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Shenzhen Expressway Co
(0548)
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Rating:56Neutral
Price Target:
HK$6.50
â–Ľ(-3.13% Downside)
Action:Reiterated
Date:10/29/26
The score is driven primarily by steady but softer financial performance (cooling revenue/margins, decent cash flow, and meaningful leverage). Technical indicators are notably weak and pull the score down, while valuation is moderately supportive due to the ~4.47% dividend yield despite a mid-range P/E.
Positive Factors
Infrastructure asset base
The company operates an essential infrastructure-oriented business tied to toll roads and transport assets. This model can provide an established operating base and recurring service activity over the medium term, supported by its portfolio and management capabilities.
Negative Factors
Revenue contraction
The revenue decline shows that the current asset portfolio is not producing broad top-line expansion. If this low-growth pattern persists, it can limit operating leverage, reduce capacity to absorb cost increases, and make future earnings more dependent on efficiency or portfolio changes.
Read all positive and negative factors
Positive Factors
Negative Factors
Infrastructure asset base
The company operates an essential infrastructure-oriented business tied to toll roads and transport assets. This model can provide an established operating base and recurring service activity over the medium term, supported by its portfolio and management capabilities.
Read all positive factors
Shenzhen Expressway Co (0548) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$23.02B
Dividend Yield4.3%
Average Volume (3M)840.65K
Price to Earnings (P/E)37.4
Beta (1Y)0.16
Revenue Growth-0.39%
EPS Growth9.97%
CountryHK
Employees6,955
SectorIndustrials
Sector Strength72
IndustryIndustrial - Infrastructure Operations
Share Statistics
EPS (TTM)0.48
Shares Outstanding747,500,060
10 Day Avg. Volume589,378
30 Day Avg. Volume840,654
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)0.61
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...
Shenzhen Expressway Co Financial Statement Overview
Summary
Income Statement
60
Neutral
Balance Sheet
56
Neutral
Cash Flow
63
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 | 2.62B | 2.71B | 2.92B | 3.35B | 3.02B | 3.79B |
| EBITDA | 3.49B | 4.55B | 4.05B | 5.55B | 4.75B | 5.22B |
| Net Income | 1.23B | 1.15B | 1.15B | 2.33B | 2.02B | 2.61B |
Balance Sheet | ||||||
| Total Assets | 68.93B | 71.47B | 67.56B | 67.51B | 69.20B | 60.61B |
| Cash, Cash Equivalents and Short-Term Investments | 7.11B | 8.18B | 3.04B | 2.62B | 4.75B | 4.41B |
| Total Debt | 26.24B | 36.43B | 26.70B | 27.88B | 31.17B | 20.71B |
| Total Liabilities | 36.52B | 43.18B | 40.36B | 39.51B | 41.84B | 32.84B |
| Stockholders Equity | 27.59B | 23.04B | 21.90B | 22.36B | 21.35B | 24.64B |
Cash Flow | ||||||
| Free Cash Flow | 2.77B | 2.01B | 1.66B | 2.00B | 1.28B | 143.13M |
| Operating Cash Flow | 4.70B | 5.20B | 3.72B | 4.09B | 3.37B | 3.94B |
| Investing Cash Flow | -2.26B | -5.39B | -36.15M | -923.61M | -3.44B | -5.13B |
| Financing Cash Flow | -3.24B | 2.22B | -2.81B | -4.41B | -2.34B | 1.67B |
Shenzhen Expressway Co Technical Analysis
Neutral
6.71
Price Trends
6.57
Negative
6.54
Negative
6.79
Negative
Market Momentum
-0.05
Positive
51.79
Neutral
30.05
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:0548, the sentiment is Neutral. The current price of 6.71 is above the 20-day moving average (MA) of 6.47, above the 50-day MA of 6.57, and below the 200-day MA of 6.79, indicating a neutral trend. The MACD of -0.05 indicates Positive momentum. The RSI at 51.79 is Neutral, neither overbought nor oversold. The STOCH value of 30.05 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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$34.55B | 15.89 | 15.04% | 4.66% | -17.37% | 6.37% | |
66 Neutral | HK$3.25B | 5.11 | 10.80% | 7.12% | 1.69% | 15.41% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
62 Neutral | HK$76.28B | 15.15 | 10.81% | 5.02% | 7.60% | 4.14% | |
60 Neutral | HK$20.77B | 12.99 | 7.80% | 6.98% | 7.83% | -2.71% | |
59 Neutral | HK$3.34B | 7.66 | 7.21% | 8.26% | -52.79% | -10.61% | |
56 Neutral | HK$23.02B | 37.39 | 4.87% | 4.30% | -0.39% | 9.97% |
* Industrials Sector Average
HK:0548
Shenzhen Expressway Co
6.53
-0.41
-5.96%
HK:0995
Anhui Expressway Company
16.27
4.51
38.30%
HK:0177
Jiangsu Expressway Co
11.15
2.18
24.33%
HK:0107
Sichuan Expressway Co
4.87
0.05
1.10%
HK:1576
Qilu Expressway Co., Ltd. Class H
1.67
0.03
1.71%
HK:1785
Chengdu Expressway Co., Ltd. Class H
1.96
0.09
4.64%
Shenzhen Expressway Co Corporate Events
Shenzhen Expressway Boosts Q3 Profit Despite Softer Revenue and Operating Cash Flow
Oct 28, 2026
Shenzhen Expressway reported third-quarter 2026 revenue of RMB 2.12 billion, down slightly year-on-year, while net profit attributable to shareholders surged 24% to RMB 632.9 million, supported by non-recurring gains and improved profitability. Fo...
