Announcement • May 30
Guangdong Provincial Expressway Development Co., Ltd. Proposes Cash Dividend for the Year 2025 Guangdong Provincial Expressway Development Co., Ltd. at its AGM to be held on June 17, 2026, proposed cash dividend/10 shares (tax included) of CNY 6.04000000 for the year 2025. Announcement • May 28
Guangdong Provincial Expressway Development Co., Ltd., Annual General Meeting, Jun 17, 2026 Guangdong Provincial Expressway Development Co., Ltd., Annual General Meeting, Jun 17, 2026, at 15:00 China Standard Time. Location: The Company's Meeting Room, Guangzhou, Guangdong China Reported Earnings • Apr 30
First quarter 2026 earnings released: EPS: CN¥0.22 (vs CN¥0.31 in 1Q 2025) First quarter 2026 results: EPS: CN¥0.22 (down from CN¥0.31 in 1Q 2025). Revenue: CN¥1.08b (up 2.7% from 1Q 2025). Net income: CN¥451.9m (down 31% from 1Q 2025). Profit margin: 42% (down from 63% in 1Q 2025). The decrease in margin was driven by higher expenses. Revenue is forecast to stay flat during the next 3 years compared to a 4.0% growth forecast for the Infrastructure industry in China. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 16% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Mar 31
Guangdong Provincial Expressway Development Co., Ltd. to Report Q1, 2026 Results on Apr 30, 2026 Guangdong Provincial Expressway Development Co., Ltd. announced that they will report Q1, 2026 results on Apr 30, 2026 Reported Earnings • Mar 15
Full year 2025 earnings: Revenues and EPS in line with analyst expectations Full year 2025 results: EPS: CN¥0.86 (up from CN¥0.75 in FY 2024). Revenue: CN¥4.47b (down 2.2% from FY 2024). Net income: CN¥1.80b (up 15% from FY 2024). Profit margin: 40% (up from 34% in FY 2024). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to stay flat during the next 3 years compared to a 4.0% growth forecast for the Infrastructure industry in China. Over the last 3 years on average, earnings per share has increased by 11% per year whereas the company’s share price has increased by 16% per year. Reported Earnings • Jan 28
Full year 2025 earnings released: EPS: CN¥0.86 (vs CN¥0.75 in FY 2024) Full year 2025 results: EPS: CN¥0.86 (up from CN¥0.75 in FY 2024). Revenue: CN¥4.47b (down 2.2% from FY 2024). Net income: CN¥1.80b (up 15% from FY 2024). Profit margin: 40% (up from 34% in FY 2024). The increase in margin was driven by lower expenses. Revenue is forecast to grow 1.0% p.a. on average during the next 2 years, compared to a 3.8% growth forecast for the Infrastructure industry in China. Over the last 3 years on average, earnings per share has increased by 11% per year whereas the company’s share price has increased by 16% per year. Announcement • Dec 31
Guangdong Provincial Expressway Development Co., Ltd. to Report Fiscal Year 2025 Results on Mar 14, 2026 Guangdong Provincial Expressway Development Co., Ltd. announced that they will report fiscal year 2025 results on Mar 14, 2026 Reported Earnings • Oct 29
Third quarter 2025 earnings released: EPS: CN¥0.23 (vs CN¥0.24 in 3Q 2024) Third quarter 2025 results: EPS: CN¥0.23 (down from CN¥0.24 in 3Q 2024). Revenue: CN¥1.24b (down 2.1% from 3Q 2024). Net income: CN¥488.0m (down 2.6% from 3Q 2024). Profit margin: 39% (in line with 3Q 2024). Revenue is forecast to grow 2.2% p.a. on average during the next 3 years, compared to a 3.5% growth forecast for the Infrastructure industry in China. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has increased by 18% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Aug 29
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: CN¥1.07b (down 3.5% from 2Q 2024). Net income: CN¥399.7m (down 8.1% from 2Q 2024). Profit margin: 37% (down from 39% in 2Q 2024). Revenue is forecast to grow 2.1% p.a. on average during the next 3 years, compared to a 4.0% growth forecast for the Infrastructure industry in China. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 18% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • Jul 06
Dividend reduced to CN¥0.52 Dividend of CN¥0.52 is 4.4% lower than last year. Ex-date: 14th July 2025 Payment date: 14th July 2025 Dividend yield will be 3.9%, which is higher than the industry average of 2.8%. Sustainability & Growth Dividend is covered by both earnings (61% earnings payout ratio) and cash flows (72% cash payout ratio). The dividend has increased by an average of 18% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 16% over the next 3 years. However, it would need to fall by 33% to increase the payout ratio to a potentially unsustainable range. Announcement • Jul 02
