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<Research>UBS Adds JIANGSU EXPRESS TP to HKD11.6; Rating Kept Neutral
JIANGSU EXPRESS (00177.HK) experienced a 4% YoY decline in toll revenue in April, according to a report from UBS.Considering that the impact of the US-China tariff war on China'...
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<Research>UBS Adds JIANGSU EXPRESS TP to HKD11.6; Rating Kept Neutral
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JIANGSU EXPRESS (00177.HK)  -0.200 (-1.751%)    Short selling $1.41M; Ratio 3.791%   experienced a 4% YoY decline in toll revenue in April, according to a report from UBS.

Considering that the impact of the US-China tariff war on China's highway truck traffic was milder than expected, UBS forecasted that toll revenue could resume growth in May and hence revised upward its toll revenue growth forecasts for 2025-26 to 1.9% and 2.1%, as well as its target price from HKD9.8 to HKD11.6.

However, UBS estimated JIANGSU EXPRESS' dividend growth to be constrained as the company's 2025-28 annual capex is expected to remain at a high level of RMB10 billion. The broker kept the Neutral rating unchanged and suggested that investors should wait for a better entry point as the current price has already largely reflected the expected business recovery.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2025-06-19 12:25.)

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