Announcement • Jul 10
Anhui Expressway Company Limited Announces Resignation of Yang Jianguo as A Non- Executive Director and A Member of the Audit Committee Anhui Expressway Company Limited announced that Mr. Yang Jianguo has tendered his resignation as a non- executive Director and a member of the audit committee of the Board due to change of his work arrangement. The resignation of Mr. Yang will take effect upon the receipt of the same by the Board. Pursuant to the provisions of the Companies Law of the People's Republic of China and other applicable laws and regulations, as well as the Articles of Association, the resignation of Mr. Yang will not result in the number of Directors of the Company falling below the minimum number required under the law and will not affect the normal operation of the Board. Upon the resignation taking effect, Mr. Yang will not hold any position in the Company. Announcement • Jun 30
Anhui Expressway Company Limited to Report First Half, 2026 Results on Aug 25, 2026 Anhui Expressway Company Limited announced that they will report first half, 2026 results on Aug 25, 2026 Announcement • May 22
Anhui Expressway Company Limited, Annual General Meeting, Jun 26, 2026 Anhui Expressway Company Limited, Annual General Meeting, Jun 26, 2026, at 14:30 China Standard Time. Location: 520 wangjiang west road, hefei, anhui, China Announcement • Mar 30
Anhui Expressway Company Limited to Report Q1, 2026 Results on Apr 29, 2026 Anhui Expressway Company Limited announced that they will report Q1, 2026 results on Apr 29, 2026 Announcement • Feb 04
Anhui Expressway Company Limited (SHSE:600012) acquired 7% stake in Shandong Hi-speed Company Limited (SHSE:600350) from Shandong High-Speed Group Co., Ltd. Anhui Expressway Company Limited (SHSE:600012) entered into a share transfer agreement to acquire 7% stake in Shandong Hi-speed Company Limited (SHSE:600350) from Shandong High-Speed Group Co., Ltd. for CNY 3 billion on October 21, 2025. A cash consideration valued at CNY 8.92 per share will be paid by Anhui Expressway Company Limited. As part of consideration, Anhui Expressway Company conditionally agreed to acquire, 338,419,957 A shares of Shandong Hi-speed Company Limited. The acquisition consideration will be paid in two cash installments by the Anhui Expressway Company. The first installment, amounting to approximately CNY 905.61 million (30% of the total), is to be paid within five working days after the conditions precedent for the share transfer agreement are met. The second installment, totaling approximately CNY 2.11 billion (70% of the total), is due within ten working days following the confirmation from the Shanghai Stock Exchange regarding the share transfer agreement, and before the transfer registration of the shares.
The Share Transfer Agreement will become effective only upon the fulfillment of several conditions precedent. Firstly, both parties must secure approval from their respective authorized decision-making bodies in compliance with applicable laws, regulations, and their articles of association. Secondly, approval for the acquisition must be obtained from the relevant state-owned assets supervision and administration department or its authorized state-invested enterprise. Lastly, any additional conditions for effectiveness as stipulated by law and administrative regulations must be met, including obtaining any required approvals from other competent authorities, if necessary. The board of Shandong Hi-speed are of the view that the terms of the agreement are fair and reasonable, on normal commercial terms, and in the interests of Shandong Hi-speed and its shareholders. Accordingly, the Board of Anhui Expressway Company Limited recommend the Shareholders to vote in favor of the proposed resolution to approve the Share Transfer Agreement and the transactions contemplated thereunder at the EGM, which is scheduled to take place on December 30, 2025. As of December 30, 2025, the transaction has been approved by the shareholders of Anhui Expressway Company Limited.
