JE’s 1Q in Line; Shares Fairly Valued.
We maintain our fair value estimate of HKD 11.20 per share for narrow-moat Jiangsu Expressway, or JE, following the company’s in line first-quarter results. With little property income booked in first-quarter 2019, JE’s revenue dropped 16% year over year, while net profit rose 2% to CNY 1 billion. This was helped by a decent toll segment performance, which was largely driven by a low base a year ago due to the extreme cold weather conditions. We think a slowing economy in China, as well as impac...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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