Guangdong Provincial Expressway Development Co., Ltd. to Report First Half, 2025 Results on Aug 29, 2025 Guangdong Provincial Expressway Development Co., Ltd. announced that they will report first half, 2025 results on Aug 29, 2025 Reported Earnings • Apr 30
First quarter 2025 earnings released: EPS: CN¥0.31 (vs CN¥0.20 in 1Q 2024) First quarter 2025 results: EPS: CN¥0.31 (up from CN¥0.20 in 1Q 2024). Revenue: CN¥1.05b (down 6.6% from 1Q 2024). Net income: CN¥657.5m (up 56% from 1Q 2024). Profit margin: 63% (up from 37% in 1Q 2024). The increase in margin was driven by lower expenses. Revenue is forecast to grow 1.9% p.a. on average during the next 3 years, compared to a 4.7% growth forecast for the Infrastructure industry in China. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 21% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Apr 30
Guangdong Provincial Expressway Development Co., Ltd., Annual General Meeting, May 21, 2025 Guangdong Provincial Expressway Development Co., Ltd., Annual General Meeting, May 21, 2025, at 15:00 China Standard Time. Location: The Company's Meeting Room, Guangzhou, Guangdong China Announcement • Mar 31
Guangdong Provincial Expressway Development Co., Ltd. to Report Q1, 2025 Results on Apr 30, 2025 Guangdong Provincial Expressway Development Co., Ltd. announced that they will report Q1, 2025 results on Apr 30, 2025 New Risk • Mar 19
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.007% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.007% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Price Target Changed • Mar 11
Price target increased by 10% to CN¥15.40 Up from CN¥13.96, the current price target is an average from 3 analysts. New target price is 16% above last closing price of CN¥13.23. Stock is up 37% over the past year. The company is forecast to post earnings per share of CN¥0.75 for next year compared to CN¥0.75 last year. New Risk • Mar 04
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.7% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.7% per year for the foreseeable future. Minor Risk Dividend is not well covered by cash flows (94% cash payout ratio). Reported Earnings • Mar 04
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: CN¥0.75 (down from CN¥0.78 in FY 2023). Revenue: CN¥4.57b (down 6.3% from FY 2023). Net income: CN¥1.56b (down 4.4% from FY 2023). Profit margin: 34% (in line with FY 2023). Revenue missed analyst estimates by 1.9%. Earnings per share (EPS) also missed analyst estimates by 1.3%. Revenue is forecast to grow 3.5% p.a. on average during the next 2 years, compared to a 5.8% growth forecast for the Infrastructure industry in China. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 25% per year, which means it is well ahead of earnings. Announcement • Dec 31
Guangdong Provincial Expressway Development Co., Ltd. to Report Fiscal Year 2024 Results on Mar 15, 2025 Guangdong Provincial Expressway Development Co., Ltd. announced that they will report fiscal year 2024 results on Mar 15, 2025 Price Target Changed • Oct 26
Price target increased by 14% to CN¥13.15 Up from CN¥11.56, the current price target is an average from 2 analysts. New target price is 15% above last closing price of CN¥11.39. Stock is up 36% over the past year. The company is forecast to post earnings per share of CN¥0.77 for next year compared to CN¥0.78 last year. New Risk • Oct 25
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.0% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 1.0% per year for the foreseeable future. Minor Risk Dividend is not well covered by cash flows (99% cash payout ratio). Reported Earnings • Oct 25
Third quarter 2024 earnings released: EPS: CN¥0.24 (vs CN¥0.23 in 3Q 2023) Third quarter 2024 results: EPS: CN¥0.24 (up from CN¥0.23 in 3Q 2023). Revenue: CN¥1.27b (down 5.6% from 3Q 2023). Net income: CN¥500.9m (up 6.4% from 3Q 2023). Profit margin: 39% (up from 35% in 3Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to stay flat during the next 3 years compared to a 4.9% growth forecast for the Infrastructure industry in China. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 17% per year, which means it is well ahead of earnings. Announcement • Sep 30
Guangdong Provincial Expressway Development Co., Ltd. to Report Q3, 2024 Results on Oct 31, 2024 Guangdong Provincial Expressway Development Co., Ltd. announced that they will report Q3, 2024 results on Oct 31, 2024 Buy Or Sell Opportunity • Sep 13