Anhui Expressway Company Limited (SHSE:600012) completed the acquisition of 7% stake in Shandong Hi-speed Company Limited (SHSE:600350) from Shandong High-Speed Group Co., Ltd. February 4, 2026. Announcement • Dec 26
Anhui Expressway Company Limited to Report Fiscal Year 2025 Results on Mar 28, 2026 Anhui Expressway Company Limited announced that they will report fiscal year 2025 results on Mar 28, 2026 Announcement • Oct 22
Anhui Expressway Company Limited (SHSE:600012) entered into a share transfer agreement to acquire 7% stake in Shandong Hi-speed Company Limited (SHSE:600350) from Shandong High-Speed Group Co., Ltd. for CNY 3.0 billion. Anhui Expressway Company Limited (SHSE:600012) entered into a share transfer agreement to acquire 7% stake in Shandong Hi-speed Company Limited (SHSE:600350) from Shandong High-Speed Group Co., Ltd. for CNY 3.0 billion on October 21, 2025. A cash consideration valued at CNY 8.92 per share will be paid by Anhui Expressway Company Limited. As part of consideration, Anhui Expressway Company conditionally agreed to acquire, 338,419,957 A shares of Shandong Hi-speed Company Limited. The acquisition consideration will be paid in two cash installments by the Anhui Expressway Company. The first installment, amounting to approximately CNY 905.61 million (30% of the total), is to be paid within five working days after the conditions precedent for the share transfer agreement are met. The second installment, totaling approximately CNY 2.11 billion (70% of the total), is due within ten working days following the confirmation from the Shanghai Stock Exchange regarding the share transfer agreement, and before the transfer registration of the shares.
The Share Transfer Agreement will become effective only upon the fulfillment of several conditions precedent. Firstly, both parties must secure approval from their respective authorized decision-making bodies in compliance with applicable laws, regulations, and their articles of association. Secondly, approval for the acquisition must be obtained from the relevant state-owned assets supervision and administration department or its authorized state-invested enterprise. Lastly, any additional conditions for effectiveness as stipulated by law and administrative regulations must be met, including obtaining any required approvals from other competent authorities, if necessary. Announcement • Sep 30
Anhui Expressway Company Limited to Report Q3, 2025 Results on Oct 29, 2025 Anhui Expressway Company Limited announced that they will report Q3, 2025 results on Oct 29, 2025 Announcement • Jun 30
Anhui Expressway Company Limited to Report First Half, 2025 Results on Aug 29, 2025 Anhui Expressway Company Limited announced that they will report first half, 2025 results on Aug 29, 2025 Announcement • Jun 29
Anhui Expressway Company Limited Announces Resignation of Lee Chung Shing as Company Secretary, Effective June 27, 2025 The board of directors of Anhui Expressway Company Limited announced that the Company has received a written resignation from Mr. Lee Chung Shing ("Mr. Lee"). Due to change of work arrangement, Mr. Lee tendered his resignation as the company secretary and an authorised representative of the Company (the "Authorised Representative") under Rule 3.05 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited with effect from 27 June 2025. Announcement • Jun 24
Anhui Expressway Company Limited Approves Final Dividend for the Year Ended 31 December 2024, Payable on or Before 30 July 2025 Anhui Expressway Company Limited at Annual General Meeting Held on 24 June 2025 the payment of a final dividend of RMB 0.604 per share (tax included) for the year ended 31 December 2024 to all Shareholders as recommended by the Board was passed at the AGM. The Company will pay dividends in respect of the H Shares to the holders of H Shares of the Company whose names appear in the register of members of the Company on 4 July 2025. Pursuant to the articles of association of the Company, the Company has appointed Bank of China (Hong Kong) Trustees Limited (the "Receiving Agent") to receive on behalf of holders of H Shares all dividends declared in respect of H Shares. The Receiving Agent is a trust company registered under the Trustee Ordinance in Hong Kong. Cheques for the H Share dividends will be issued by the Receiving Agent and are expected to be despatched by ordinary post to holders of H Shares at their own risk on or before 30 July 2025 (payment date of dividends for H Shares). Announcement • May 30
Anhui Expressway Company Limited, Annual General Meeting, Jun 24, 2025 Anhui Expressway Company Limited, Annual General Meeting, Jun 24, 2025, at 14:30 China Standard Time. Announcement • Mar 31
