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00177 JIANGSU EXPRESS
RTNominal unchange7.560 0.000 (0.000%)
Others

07/11/2018 14:19

[I-bank focus]HSBC ups Jiangsu Expressway (00177) to HK$11.5


[ET Net News Agency, 7 November 2018] HSBC Global Research lifted its target price for
Jiangsu Expressway (JSE)(00177) to HK$11.5 from HK$11, and maintained its "hold" rating.
The research house said JSE's NPAT increased 17% in 3Q, better than market expectations.
For the first nine months, company NPAT increased 26% or 10.9% excluding one-offs. The
strong growth was driven by core business organic growth, which was up 7% and revaluation
of the property business (Hanwei company) consolidation in 1H.
New project Zhendan Expressway was completed and opened for traffic from 30 September
2018, but strong growth may not be apparent until the Wufengshan Bridge opens in FY2020,
HSBC said. The project is expected to take 3-4 years to break even, putting near-term
pressure on earnings. (KL)

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