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Shandong Hi-Speed Holdings Group Limited
(0412)
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Rating:47Neutral
Price Target:
HK$0.70
▼(-1.55% Downside)
Action:Reiterated
Date:08/29/26
The score is held down primarily by weak financial performance—especially very high leverage and negative equity in 2025—along with volatile profitability and inconsistent cash generation. Technicals add modest support due to improving short-term momentum, but longer-term trend levels remain weak. Valuation is constrained by a negative P/E (loss-making), and no dividend yield is available to offset risk.
Positive Factors
Infrastructure-focused business model
Exposure to transport infrastructure can provide recurring operating activity and asset-linked cash flows over multi-year periods. This model may benefit from the essential nature of transport networks, although returns remain dependent on asset performance and financing capacity.
Negative Factors
Negative equity and high leverage
Negative equity materially weakens capital buffers and reduces financial flexibility. Combined with very high leverage, it increases refinancing and solvency risk, while potentially limiting the company’s ability to fund infrastructure investment without additional borrowing or capital support.
Read all positive and negative factors
Positive Factors
Negative Factors
Infrastructure-focused business model
Exposure to transport infrastructure can provide recurring operating activity and asset-linked cash flows over multi-year periods. This model may benefit from the essential nature of transport networks, although returns remain dependent on asset performance and financing capacity.
Read all positive factors
Shandong Hi-Speed Holdings Group Limited (0412) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$3.85B
Dividend YieldN/A
Average Volume (3M)9.00M
Price to Earnings (P/E)―
Beta (1Y)0.84
Revenue GrowthN/A
EPS GrowthN/A
CountryHK
Employees1,912
SectorFinancial
Sector Strength70
IndustryFinancial - Credit Services
Share Statistics
EPS (TTM)-0.28
Shares Outstanding6,019,431,000
10 Day Avg. Volume15,375,513
30 Day Avg. Volume8,998,033
Financial Highlights & Ratios
PEG Ratio0.01
Price to Book (P/B)-2.58
Price to Sales (P/S)0.33
P/FCF Ratio0.74
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)0.08
Revenue Forecast (FY)HK$6.77B
Shandong Hi-Speed Holdings Group Limited Business Overview & Revenue Model
Company Description
Shandong Hi-Speed Holdings Group Limited, an investment holding company, operates photovoltaic and wind power plants in the People's Republic of China. It operates through Industrial Investment, Standard Investment, Non-Standard Investment, and Li...
How the Company Makes Money
The company primarily makes money through cash flows generated by its infrastructure and transportation-related assets. Key revenue streams typically include (i) income derived from operating and managing expressway/transport infrastructure assets...
Shandong Hi-Speed Holdings Group Limited Financial Statement Overview
Summary
Income Statement
46
Neutral
Balance Sheet
18
Very Negative
Cash Flow
40
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 7.57B | 5.60B | 5.58B | 5.35B | 3.50B | 1.15B |
| Gross Profit | -64.54M | 2.41B | 2.68B | 337.72M | 372.88M | 772.79M |
| EBITDA | 4.87B | 3.42B | 3.74B | 3.47B | 2.53B | 7.59M |
| Net Income | -1.24B | -134.22M | 353.52M | 324.56M | -169.06M | 30.41M |
Balance Sheet | ||||||
| Total Assets | 79.27B | 73.43B | 66.17B | 66.19B | 68.96B | 18.76B |
| Cash, Cash Equivalents and Short-Term Investments | 12.82B | 12.73B | 9.08B | 8.41B | 11.79B | 8.67B |
| Total Debt | 60.72B | 50.39B | 44.97B | 45.37B | 47.25B | 11.44B |
| Total Liabilities | 66.45B | 60.89B | 48.42B | 48.99B | 53.38B | 11.72B |
| Stockholders Equity | -1.09B | -713.38M | 6.11B | 5.57B | 7.07B | 1.41B |
Cash Flow | ||||||
| Free Cash Flow | 3.64B | 2.49B | -750.67M | 1.70B | 5.26B | -12.12B |
| Operating Cash Flow | 5.54B | 4.36B | 471.26M | 3.33B | 6.16B | -12.06B |
| Investing Cash Flow | -1.33B | -1.23B | -312.08M | -60.83M | 464.86M | 10.17B |
| Financing Cash Flow | -2.27B | -2.02B | -1.06B | 655.77M | -3.50B | -1.77B |
Shandong Hi-Speed Holdings Group Limited Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | HK$1.78B | 19.85 | 3.13% | 3.01% | -6.66% | 29.34% | |
69 Neutral | HK$2.36B | 44.10 | 0.80% | 2.62% | -30.15% | 1.41% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
66 Neutral | HK$19.30B | 48.60 | 10.13% | 2.30% | 70.68% | 2760.00% | |
49 Neutral | HK$2.04B | -10.72 | -1.51% | 3.74% | -10.80% | 91.49% | |
47 Neutral | HK$3.85B | -2.20 | -49.47% | ― | ― | ― | |
43 Neutral | HK$11.58M | >-0.01 | -333.86% | 3.24% | ― | ― |
* Financial Sector Average
HK:0412
Shandong Hi-Speed Holdings Group Limited
0.61
-16.44
-96.45%
HK:0127
Chinese Estates (Holdings)
1.06
-0.29
-21.27%
HK:0335
Upbest Group Limited
0.67
>-0.01
-0.60%
HK:0299
Glory Sun Land Group Limited
0.11
0.00
0.00%
HK:0622
Oshidori International Holdings Limited
2.78
2.28
456.00%
HK:0064
Get Nice Holdings Limited
3.81
1.06
38.55%
Shandong Hi-Speed Holdings Group Limited Corporate Events
Shandong Hi-Speed Swings to Interim Loss Despite Revenue Growth
Aug 28, 2026
Shandong Hi-Speed Holdings Group Limited reported unaudited interim revenue of RMB2.64 billion for the six months ended 30 June 2026, up from RMB2.50 billion a year earlier, but saw gross profit shrink to RMB961.7 million as cost of sales climbed....
Shandong Hi-Speed Completes Initial 30% Disposal of VNET Stake
Aug 24, 2026
Shandong Hi-Speed Holdings Group Limited, incorporated in Bermuda and listed on the Hong Kong Stock Exchange, is an investment holding company with diversified interests, overseen by a board consisting of executive, non-executive and independent n...
Shandong Hi-Speed Calls SGM to Approve Key Clean Energy EPC Contract
Aug 24, 2026
Shandong Hi-Speed Holdings Group Limited has called a special general meeting in Hong Kong for 8 September 2026 to seek shareholder approval of an engineering, procurement and construction (EPC) contract signed on 10 August 2026 between its subsid...
Shandong Hi-Speed Warns of First-Half Loss Amid Lower Fair Value Gains
Aug 21, 2026
Shandong Hi-Speed Holdings Group Limited has warned that it expects to post an unaudited consolidated net loss of not more than RMB210 million for the six months ended 30 June 2026, compared with a net profit of about RMB475 million a year earlier...
Shandong Hi-Speed Holdings Secures Strong ESG Rating from Sustainable Fitch
Aug 21, 2026
Shandong Hi-Speed Holdings Group Limited, a Bermuda-incorporated company listed in Hong Kong, has significant exposure to renewable energy through its subsidiary Shandong Hi-Speed New Energy Group Limited and is increasingly aligning its operation...
Shandong Hi-Speed Sets Board Meeting to Review Interim Results and Dividend
Aug 14, 2026
Shandong Hi-Speed Holdings Group Limited has scheduled a board meeting for 28 August 2026 to review and approve the unaudited interim results for the six months ended 30 June 2026. The directors will also consider the declaration of an interim div...
Shandong Hi-Speed Units Sign RMB1.23 Billion EPC Deal for Clean Energy Project
Aug 10, 2026
HZHS Clean Energy, a wholly owned subsidiary of SHNE and an indirect non-wholly-owned subsidiary of SDHG, has signed an EPC contract with China Energy Engineering Anhui Electric Power Construction for a clean energy project valued at RMB1.23 billi...
Shandong Hi-Speed Holdings Updates Bermuda Registered Office Address
Jul 24, 2026
Shandong Hi-Speed Holdings Group Limited has announced that its registered office address in Bermuda will change to Richmond House, 12 Par-la-Ville Road, Hamilton HM 08, effective 3 August 2026. The company emphasized that this change affects only...
Shandong Hi-Speed Shareholders Approve Major Disposal Deal at Special Meeting
Jul 15, 2026
Shandong Hi-Speed Holdings Group Limited, incorporated in Bermuda and listed in Hong Kong under stock code 412, is an investment holding company with substantial infrastructure-related interests. Its shares are widely held, with a portion designat...
Shandong Hi-Speed Raises Caps on Intra-Group Power Sales Deal
Jun 29, 2026
Shandong Hi-Speed Holdings Group and its subsidiary Shandong Hi-Speed New Energy have revised the annual caps for a continuing connected transaction involving electricity sales from Qingdao Shanhui Clean to Shandong Luqiao Qingdao Construction. Th...
Shandong Hi-Speed Says Shareholding Concentration Risk Eased After Ownership Shift
Jun 29, 2026
Shandong Hi-Speed Holdings Group Limited has updated investors on its shareholding structure following a prior regulatory notice about high shareholding concentration. As of 26 May 2026, the company reports that earlier concerns tied to a small gr...
Shandong Hi-Speed Holdings Clears All AGM Resolutions, Confirms Board and Auditor
Jun 16, 2026
Shandong Hi-Speed Holdings Group Limited reported that all resolutions at its 16 June 2026 annual general meeting were passed by shareholders via poll, with no voting restrictions or mandatory abstentions. The meeting covered receipt of the 2025 a...
Fitch Affirms Shandong Hi-Speed Holdings’ A- Credit Rating With Stable Outlook
Jun 4, 2026
Shandong Hi-Speed Holdings Group Limited has had its Long-Term Foreign- and Local-Currency Issuer Default Ratings affirmed at A- with a stable outlook by Fitch Ratings, underscoring the company’s solid credit profile and perceived financial ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.