Anhui Expressway Company Limited Proposes Final Ordinary Dividend for the Year Ended 31 December 2024, Payable on or Before August 15, 2025 Anhui Expressway Company Limited board of directors proposes to distribute a final ordinary dividend for the year ended 31 December 2024 of RMB 0.604 per share, amounting to a total of RMB 1,001,800,000 at the meeting of the board of directors on 28 March 2025. The final dividend is expected to be paid on or before 15 August 2025, subject to approval at the Company's 2024 annual general meeting. Announcement • Mar 28
Anhui Expressway Company Limited to Report Q1, 2025 Results on Apr 29, 2025 Anhui Expressway Company Limited announced that they will report Q1, 2025 results on Apr 29, 2025 Announcement • Dec 27
Anhui Expressway Company Limited to Report Fiscal Year 2024 Results on Mar 31, 2025 Anhui Expressway Company Limited announced that they will report fiscal year 2024 results on Mar 31, 2025 Reported Earnings • Oct 28
Third quarter 2024 earnings released: EPS: CN¥0.25 (vs CN¥0.31 in 3Q 2023) Third quarter 2024 results: EPS: CN¥0.25 (down from CN¥0.31 in 3Q 2023). Revenue: CN¥1.99b (down 1.5% from 3Q 2023). Net income: CN¥411.2m (down 20% from 3Q 2023). Profit margin: 21% (down from 25% in 3Q 2023). The decrease in margin was primarily driven by higher expenses. Revenue is expected to decline by 23% p.a. on average during the next 3 years, while revenues in the Infrastructure industry in Europe are expected to grow by 4.1%. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 27% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Sep 30
Anhui Expressway Company Limited to Report Q3, 2024 Results on Oct 29, 2024 Anhui Expressway Company Limited announced that they will report Q3, 2024 results on Oct 29, 2024 Valuation Update With 7 Day Price Move • Sep 25
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €1.09, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 15x in the Infrastructure industry in Europe. Total returns to shareholders of 172% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €0.90 per share. Buy Or Sell Opportunity • Sep 25
Now 21% overvalued The stock has been flat over the last 90 days, currently trading at €1.09. The fair value is estimated to be €0.90, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 21% over the last 3 years. Earnings per share has grown by 3.0%. Revenue is forecast to decline by 31% in 2 years. Earnings are forecast to grow by 8.9% in the next 2 years. Reported Earnings • Sep 01
Second quarter 2024 earnings released: EPS: CN¥0.21 (vs CN¥0.23 in 2Q 2023) Second quarter 2024 results: EPS: CN¥0.21 (down from CN¥0.23 in 2Q 2023). Revenue: CN¥1.77b (up 50% from 2Q 2023). Net income: CN¥350.2m (down 7.9% from 2Q 2023). Profit margin: 20% (down from 32% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is expected to decline by 18% p.a. on average during the next 3 years, while revenues in the Infrastructure industry in Europe are expected to grow by 3.9%. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 27% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Jul 24
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 6.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (6.8% average weekly change). Buy Or Sell Opportunity • Jul 02
Now 16% overvalued after recent price rise Over the last 90 days, the stock has risen 5.8% to €1.09. The fair value is estimated to be €0.94, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years. Earnings per share has grown by 4.6%. Revenue is forecast to decline by 26% in 2 years. Earnings are forecast to grow by 19% in the next 2 years. Announcement • Jun 28
Anhui Expressway Company Limited to Report First Half, 2024 Results on Aug 31, 2024 Anhui Expressway Company Limited announced that they will report first half, 2024 results on Aug 31, 2024 Buy Or Sell Opportunity • Jun 19
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 9.6% to €1.14. The fair value is estimated to be €0.94, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years. Earnings per share has grown by 4.6%. Revenue is forecast to decline by 26% in 2 years. Earnings are forecast to grow by 19% in the next 2 years. Upcoming Dividend • Jun 04
Upcoming dividend of CN¥0.60 per share Eligible shareholders must have bought the stock before 11 June 2024. Payment date: 12 July 2024. Payout ratio is a comfortable 60% but the company is not cash flow positive. Trailing yield: 6.5%. Within top quartile of German dividend payers (4.6%). Higher than average of industry peers (3.8%). Buy Or Sell Opportunity • May 31
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 15% to €1.16. The fair value is estimated to be €0.96, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years. Earnings per share has grown by 4.6%. Revenue is forecast to decline by 26% in 2 years. Earnings are forecast to grow by 19% in the next 2 years. Buy Or Sell Opportunity • May 13
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 32% to €1.18. The fair value is estimated to be €0.97, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years. Earnings per share has grown by 4.7%. Revenue is forecast to decline by 26% in 2 years. Earnings are forecast to grow by 19% in the next 2 years. Valuation Update With 7 Day Price Move • May 10
