JE’s First Half In Line; Stable Growth and Attractive Dividends Drive Long-Term Investment Value.
Narrow moat-rated Jiangsu Expressway’s first-half 2016 result was in line with our expectation, with recurring net profit increasing 6% year over year, to CNY 1.55 billion, making 52% our full-year forecast. Traffic growth remains robust, and on a positive note, we see synergies following the company’s acquisition of Ningchang Zhenli and Xiyi Expressways in 2015, with a significant reduction in financial cost of CNY 145 million through debt consolidation, or 36% year over year, as well as a high...
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