JE's 1H Recurring Growth in Line; Truck/Cargo Traffic Resumes Growth in 2Q
Narrow-moat-rated Jiangsu Expressway's, or JE's, first-half recurring profit of CNY 2 billion implies the year-over-year growth in second quarter slowed to 3% from 16% in first quarter. This is in line with our expectations, owning to lackluster property sales in the quarter. Although JE still has a few property projects in pipeline, we think the past growth is unsustainable, due to limited land reserves and tighter lending policy. JE's core toll operations were decent, with second-quarter traff...
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