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to €1.13, the stock trades at a trailing P/E ratio of 8.9x. Average forward P/E is 15x in the Infrastructure industry in Europe. Total returns to shareholders of 152% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €0.95 per share. Declared Dividend • May 08
Dividend of CN¥0.60 announced Shareholders will receive a dividend of CN¥0.60. Ex-date: 11th June 2024 Payment date: 12th July 2024 Dividend yield will be 56%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is covered by earnings (60% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 11% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. Earnings per share has grown by 7.7% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • May 08
Anhui Expressway Company Limited, Annual General Meeting, Jun 06, 2024 Anhui Expressway Company Limited, Annual General Meeting, Jun 06, 2024, at 14:30 China Standard Time. Location: The Company's Meeting Room, Hefei, Anhui China Buy Or Sell Opportunity • Apr 10
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 18% to €1.04. The fair value is estimated to be €0.87, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 20% over the last 3 years. Earnings per share has grown by 9.4%. For the next 3 years, revenue is forecast to decline by 12% per annum. Earnings are forecast to grow by 7.4% per annum over the same time period. Reported Earnings • Mar 31
Full year 2023 earnings released: EPS: CN¥1.00 (vs CN¥0.87 in FY 2022) Full year 2023 results: EPS: CN¥1.00 (up from CN¥0.87 in FY 2022). Revenue: CN¥6.63b (up 27% from FY 2022). Net income: CN¥1.66b (up 15% from FY 2022). Profit margin: 25% (down from 28% in FY 2022). The decrease in margin was driven by higher expenses. Revenue is expected to decline by 11% p.a. on average during the next 3 years, while revenues in the Infrastructure industry in Europe are expected to grow by 3.5%. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has increased by 16% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • Mar 27
Now 21% undervalued Over the last 90 days, the stock has risen 20% to €1.01. The fair value is estimated to be €1.28, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 21% over the last 3 years. Earnings per share has grown by 15%. Revenue is forecast to grow by 8.1% in 2 years. Earnings are forecast to grow by 19% in the next 2 years. Buy Or Sell Opportunity • Feb 02
Now 21% undervalued Over the last 90 days, the stock has risen 5.8% to €0.91. The fair value is estimated to be €1.15, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 21% over the last 3 years. Earnings per share has grown by 15%. Revenue is forecast to grow by 8.1% in 2 years. Earnings are forecast to grow by 19% in the next 2 years. Buying Opportunity • Jan 18
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 1.7%. The fair value is estimated to be €1.13, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 21% over the last 3 years. Earnings per share has grown by 15%. Revenue is forecast to grow by 8.1% in 2 years. Earnings is forecast to grow by 19% in the next 2 years. Announcement • Dec 30
Anhui Expressway Company Limited to Report Fiscal Year 2023 Results on Mar 29, 2024 Anhui Expressway Company Limited announced that they will report fiscal year 2023 results on Mar 29, 2024 Announcement • Nov 22
Anhui Expressway Company Limited Announce Executive Changes The board of directors of Anhui Expressway Company Limited announced that the Company has recently received the written resignation application from Ms. Deng Ping (Ms. Deng). Due to change of work arrangement, Ms. Deng tendered her resignation as deputy general manager of the Company. Ms. Deng has confirmed that she has no disagreement with the Board in any respect and there are no other matters relating to her resignation that need to be brought to the attention of the shareholders (the Shareholders) of the Company or The Stock Exchange of Hong Kong Limited (the Stock Exchange). Ms. Deng's resignation application took effect upon the receipt of the same by the Board of the Company. After her resignation, Ms. Deng will not hold any position in the Company. The Board announced that, pursuant to the nomination from the general manager of the Company, and followed by the consideration by the human resources and remuneration committee under the Board of the Company, the appointment of Mr. Zhang Jinlin (Mr. Zhang) as deputy general manager of the Company was approved by the Board in a meeting held on 21 November 2023 for a term commencing on the date of approval at the Board meeting and ending on the date of the appointment of the new session of the Board. Mr. Zhang, born in February 1967, holds a postgraduate degree, and