JE’s Decent 3Q In Line; Truck/Cargo Traffic Continues to Improve
Narrow-moat-rated Jiangsu Expressway’s, or JE’s, decent third quarter was within our expectation, with robust toll operations offsetting lackluster property sales and driving net profit up 13% to CNY 1 billion. Truck/cargo traffic volume maintained the positive growth trend that started in fourth-quarter 2016, growing impressively by 9% year over year in the third quarter. This should be helped by improving regional economic conditions and industrial activity, as well as the introduction of a st...
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