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Shenzhen Expressway Co
(0548)
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Rating:63Neutral
Price Target:
HK$7.00
â–²(4.32% Upside)
Action:Reiterated
Date:08/27/26
The score is driven primarily by solid financial performance supported by strong recent free-cash-flow generation, tempered by softer revenue and lower profitability versus prior peak levels. Technicals are neutral-to-slightly positive in the short term but still below the long-term trend, while valuation is supported by a healthy yield but constrained by a moderately high P/E for a low-growth profile.
Positive Factors
Strong Cash Generation
Robust operating and free cash flow supports earnings quality and gives the toll-road operator resources for maintenance, debt service and reinvestment. Continued FCF growth improves resilience in a capital-intensive infrastructure business.
Negative Factors
Declining Revenue
Slightly lower revenue indicates limited top-line expansion and may reflect weaker traffic, mix or operating conditions. For a toll-road operator, prolonged stagnation can constrain reinvestment capacity and reduce operating leverage over time.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong Cash Generation
Robust operating and free cash flow supports earnings quality and gives the toll-road operator resources for maintenance, debt service and reinvestment. Continued FCF growth improves resilience in a capital-intensive infrastructure business.
Read all positive factors
Shenzhen Expressway Co (0548) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$22.82B
Dividend Yield4.14%
Average Volume (3M)522.20K
Price to Earnings (P/E)19.0
Beta (1Y)0.18
Revenue Growth-1.39%
EPS Growth-16.72%
CountryHK
Employees6,955
SectorIndustrials
Sector Strength72
IndustryIndustrial - Infrastructure Operations
Share Statistics
EPS (TTM)0.43
Shares Outstanding747,500,060
10 Day Avg. Volume413,104
30 Day Avg. Volume522,195
Financial Highlights & Ratios
PEG Ratio-0.85
Price to Book (P/B)0.70
Price to Sales (P/S)1.75
P/FCF Ratio8.08
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)0.58
Revenue Forecast (FY)HK$9.69B
Shenzhen Expressway Co Business Overview & Revenue Model
Company Description
Shenzhen Expressway Corporation Limited, together with its subsidiaries, primarily invests in, constructs, operates, and manages toll highways and roads, as well as other urban and transportation infrastructure in the People's Republic of China. I...
How the Company Makes Money
The company primarily makes money by operating toll roads/expressways and collecting usage-based toll revenue from vehicles that travel on its managed routes. This toll income is generally driven by traffic volume, vehicle mix, distance traveled (...
Shenzhen Expressway Co Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
55
Neutral
Cash Flow
73
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 8.94B | 9.26B | 9.25B | 9.30B | 9.37B | 10.87B |
| Gross Profit | 2.63B | 2.71B | 2.92B | 3.35B | 3.02B | 3.79B |
| EBITDA | 3.26B | 4.52B | 4.05B | 5.55B | 4.75B | 5.22B |
| Net Income | 1.11B | 1.15B | 1.15B | 2.33B | 2.02B | 2.61B |
Balance Sheet | ||||||
| Total Assets | 70.57B | 71.47B | 67.56B | 67.51B | 69.20B | 60.61B |
| Cash, Cash Equivalents and Short-Term Investments | 8.82B | 8.18B | 3.04B | 2.62B | 4.75B | 4.41B |
| Total Debt | 36.28B | 36.43B | 26.70B | 27.88B | 31.17B | 20.71B |
| Total Liabilities | 38.48B | 43.18B | 40.36B | 39.51B | 41.84B | 32.84B |
| Stockholders Equity | 23.01B | 23.04B | 21.90B | 22.36B | 21.35B | 24.64B |
Cash Flow | ||||||
| Free Cash Flow | 3.40B | 2.01B | 1.66B | 2.00B | 1.28B | 143.13M |
| Operating Cash Flow | 5.54B | 5.20B | 3.72B | 4.09B | 3.37B | 3.94B |
| Investing Cash Flow | -3.28B | -5.39B | -36.15M | -923.61M | -3.44B | -5.13B |
| Financing Cash Flow | -2.65B | 2.22B | -2.81B | -4.41B | -2.34B | 1.67B |
Shenzhen Expressway Co Technical Analysis
Positive
6.71
Price Trends
6.62
Positive
6.67
Positive
6.87
Negative
Market Momentum
0.02
Negative
57.82
Neutral
76.00
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:0548, the sentiment is Positive. The current price of 6.71 is above the 20-day moving average (MA) of 6.66, above the 50-day MA of 6.62, and below the 200-day MA of 6.87, indicating a neutral trend. The MACD of 0.02 indicates Negative momentum. The RSI at 57.82 is Neutral, neither overbought nor oversold. The STOCH value of 76.00 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for HK:0548.
