maintaining a full year payout target of50-60%. We maintain our positive view on Yuexiu Transport with catalysts coming from (1) potential injection of high-quality assets (Henan Pinglin and Shandong Qinbin Expressway) from the parent company; (2) potential spin-off of infrastructure REITs. We revise up our2023E/24E earnings forecast by6%/5% largely due to higher gross margin and lower finance cost assumptions. Maintain BUY with new DCF-based TP of HK$7.5, implying12x2023E P/E.