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With a more favourable environment, JIANGSU EXPRESSWAY improves to Pos...
JIANGSU EXPRESSWAY (HK), a company active in the Transportation Services industry, is favoured by a more supportive environment. The independent financial analyst theScreener has confirmed the fundamental rating of the title, which shows 4 out of 4 stars, as well as its unchanged, defensive market behaviour. The title leverages a more favourable environment and raises its general evaluation to Positive. As of the analysis date March 4, 2022, the closing price was HKD 8.44 and its potential was e...
- Jennifer Song
Morningstar | JE’s 1Q in Line; Shares Fairly Valued.
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...
- Jennifer Song
JE’s 1Q in Line; Shares Fairly Valued.
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...
- Jennifer Song
Morningstar | JE’s Recurring 2018 Growth in Line; Dividend Payout Ra...
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...
- Jennifer Song
Morningstar | JE’s Recurring 2018 Growth in Line; Dividend Payout Ra...
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...
- Jennifer Song
JE’s Recurring 2018 Growth in Line; Dividend Payout Ratio Drop to 60...
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...
- Jennifer Song
Morningstar | Removal of Toll Stations on Provincial Borders Has Littl...
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...
- Jennifer Song
Morningstar | Removal of Toll Stations on Provincial Borders Has Littl...
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...
- Jennifer Song
Removal of Toll Stations on Provincial Borders Has Little Impact for T...
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...
- Jennifer Song
Removal of Toll Stations on Provincial Borders Has Little Impact for T...
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...
- Jennifer Song
Morningstar | 00177 Updated Forecasts and Estimates from 26 Feb 2019
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...
- Jennifer Song
Morningstar | JE’s 3Q in Line; FVE Remains Intact.
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...
- Jennifer Song
JE’s 3Q in Line; FVE Remains Intact.
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...
- Jennifer Song
Morningstar | JE's 1H Recurring Growth in Line; Truck/Cargo Traffic Re...
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...
- Jennifer Song
Morningstar | JE's 1H Recurring Growth in Line; Truck/Cargo Traffic Re...
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...
- Jennifer Song
JE's 1H Recurring Growth in Line; Truck/Cargo Traffic Resumes Growth i...
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...
- Jennifer Song
Jiangsu Expressway’s 1Q Results Slightly Beat on Higher Property Inc...
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...
- Jennifer Song
Jiangsu Expressway’s Decent 2017 Recurring Growth in Line; Truck/Car...
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...
- Jennifer Song
Strong Property Sales Drove JE’s 22% Growth in First Half; Truck/Car...
Narrow-moat-rated Jiangsu Expressway’s, or JE’s, strong first half was within expectations, with a CNY 14 billion jump in property sales boosting 22% growth in net profit to CNY 1.8 billion. Despite the positives, we do not think robust property sales are sustainable, given the company’s limited land reserve and the 72% decline in first-half presales. JE’s core toll-road business was also decent, with 8% year-over-year traffic growth in the first half. On a positive note, truck/cargo tra...
- Jennifer Song
An attractive dividend yield lights up the mundane fundamentals.
We maintain our fair value estimate of HKD 10.70 per share for narrow moat-rated Jiangsu Expressway, or JE, following the company’s in line first quarter, with recurring net profit rising 13% to CNY 874 million. Traffic growth remains robust, and on a positive note, truck/cargo traffic continued the positive trend seen in last quarter, growing impressively by 9.5% year over year in the first quarter. This should be helped by an improving regional economic condition and industrial activity, as ...
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