Jiangsu Expressway’s 2016 Results Slightly Beat; Declining Dividend Payout Ratio Is Disappointing
We are raising our fair value estimate for narrow-moat rated Jiangsu Expressway to HKD 10.7 per share from HKD 10.00, following the company’s decent 2016 results that came slightly above our expectations, with core profit up 23% to CNY 3.3 billion. The company's operating margin expanded 4%, following the termination of the loss-making G312 highway as well as a 36% reduction in financial expanses through debt consolidation. More importantly, freight volume grew impressively by 5.5%, 17.2%, and 1...
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