is a senior engineer. He started working in July 1988, and served as a technician in the Anhui High-level Expressway Construction Commanding Bureau, the deputy director of the central control room of Anhui High-level Expressway Administration, the director of the central control room of the operation division of Anhui Expressway Holding Corporation, Party's Branch Committee member and deputy director of the Hefei management office of Anhui Expressway Company Limited, Party's Branch Committee member and deputy general manager of Anhui High-level Project Management Co. Ltd., member of the Party Committee and deputy general manager of Anhui Expressway Network Operations Company Limited. From December 2018 to March 2021, he served as the Party's Branch secretary general and chairman of the board of directors of Xuanguang Expressway Company Limited. From March 2021 to October 2023, he served as the secretary of the Party Committee and director of the Wuhu Expressway management center of Anhui Transportation Holding Group. The Board announced that, pursuant to the nomination from the general manager of the Company, and followed by the consideration by the human resources and remuneration committee under the Board of the Company, the appointment of Mr. Wu Jianmin (Mr. Wu) as chief engineer of the Company was approved by the Board in a meeting held on 21 November 2023 for a term commencing on the date of approval at the Board meeting and ending on the date of the appointment of the new session of the Board. Mr. Wu, born in November 1969, has a university degree, a master's degree in engineering, and is a senior engineer. He started working in July 1992, and served as the head of the quality inspection department, deputy project manager, and manager of Anhui Provincial Port & Shipping Engineering Company, the deputy manager of the direct branch of Anhui Provincial Road Port Engineering Company, the deputy director of the Sixu Expressway Construction Office of Anhui Provincial Communications Investment Group, the deputy director of the Xinqiao International Airport Expressway Construction Office, and the Party branch secretary and director of the Jiqi Expressway (Lixin - Huainan section) Construction Office, of Anhui Provincial Communications Investment Group. From April 2016 to June 2020, he served as the Party branch secretary and director of the He'an Expressway Reconstruction and Expansion Project Office of Anhui Transportation Holding Group. From June 2020 to December 2022, he served as the chief engineer of Anhui Transportation Construction Management Co. Ltd. From December 2022 to October 2023, he served as a member of the Party Committee and chief engineer of Anhui Transportation Construction Management Co. Ltd. Reported Earnings • Oct 31
Third quarter 2023 earnings released: EPS: CN¥0.31 (vs CN¥0.31 in 3Q 2022) Third quarter 2023 results: EPS: CN¥0.31 (up from CN¥0.31 in 3Q 2022). Revenue: CN¥2.02b (up 73% from 3Q 2022). Net income: CN¥511.3m (flat on 3Q 2022). Profit margin: 25% (down from 43% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to stay flat during the next 3 years compared to a 4.5% growth forecast for the Infrastructure industry in Europe. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has increased by 28% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Sep 29
Anhui Expressway Company Limited Announces Management Changes The board of directors of Anhui Expressway Company Limited announced that the Company has recently received the written resignation applications from Mr. Yang Xiaoguang and Mr. Tao Wensheng. Due to retirement, Mr. Yang has tendered his resignation as an executive director and the vice chairman of the Company. Due to change of work arrangement, Mr. Tao has tendered his resignation as an executive director and the general manager of the Company. At the same time, each of them ceased to be a member of the strategic development and investment committee of the Company. The Board announces that, as nominated by the chairman of the Company, uponconsideration by the Human Resources and Remuneration Committee under the Board of the Company, the Board resolved in a meeting held on 28 September 2023 to approve the appointment of Mr. Wang Xiaowen ("Mr. Wang"), in replacement of Mr. Tao, as the general manager of the Company for a term commencing on the date of approval at the Board meeting and ending on the date of the appointment of the new session of the Board. Mr. Wang Xiaowen, born in 1970, has the master degree and the title of senior auditor. He started to work in July 1990, serving as the deputy secretary of the Committee of Chinese Communist Youth League under the Political Section of Anqing RoadTransportation Corporation; the chief of the Finance Section, office director, member of the Committee of the General Party Branch and deputy division director of Gaojie Expressway Management Division, