Q&ACategory: Dividend StocksQuestions on Jiangsu Expressway
grinder asked 4 months ago

Hi DM team,

I'm going through the analysis for Jiangsu Expressway (HKEX 177), and I'm currently going through the phase of determining whether they've paid back the raised capital or not. From their annual reports I understand that they issued plenty of bonds, but I'm unable to determine whether they've paid it back. Because in the AR what they've listed in the cash flow statement is merely titled "Repayments of borrowings", and I've no idea whether it's paying back the bank loans (which they also seem to have) or redemption of bonds, and what percentage it is between the two. Or perhaps this is just the bank loans and the bonds are not yet paid back?

Was wondering in these scenarios, is there any way we can drill deeper?

Sample screenshot from their 2022 AR attached.

Thank you!

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1 Answers
Rusmin Ang Staff answered 4 months ago
You can check their footnotes for borrowings. If there is bond and the amount doesnt change or increase, it means they didnt pay back.
grinder replied 4 months ago

Amazing, thank you Rusmin! Initially didn’t see the mentioning of footnotes in the cashflow statements so assumed it wasn’t there. But now I found it mentioned in the balance sheet. Thank you!

Rusmin Ang Staff replied 4 months ago

You’re most welcome. Happy researching!