Shenzhen Expressway Shareholders Approve Governance Changes and Director Fee Adjustment
Oct 28, 2026
Shenzhen Expressway Corporation Limited has reported that all resolutions proposed at its second extraordinary general meeting of 2026, as well as separate class meetings for A share and H share holders, were duly passed. The meetings, held in She...
Shenzhen Expressway Sets Out Board Line-Up and Governance Structure
Oct 28, 2026
Shenzhen Expressway Corporation Limited has announced the current composition of its board of directors, confirming a structure that includes executive, non-executive, and independent non-executive directors. The board is chaired by executive dire...
Shenzhen Expressway Sets Board Meeting to Approve Third-Quarter Results
Oct 15, 2026
Shenzhen Expressway Corporation Limited has scheduled a board meeting for 28 October 2026 to review and approve its unaudited third-quarter results for the three months ended 30 September 2026. The financial statements will be prepared in accordan...
Shenzhen Expressway Names Yao Hai Employee Representative Director
Oct 15, 2026
Shenzhen Expressway Corporation Limited has elected current executive director and deputy Party Committee secretary Mr. Yao Hai as the employee representative director for the tenth session of its board, following a meeting of employee representat...
Shenzhen Expressway Calls October EGM to Revise Governance and Elect New Board
Oct 12, 2026
Shenzhen Expressway Corporation Limited has called its Second Extraordinary General Meeting for 28 October 2026 in Shenzhen, where shareholders will vote on several governance-related matters. The agenda includes proposed amendments to the Article...
Shenzhen Expressway Calls 2026 A-Shareholders Meeting to Revise Governance Rules
Oct 12, 2026
Shenzhen Expressway Corporation Limited, a major operator of toll roads and transport infrastructure in Shenzhen and the wider Guangdong region, conducts its business through a listed joint stock structure under Hong Kong stock code 00548. The com...
Shenzhen Expressway Calls 2026 H Shareholders’ Class Meeting to Amend Governance Rules
Oct 12, 2026
Shenzhen Expressway Corporation Limited has called the First Class Meeting 2026 of holders of H shares to be held in Shenzhen on 28 October 2026, immediately after the corresponding meeting of A share holders. The session will consider special res...
Shenzhen Expressway Posts Unaudited August Toll Revenue, Issues Data Caution
Oct 12, 2026
Shenzhen Expressway Corporation Limited reported unaudited toll revenue figures for August 2026 across its network of expressways in Guangdong and other provinces, highlighting significant contributions from major projects such as the Coastal Proj...
Shenzhen Expressway Sets October Date and Register Closure for H-Share Meetings
Sep 29, 2026
Shenzhen Expressway Corporation Limited is a PRC-based expressway infrastructure operator listed in Hong Kong, where its H shares trade under stock code 00548 and are widely held by international investors through the city’s capital markets....
Shenzhen Expressway Overhauls Governance Rules, Merging A and H Share Classes
Sep 24, 2026
Shenzhen Expressway Corporation Limited plans to amend its articles of association and the rules of procedures for shareholders’ meetings to align with updated PRC company law, regulatory measures on overseas listings, and the latest guideli...
Shenzhen Expressway Proposes New Board Line-up for Tenth Session
Sep 24, 2026
Shenzhen Expressway Corporation Limited has nominated a slate of candidates for the tenth session of its board, including eight non-independent directors and four independent non-executive directors, to be submitted to shareholders for approval at...
Shenzhen Expressway Clarifies Board and Committee Structure
Sep 17, 2026
Shenzhen Expressway Corporation Limited has announced the current composition of its board of directors, led by Chairman Liu Zheng Yu and President Liao Xiang Wen, along with executive, non-executive and independent non-executive members. The disc...
Shenzhen Expressway Shareholders Approve New Chairman in Leadership Shake-Up
Sep 17, 2026
Shenzhen Expressway Corporation Limited, a PRC-based expressway operator listed on both A and H share markets in Hong Kong, manages highway and related infrastructure assets serving the Shenzhen region and beyond. The company adheres to Hong Kong ...
Shenzhen Expressway posts provisional July 2026 toll revenue data
Sep 3, 2026
Shenzhen Expressway Corporation Limited reported unaudited toll revenue figures for July 2026 across its expressway portfolio, highlighting key assets in the Shenzhen region such as the Outer Ring and Coastal projects, as well as major routes in o...
Shenzhen Expressway Calls EGM to Elect New Board Director in 2026
Sep 1, 2026
Shenzhen Expressway Corporation Limited has called its first extraordinary general meeting of 2026 for 17 September in Shenzhen, where shareholders will vote on appointing Liu Zheng Yu as a director for the remainder of the board’s ninth ses...
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...
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.