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Chengdu Expressway Co., Ltd. Class H
(1785)
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Rating:66Neutral
Price Target:
HK$2.00
â–¼(-1.96% Downside)
Action:Downgraded
Date:08/29/26
The score is supported by very attractive valuation (low P/E and high dividend yield) and a mildly positive technical trend. Offsetting this, financial performance is constrained by a steep TTM revenue decline and negative free cash flow, which raises near-term cash flexibility and sustainability risk despite still-solid margins and moderate leverage.
Positive Factors
Sustained Profitability
Solid gross and net margins indicate that the toll-road operating model remains profitable despite weaker revenue. Maintaining meaningful margins can support resilience and fund operations through normal traffic or investment fluctuations.
Negative Factors
Sharp Revenue Contraction
A steep TTM revenue decline signals materially weaker business activity or changed operating conditions. If sustained, it could reduce fixed-cost absorption, constrain earnings growth and weaken the company’s ability to fund infrastructure needs.
Read all positive and negative factors
Positive Factors
Negative Factors
Sustained Profitability
Solid gross and net margins indicate that the toll-road operating model remains profitable despite weaker revenue. Maintaining meaningful margins can support resilience and fund operations through normal traffic or investment fluctuations.
Read all positive factors
Chengdu Expressway Co., Ltd. Class H (1785) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$3.35B
Dividend Yield6.89%
Average Volume (3M)13.67K
Price to Earnings (P/E)5.3
Beta (1Y)0.31
Revenue Growth1.69%
EPS Growth15.41%
CountryHK
Employees2,339
SectorIndustrials
Sector Strength72
IndustryIndustrial - Infrastructure Operations
Share Statistics
EPS (TTM)0.33
Shares Outstanding456,102,020
10 Day Avg. Volume20,000
30 Day Avg. Volume13,666
Financial Highlights & Ratios
PEG Ratio1.78
Price to Book (P/B)0.61
Price to Sales (P/S)1.07
P/FCF Ratio-7.95
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)N/A
Revenue Forecast (FY)N/A
Chengdu Expressway Co., Ltd. Class H Business Overview & Revenue Model
Company Description
Chengdu Expressway Co., Ltd. is primarily involved in the construction, operation, and upkeep of highway infrastructure within China's Sichuan province, specifically in the Chengdu region. Its operations are divided into two main divisions: Expres...
How the Company Makes Money
The company primarily makes money through expressway toll revenue collected from vehicles using the expressways it operates. This includes charges typically based on vehicle classification and distance traveled, and it is generally the main cash-g...
Chengdu Expressway Co., Ltd. Class H Financial Statement Overview
Summary
Income Statement
64
Positive
Balance Sheet
63
Positive
Cash Flow
46
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.85B | 2.84B | 2.92B | 2.89B | 2.60B | 2.70B |
| Gross Profit | 1.06B | 1.02B | 1.08B | 1.04B | 871.07M | 1.02B |
| EBITDA | 795.45M | 1.16B | 1.21B | 1.31B | 1.12B | 1.31B |
| Net Income | 545.05M | 538.09M | 519.52M | 618.77M | 490.15M | 614.65M |
Balance Sheet | ||||||
| Total Assets | 10.94B | 10.46B | 9.04B | 9.25B | 9.13B | 9.16B |
| Cash, Cash Equivalents and Short-Term Investments | 1.98B | 2.20B | 1.91B | 2.26B | 1.89B | 1.89B |
| Total Debt | 3.89B | 3.56B | 2.55B | 2.75B | 2.95B | 3.10B |
| Total Liabilities | 4.71B | 4.47B | 3.45B | 3.95B | 4.21B | 4.56B |
| Stockholders Equity | 5.23B | 4.98B | 4.59B | 4.35B | 4.02B | 3.70B |
Cash Flow | ||||||
| Free Cash Flow | -716.68M | -383.50M | 303.77M | 987.66M | 661.34M | 746.94M |
| Operating Cash Flow | 871.23M | 732.59M | 806.01M | 1.11B | 850.37M | 814.38M |
| Investing Cash Flow | -1.92B | -1.60B | -463.31M | -75.23M | -265.63M | -37.03M |
| Financing Cash Flow | 758.61M | 671.65M | -699.98M | -592.50M | -570.78M | -608.88M |
Chengdu Expressway Co., Ltd. Class H Technical Analysis
Positive
2.04
Price Trends
1.97
Positive
1.95
Positive
1.94
Positive
Market Momentum
0.01
Positive
54.95
Neutral
73.06
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:1785, the sentiment is Positive. The current price of 2.04 is above the 20-day moving average (MA) of 2.01, above the 50-day MA of 1.97, and above the 200-day MA of 1.94, indicating a bullish trend. The MACD of 0.01 indicates Positive momentum. The RSI at 54.95 is Neutral, neither overbought nor oversold. The STOCH value of 73.06 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for HK:1785.
