JE's Third Quarter Beats On Margin Expansion; Growth and Dividends Drive Long-Term Investment Value
Narrow-moat Jiangsu Expressway's, or JE’s, third-quarter results came slightly above our expectations, with a few positives driving net profit up 19% year over year, to CNY 880 million. JE saw its gross margin expand to 57% from 50%, following the termination of the loss-making G312 expressway, and a 39% reduction in financial expenses through debt consolidation on the newly acquired Ningchang Zhenli and Xiyi Expressways. Freight volume is also improving, up 0.7% year on year in the third-quarte...
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