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00177 JIANGSU EXPRESS
RTNominal up7.700 +0.030 (+0.391%)
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28/03/2018 17:00

[I-bank focus]HSBC lifts Jiangsu Expressway (00177) to HK$11

[ET Net News Agency, 28 March 2018] HSBC Global Research lifted its target price for
Jiangsu Expressway (JSE)(00177) to HK$11 from HK$10.5 on earnings forecast increases, and
reiterated its "hold" rating.
The research house said JSE's FY2017 results were broadly in line with market
expectations. Excluding the one-off RMB218m impairment loss, FY2017 earnings increased 14%
yoy. Management ensured no more write-offs.
The dividend pay-out ratio of 62% is similar to FY2016. HSBC believes the pay-out should
stay at the current level until the material greenfield capex is competed in 2020.
HSBC raised its earnings forecast by 7% for 2018, and by 9% for 2019. This is due to
better toll revenue growth forecasts. It expects the dividend yield to remain at about
5.5% for 2018 and 2019. (KL)

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