Removal of Toll Stations on Provincial Borders Has Little Impact for Toll Operators.
China recently announced that it would remove toll stations on provincial borders during the National People’s Congress. The removal of cross-provincial border stations doesn’t mean a cut in toll fees, but a change of collection method. We expect little impact to expressway operators’ revenue, while non-stopping at tolls will improve traffic flows and save labor costs. We estimate narrow-moat-rated Jiangsu Expressway, or JE, would benefit from about CNY 6-8 million cost savings on annual basis. ...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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