Shenzhen Expressway Co Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | HK$32.63B | 14.19 | 15.04% | 4.76% | -17.37% | 6.37% | |
66 Neutral | HK$3.31B | 5.32 | 10.80% | 6.89% | 1.69% | 15.41% | |
64 Neutral | HK$67.79B | 13.33 | 11.22% | 5.62% | -7.89% | 4.70% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
63 Neutral | HK$22.82B | 19.00 | 4.77% | 4.14% | -1.39% | -16.72% | |
60 Neutral | HK$18.93B | 11.76 | 7.89% | 6.98% | 7.83% | -5.65% | |
59 Neutral | HK$3.40B | 7.86 | 7.21% | 8.11% | -52.79% | -10.61% |
* Industrials Sector Average
HK:0548
Shenzhen Expressway Co
6.78
-0.27
-3.89%
HK:0995
Anhui Expressway Company
15.95
5.20
48.36%
HK:0177
Jiangsu Expressway Co
9.97
1.21
13.77%
HK:0107
Sichuan Expressway Co
4.87
0.55
12.78%
HK:1576
Qilu Expressway Co., Ltd. Class H
1.70
<0.01
0.18%
HK:1785
Chengdu Expressway Co., Ltd. Class H
2.03
0.08
4.01%
Shenzhen Expressway Co Corporate Events
Shenzhen Expressway Sets September Date for First Extraordinary General Meeting 2026
Aug 27, 2026
Shenzhen Expressway Corporation Limited will convene its First Extraordinary General Meeting 2026 on 17 September 2026, with a circular to be dispatched to shareholders around 2 September 2026. The meeting will allow eligible shareholders of H sha...
Shenzhen Expressway Posts Lower Interim Profit as Investment Losses and Toll Expiry Bite
Aug 25, 2026
Shenzhen Expressway reported interim 2026 revenue of RMB3.65 billion, down 6.78% year on year, with gross margin slipping slightly to 36.41% and net profit attributable to shareholders falling 4.28% to RMB918.85 million. The decline was driven mai...
Shenzhen Expressway sets late-August schedule for 2026 interim results briefings
Aug 17, 2026
Shenzhen Expressway Corporation Limited will hold its 2026 interim results presentations in late August, offering both onsite and online access to investors in Shenzhen and onsite access in Hong Kong. Management and an independent non-executive di...
Shenzhen Expressway Schedules Board Meeting to Approve 2026 Interim Results
Aug 11, 2026
Shenzhen Expressway Corporation Limited has announced that its board of directors will convene a meeting on 25 August 2026 to review and approve the unaudited interim results for the six months ended 30 June 2026, alongside any other business matt...
Shenzhen Expressway Raises RMB1 Billion via Low-Cost Medium-Term Notes
Aug 10, 2026
Shenzhen Expressway Corporation Limited has issued its 2026 Phase III medium-term notes in China’s interbank market, raising RMB1 billion through a three-year instrument maturing on 10 August 2029. The notes carry an interest rate of 1.58%, ...
Shenzhen Expressway Posts Unaudited June Toll Revenue, Ends Shuiguan Extension Tolling
Jul 30, 2026
Shenzhen Expressway reported unaudited toll revenue for June 2026 across its expressway portfolio, highlighting major contributions from the Jihe East, Jihe West, Coastal and Outer Ring projects in Shenzhen, as well as significant revenue from the...
Shenzhen Expressway Raises RMB1 Billion via 2026 Super Short-Term Note
Jul 27, 2026
Shenzhen Expressway Corporation Limited has issued its 2026 Phase I Super Short-term Commercial Paper in China’s interbank market, raising RMB1 billion at an interest rate of 1.41%. The note, designated 26 Shenzhen Expressway SCP001, has a t...
