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...Jiangsu Expressway is engaged in the investment, construction, operation and management of the Jiangsu section of Shanghai-Nanjing Expressway, the Jiangsu section of the 312 National Highway, the Guangjing Xicheng Expressway, Nanjing-Lianyungang Class 1 Highway-Nanjing Section and other toll highways within Jiangsu Province owned or invested by Co. Co. also develops passenger transport and other ancillary services along these highways, including refueling, catering, retailing, automobile repair and maintenance, advertising and accommodation. Through its subsidiaries and associates, Co. is also engaged in real estate development; infrastructure and industrial investment; and hotel operation.
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