Chengdu Expressway Co., Ltd. Class H Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | HK$31.44B | 14.04 | 15.04% | 4.82% | -17.37% | 6.37% | |
66 Neutral | HK$3.35B | 5.32 | 10.80% | 6.89% | 1.69% | 15.41% | |
64 Neutral | HK$67.47B | 13.43 | 11.22% | 5.54% | -7.89% | 4.70% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
63 Neutral | HK$22.16B | 19.26 | 4.57% | 4.13% | -1.39% | -16.72% | |
60 Neutral | HK$19.09B | 12.01 | 7.80% | 6.96% | 7.83% | -5.65% | |
59 Neutral | HK$3.40B | 7.86 | 7.21% | 8.11% | -52.79% | -10.61% |
* Industrials Sector Average
HK:1785
Chengdu Expressway Co., Ltd. Class H
2.03
0.08
4.01%
HK:0995
Anhui Expressway Company
15.74
4.83
44.22%
HK:0177
Jiangsu Expressway Co
10.10
1.28
14.56%
HK:0107
Sichuan Expressway Co
4.89
0.56
12.90%
HK:0548
Shenzhen Expressway Co
6.80
-0.24
-3.41%
HK:1576
Qilu Expressway Co., Ltd. Class H
1.70
<0.01
0.18%
Chengdu Expressway Co., Ltd. Class H Corporate Events
Chengdu Expressway to Publish Unaudited 2026 Interim Results Report by End-September
Aug 27, 2026
Chengdu Expressway Co., Ltd., a Hong Kong-listed joint stock company based in Chengdu, operates in the transport infrastructure industry with a portfolio centered on expressway investment, construction, operation, and management. The group provide...
Chengdu Expressway Reshapes Board as Veteran Non-Executive Director Retires
Aug 27, 2026
Chengdu Expressway Co., Ltd. announced that non-executive director Ms. Wu Haiyan has resigned from the board with immediate effect due to retirement, stepping down from her roles on the audit and risk management, nomination and remuneration and ev...
Chengdu Expressway Clarifies Board Composition and Committee Structure
Aug 27, 2026
Chengdu Expressway Co., Ltd. has announced the current composition of its board, led by executive director and chairman Mr. Ding Dapan, alongside executive director Mr. Pan Xin, non-executive director Mr. Jiang Xinliang, and independent non-execut...
Chengdu Expressway Sets August Board Meeting to Review Interim Results and Dividend
Aug 12, 2026
Chengdu Expressway Co., Ltd., a PRC-based toll road operator listed in Hong Kong, focuses on the development and operation of expressway infrastructure around Chengdu to facilitate regional transport and commerce. Its board includes executive, non...
Chengdu Expressway Details Tender Process for YZ Section Precast Components
Aug 4, 2026
Chengdu Expressway Co., Ltd. has detailed the procurement process for precast concrete components for the YZ bidding section of the Chengwenqiong Expressway project, underscoring its role in highway infrastructure development in Sichuan. The compa...
Chengdu Expressway Sets Out Board Structure and Committee Roles
Jul 28, 2026
Chengdu Expressway Co., Ltd. announced the current composition of its board of directors, comprising executive, non-executive and independent non-executive members led by chairman Ding Dapan. The disclosure clarifies governance roles and delineate...
Chengdu Expressway Reshapes Top Leadership as Chairman Retires
Jul 28, 2026
Chengdu Expressway Co., Ltd. announced the retirement and resignation of executive director and board chairman Yang Tan, who leaves all positions with no reported disagreements and is credited by the board for advancing the company’s high-qu...
Chengdu Expressway Advances Chengwenqiong Expansion with RMB234 Million Component Contract
Jul 15, 2026
Chengdu Expressway Co., Ltd. has advanced its Chengwenqiong Expressway Expansion Project with a key procurement contract awarded by its subsidiary, Chengwenqiong Expressway Company, to Chengdu Chengtou Urban Construction. The deal follows a comple...
Chengdu Expressway Moves to Convert 20% of Share Capital Into Hong Kong-Listed H Shares
Jun 12, 2026
Chengdu Expressway Co., Ltd. has approved a plan to convert 331,220,400 unlisted domestic shares, representing 20% of its total share capital and currently held by Chengdu Communications Investment Transportation Construction and Management Group ...
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.