An attractive dividend yield lights up the mundane fundamentals.
We maintain our fair value estimate of HKD 10.70 per share for narrow moat-rated Jiangsu Expressway, or JE, following the company’s in line first quarter, with recurring net profit rising 13% to CNY 874 million. Traffic growth remains robust, and on a positive note, truck/cargo traffic continued the positive trend seen in last quarter, growing impressively by 9.5% year over year in the first quarter. This should be helped by an improving regional economic condition and industrial activity, as we...
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