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...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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