Shenzhen Expressway invests RMB1.3bn in principal-guaranteed structured deposits
Jul 23, 2026
Shenzhen Expressway Co has expanded its use of surplus capital by subscribing to a third principal-guaranteed structured deposit product from Jiangsu Bank, investing RMB500 million on 23 July 2026. Together with two earlier tranches of RMB400 mill...
Shenzhen Expressway Raises RMB1 Billion via 2026 Phase II Medium-Term Notes
Jul 21, 2026
Shenzhen Expressway Corporation Limited has completed the issuance of its 2026 Phase II medium-term notes in China’s interbank bond market, raising RMB1 billion with a three-year tenor from 21 July 2026 to 21 July 2029. The notes carry a fix...
Shenzhen Expressway invests RMB800 million in principal-guaranteed structured deposits
Jul 17, 2026
Shenzhen Expressway Co., a subsidiary of Shenzhen International Holdings, operates within China’s infrastructure and transportation sector, focusing on expressway investment, construction, and operation. The company manages toll road assets ...
Shenzhen Expressway Chairman Resigns, Board Committees Reshuffled
Jul 2, 2026
Shenzhen Expressway has announced the immediate resignation of Chairman and Director Mr. Xu En Li due to a career change, with Mr. Xu also stepping down from his roles in the strategy and investment committee and the nomination committee. The boar...
Shenzhen Expressway Sets Out Board and Committee Structure
Jul 2, 2026
Shenzhen Expressway Corporation Limited has outlined the composition of its board of directors, naming three executive directors, four non-executive directors and four independent non-executive directors, with President Liao Xiang Wen serving as a...
Shenzhen Expressway Posts Unaudited May Toll Revenue, Warns on Data Variability
Jul 2, 2026
Shenzhen Expressway Corporation Limited reported unaudited toll revenue for May 2026 across its network of expressways in Shenzhen, other regions of Guangdong and several provinces including Hunan, Hubei and Jiangsu. The disclosure details project...
Shenzhen Expressway Sets Final 2025 Dividend and Clarifies Tax Treatment
Jun 29, 2026
Shenzhen Expressway Corporation Limited has declared a final ordinary dividend of RMB 0.244 per share for the financial year ended 31 December 2025, equivalent to HKD 0.280561 per share based on an exchange rate of RMB 1 to HKD 1.1498. The dividen...
Shenzhen Expressway Sets Final 2025 Cash Dividend and Tax Terms for H-Share Investors
Jun 26, 2026
Shenzhen Expressway Corporation Limited has declared a final ordinary cash dividend of RMB 0.244 per share for the financial year ended 31 December 2025, with shareholder approval granted on 26 June 2026. The dividend for H-share investors will be...
Shenzhen Expressway Wins Strong Shareholder Backing at 2025 AGM
Jun 26, 2026
Shenzhen Expressway reported that its 2025 annual general meeting was duly convened in Shenzhen with nine of its twelve directors attending either in person or via electronic means. Shareholder participation was high, with 162 shareholders represe...
Shenzhen Expressway Sets Final 2025 Dividend Timeline and Tax Terms
Jun 3, 2026
Shenzhen Expressway Corporation Limited has reaffirmed its plan to distribute a final dividend of RMB 0.244 per share for the financial year ended 31 December 2025, subject to shareholder approval on 26 June 2026. The company has updated key timet...
Shenzhen Expressway Seeks Mandate for Up to RMB15 Billion in Debenture Issuance
Jun 3, 2026
Shenzhen Expressway Corporation Limited plans to seek shareholder approval at its June 26, 2026 annual general meeting for a broad mandate to register and issue various types of debentures, including corporate bonds, medium-term notes, extra-short...
Shenzhen Expressway Posts Preliminary April 2026 Toll Revenue
May 27, 2026
Shenzhen Expressway reported unaudited toll revenue figures for April 2026 across its portfolio of expressways, including key Shenzhen-region assets such as Meiguan, Jihe East and West, the Coastal and Outer Ring projects, and Longda Expressway, a...
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.