Now 21% undervalued Over the last 90 days, the stock has risen 10% to CN¥11.32. The fair value is estimated to be CN¥14.34, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 4.1% over the last 3 years. Earnings per share has declined by 6.5%. Revenue is forecast to decline by 2.4% in 2 years. Earnings are forecast to decline by 1.6% in the next 2 years. Major Estimate Revision • Sep 05
Consensus EPS estimates fall by 10% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from CN¥4.95b to CN¥4.52b. EPS estimate also fell from CN¥0.80 per share to CN¥0.72 per share. Net income forecast to shrink 4.3% next year vs 8.0% growth forecast for Infrastructure industry in China . Consensus price target up from CN¥11.04 to CN¥11.56. Share price rose 2.6% to CN¥11.55 over the past week. Reported Earnings • Aug 30
Second quarter 2024 earnings released: EPS: CN¥0.21 (vs CN¥0.22 in 2Q 2023) Second quarter 2024 results: EPS: CN¥0.21 (down from CN¥0.22 in 2Q 2023). Revenue: CN¥1.11b (down 6.7% from 2Q 2023). Net income: CN¥434.8m (down 8.6% from 2Q 2023). Profit margin: 39% (in line with 2Q 2023). Revenue is forecast to grow 1.2% p.a. on average during the next 3 years, compared to a 6.0% growth forecast for the Infrastructure industry in China. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 16% per year, which means it is well ahead of earnings. Declared Dividend • Jul 08
Dividend of CN¥0.55 announced Shareholders will receive a dividend of CN¥0.55. Ex-date: 15th July 2024 Payment date: 15th July 2024 Dividend yield will be 4.9%, which is higher than the industry average of 2.8%. Sustainability & Growth Dividend is covered by both earnings (70% earnings payout ratio) and cash flows (57% cash payout ratio). The dividend has increased by an average of 27% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 5.9% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Jun 29
Guangdong Provincial Expressway Development Co., Ltd. to Report First Half, 2024 Results on Aug 30, 2024 Guangdong Provincial Expressway Development Co., Ltd. announced that they will report first half, 2024 results on Aug 30, 2024 Announcement • Apr 30
Guangdong Provincial Expressway Development Co., Ltd., Annual General Meeting, May 20, 2024 Guangdong Provincial Expressway Development Co., Ltd., Annual General Meeting, May 20, 2024, at 15:00 China Standard Time. Location: The Company's Meeting Room, Guangzhou, Guangdong China Reported Earnings • Apr 29
First quarter 2024 earnings released: EPS: CN¥0.20 (vs CN¥0.20 in 1Q 2023) First quarter 2024 results: EPS: CN¥0.20 (in line with 1Q 2023). Revenue: CN¥1.12b (down 2.6% from 1Q 2023). Net income: CN¥420.7m (up 2.6% from 1Q 2023). Profit margin: 37% (up from 36% in 1Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 1.6% p.a. on average during the next 3 years, compared to a 7.2% growth forecast for the Infrastructure industry in China. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Announcement • Mar 30
Guangdong Provincial Expressway Development Co., Ltd. to Report Q1, 2024 Results on Apr 29, 2024 Guangdong Provincial Expressway Development Co., Ltd. announced that they will report Q1, 2024 results on Apr 29, 2024 Price Target Changed • Mar 18
Price target increased by 12% to CN¥11.04 Up from CN¥9.88, the current price target is an average from 2 analysts. New target price is 14% above last closing price of CN¥9.72. Stock is up 22% over the past year. The company is forecast to post earnings per share of CN¥0.80 for next year compared to CN¥0.78 last year. Reported Earnings • Mar 16
Full year 2023 earnings released: EPS: CN¥0.78 (vs CN¥0.61 in FY 2022) Full year 2023 results: EPS: CN¥0.78 (up from CN¥0.61 in FY 2022). Revenue: CN¥4.88b (up 17% from FY 2022). Net income: CN¥1.63b (up 28% from FY 2022). Profit margin: 34% (up from 31% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 2.8% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Infrastructure industry in China. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Reported Earnings • Jan 26
Full year 2023 earnings released: EPS: CN¥0.78 (vs CN¥0.61 in FY 2022) Full year 2023 results: EPS: CN¥0.78 (up from CN¥0.61 in FY 2022). Revenue: CN¥4.88b (up 17% from FY 2022). Net income: CN¥1.63b (up 28% from FY 2022). Profit margin: 34% (up from 31% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.0% p.a. on average during the next 2 years, compared to a 10% growth forecast for the Infrastructure industry in China. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 15% per year, which means it is well ahead of earnings. Announcement • Dec 29
