JE’s Strong 9% 4Q Traffic Growth In Line; Shares Fairly Valued.
Following 8% traffic growth in the first three quarters, narrow-moat-rated Jiangsu Expressway, or JE, continued to see a decent 9% volume growth on its core asset, the Shanghai-Nanjing expressway, in fourth-quarter 2017. This is broadly in line with our expectations, with traffic helped by growing car ownership in Jiangsu province that drove an impressive 12% passenger car volume growth in fourth-quarter 2017, as well as improving regional economic conditions that kept truck/cargo traffic on a p...
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