JE Saw a Moderate Recovery of Truck Volumes in Fourth Quarter 2016.
Following a 6% decline in truck/cargo volumes in first-half 2016, narrow moat-rated Jiangsu Expressway, or JE, saw a moderate recovery to 8%-10% growth in truck/cargo volumes on its core asset, the Shanghai-Nanjing expressway, in fourth quarter 2016. This is broadly in  line with our expectations, with volumes helped by an improving regional economic condition, as well as the stricter overload control measure on highways. We maintain both our 2016 earnings forecast of CNY 3 billion and our fair ...
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