Guangdong Provincial Expressway Development Co., Ltd. to Report Fiscal Year 2023 Results on Mar 16, 2024 Guangdong Provincial Expressway Development Co., Ltd. announced that they will report fiscal year 2023 results on Mar 16, 2024 Announcement • Dec 08
Guangdong Provincial Expressway Development Co., Ltd. Approves Director Appointments Guangdong Provincial Expressway Development Co., Ltd. announced at the EGM held on December 5, 2023, approved election of Zhang Renshou and Liu Heng as independent directors. Announcement • Jun 09
Guangdong Provincial Expressway Development Co., Ltd., Annual General Meeting, Jun 28, 2023 Guangdong Provincial Expressway Development Co., Ltd., Annual General Meeting, Jun 28, 2023, at 15:00 China Standard Time. Agenda: To consider 2022 annual accounts; to consider 2022 profit distribution plan; to consider 2023 overall budget plan; to consider 2022 work report of the board of directors; to consider 2022 work report of the supervisory committee; 2022 annual report and its summary; to consider appointment of 2023 financial audit firm; to consider appointment of 2023 internal control audit firm; to consider 2023 investment plan; and to consider Amendments to some of the Company's articles of association. Announcement • Sep 22
Guangdong Provincial Expressway Development Co., Ltd. Announces Directorate Appointments Guangdong Provincial Expressway Development Co., Ltd. announced that at the EGM held on 20 September 2022 elected Yao Xuechang as non-independent director, Yu Mingyuan and You Dewei as independent directors. Announcement • Aug 23
Guangdong Provincial Expressway Development Co., Ltd. Approves Election of Miao Deshan as A Director Guangdong Provincial Expressway Development Co., Ltd. at 1st Extraordinary General Meeting of 2022 on 19 August 2022, during which approved Election of Miao Deshan as a director. Announcement • Mar 04
Guangdong Provincial Expressway Development Co., Ltd. to Report Fiscal Year 2020 Results on Apr 16, 2021 Guangdong Provincial Expressway Development Co., Ltd. announced that they will report fiscal year 2020 results on Apr 16, 2021 Announcement • Feb 05
Guangdong Provincial Expressway Development Co., Ltd. Appoints Lu Ming as Director Guangdong Provincial Expressway Development Co., Ltd. at its Extraordinary General Meeting of 2021 held on February 3, 2021 approved the election of Lu Ming as a director. Announcement • Jan 28
Guangdong Provincial Expressway Development Co., Ltd.(XSEC:000429) dropped from S&P Global BMI Index Guangdong Provincial Expressway Development Co., Ltd.(XSEC:000429) dropped from S&P Global BMI Index Announcement • Nov 05
Guangdong Provincial Expressway Development Co., Ltd. Elects Directors Guangdong Provincial Expressway Development Co., Ltd. announced that at the EGM held on 02 November 2020, it elected You Xiaocong and Wu Hao as non-independent directors. Announcement • Aug 06
Guangdong Provincial Expressway Development Co., Ltd. to Report First Half, 2020 Results on Aug 26, 2020 Guangdong Provincial Expressway Development Co., Ltd. announced that they will report first half, 2020 results on Aug 26, 2020 Announcement • Jul 30
Shandong High-speed Investment Development Co., Ltd completed the acquisition of 9.68% stake in Guangdong Provincial Expressway Development Co., Ltd. (SZSE:200429) from Yadong Fuxing Yalian Investment Co., Ltd. Shandong High-speed Investment Development Co., Ltd entered into an agreement to acquire 9.68% stake in Guangdong Provincial Expressway Development Co., Ltd. (SZSE:200429) from Yadong Fuxing Yalian Investment Co., Ltd. for CNY 1.3 billion on July 3, 2020. Under the terms, Shandong High-speed Investment Development will acquire 202.4 million shares for an offer per share of CNY 6.66. Within 2 working days after obtaining the Shenzhen Stock Exchange's confirmation letter on the transaction, Shandong High-speed Investment Development shall pay 50% of the total transfer price and within 2 working days from the date of completion of the transfer of the underlying shares, Shandong High-speed Investment Development shall pay the remaining transfer price.
Shandong High-speed Investment Development Co., Ltd completed the acquisition of 9.68% stake in Guangdong Provincial Expressway Development Co., Ltd. (SZSE:200429) from Yadong Fuxing Yalian Investment Co., Ltd. on July 15, 2020. On July 16, 2020, Guangdong Provincial Expressway Development received the confirmation letter of securities transfer registration issued by China securities registration and Clearing Co., Ltd., confirming that the registration procedures for transfer of this agreement have been completed, with the transfer date being July 15, 2020. 
