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RTNominal down5.370 -0.030 (-0.556%)

12/11/2019 10:28

{I-bank focus}HSBC cuts Zhejiang Expressway to HK$9.5

[ET Net News Agency, 12 November 2019] HSBC Global Research lowered its target price
for Zhejiang Expressway (ZJE)(00576) to HK$9.5 from HK$10 and maintained its "hold"
The research house said ZJE's solid 3Q results were driven by strong securities
investment gains. Its core business toll revenue increased by 28% in 3Q, but excluding the
revenue from Shenjiahuhang Expressway and Zhoushan Bay, the organic growth of existing
assets was about 1.3%, slightly below the company guidance of 2% growth.
Given the ETC policy impact and uncertainty of regional private economy outlook, the 4Q
toll revenue growth could remain under pressure. However, company's securities see strong
growth in 3Q.
HSBC expects China brokers to benefit a new pro-growth regulatory cycle and improved
liquidity. HSBC increased its FY2019 and FY2020 earnings by 9% and 9%, respectively, as it
increased securities investment gains in FY2019 and FY2020 to reflect the changes in 3Q.

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