Morningstar

Morningstar, Inc.

Equity Bottom-Up

<p>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 stable…</p>

China

Jiangsu Expressway Company Limited operates highway businesses. The Company provides toll highway investment, construction, and maintenance services. Jiangsu Expressway also conducts highway passenger transportation, refueling, catering, car repair, and advertisement businesses.

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