JE’s Recurring 2018 Growth in Line; Dividend Payout Ratio Drop to 60% on Recurring Profit.
Narrow-moat Jiangsu Expressway’s, or JE’s, strong 22% net profit growth was largely boosted by noncash asset revaluation gains, while its recurring earnings of CNY 3.9 billion was in line with our expectations, representing 8% year-over-year growth. The result, however, points to a weak fourth quarter, with recurring profit falling 4% from a year ago, compared with 14% growth in the third quarter. This is in line with our expectation and reflects a slowing economy in China, as well as impact fro...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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