The independent financial analyst theScreener just slightly lowered the general evaluation of JIANGSU EXPRESSWAY (CN), active in the Transportation Services industry. The title has lost a star(s) at the fundamental level and now shows 2 out of 4 stars. Its exposure to market risk remains nonetheless the same and can be still described as defensive. theScreener slightly downgrades the general evaluation to Slightly Positive for the title on account of the lost star(s). As of the analysis date Apr...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
We maintain our fair value estimate of HKD 11.20 per share for narrow-moat Jiangsu Expressway, or JE, following the company’s in line first-quarter results. With little property income booked in first-quarter 2019, JE’s revenue dropped 16% year over year, while net profit rose 2% to CNY 1 billion. This was helped by a decent toll segment performance, which was largely driven by a low base a year ago due to the extreme cold weather conditions. We think a slowing economy in China, as well as i...
We maintain our fair value estimate of HKD 11.20 per share for narrow-moat Jiangsu Expressway, or JE, following the company’s in line first-quarter results. With little property income booked in first-quarter 2019, JE’s revenue dropped 16% year over year, while net profit rose 2% to CNY 1 billion. This was helped by a decent toll segment performance, which was largely driven by a low base a year ago due to the extreme cold weather conditions. We think a slowing economy in China, as well as i...
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...
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...
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...
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 b...
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 b...
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 b...
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 b...
We maintain our fair value estimate of HKD 11.10 per share, following narrow-moat Jiangsu Expressway’s, or JE’s, in line third-quarter performance, with net profit rising 16.8% year over year to CNY 1.2 billion under PRC GAAP. JE’s core toll operations were decent, with third-quarter toll income growth accelerated to 8.8% from a 5.6% year-over-year rise in the first half. We believe JE’s monopoly and the highly developed regional economy will continue to keep its traffic volume on a stab...
We maintain our fair value estimate of HKD 11.10 per share, following narrow-moat Jiangsu Expressway’s, or JE’s, in line third-quarter performance, with net profit rising 16.8% year over year to CNY 1.2 billion under PRC GAAP. JE’s core toll operations were decent, with third-quarter toll income growth accelerated to 8.8% from a 5.6% year-over-year rise in the first half. We believe JE’s monopoly and the highly developed regional economy will continue to keep its traffic volume on a stab...
We maintain our fair value estimate of HKD 11.10 per share, following narrow-moat Jiangsu Expressway’s, or JE’s, in line third-quarter performance, with net profit rising 16.8% year over year to CNY 1.2 billion under PRC GAAP. JE’s core toll operations were decent, with third-quarter toll income growth accelerated to 8.8% from a 5.6% year-over-year rise in the first half. We believe JE’s monopoly and the highly developed regional economy will continue to keep its traffic volume on a stab...
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...
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...
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...
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 bel...
Narrow-moat-rated Jiangsu Expressway’s decent 2017 result was within our expectations, with robust toll operations offsetting lackluster property sales and driving its recurring net profit up 14% to CNY 3.8 billion. Truck/cargo traffic volume maintained the positive growth trend that started in fourth-quarter 2016, growing impressively by 7.6% year over year in 2017. This should be helped by improving regional economic conditions and industrial activity, as well as the introduction of a strict...
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