GSH - Guangshen Railway: A COVID-19 Victim With Potential Upside From Pricing Reform

• Guangshen Railway is one of the victims of COVID-19, with the company incurring a net loss attributable to shareholders of -RMB1,117 million in the first nine months of FY 2020.
• The company is a potential beneficiary of the ongoing railway reform in China, but it is difficult to predict the timing and extent of such pricing reforms.
• The company trades at 17.4 consensus forward FY 2021 P/E and 0.33 times P/B, and it offers a consensus forward FY 2021 dividend yield of 3.8%.

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