Jiangsu Expressway’s 1Q Results Slightly Beat on Higher Property Income; Shares Fairly Valued
Helped by higher-than-expected property income, narrow-moat-rated Jiangsu Expressway’s first-quarter result, with net profit rising 16% to CNY 1 billion, slightly exceeded our expectations. While the 312% jump in property sales to CNY 737 million was positive to the firm's earnings, we view it as unsustainable due to limited land reserves and tighter lending policies. We remain focused on the company’s core toll business, and the 3% growth in toll income in the first quarter was slightly below o...
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