Jiangsu Expressway’s Decent 2017 Recurring Growth in Line; Truck/Cargo Traffic Continues to Improve
Narrow-moat-rated Jiangsu Expressway’s decent 2017 result was within our expectations, with robust toll operations offsetting lackluster property sales and driving its recurring net profit up 14% to CNY 3.8 billion. Truck/cargo traffic volume maintained the positive growth trend that started in fourth-quarter 2016, growing impressively by 7.6% year over year in 2017. This should be helped by improving regional economic conditions and industrial activity, as well as the introduction of a stricter...
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