Strong Property Sales Drove JE’s 22% Growth in First Half; Truck/Cargo Traffic Continues to Improve
Narrow-moat-rated Jiangsu Expressway’s, or JE’s, strong first half was within expectations, with a CNY 14 billion jump in property sales boosting 22% growth in net profit to CNY 1.8 billion. Despite the positives, we do not think robust property sales are sustainable, given the company’s limited land reserve and the 72% decline in first-half presales. JE’s core toll-road business was also decent, with 8% year-over-year traffic growth in the first half. On a positive note, truck/cargo traffic con...
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