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...
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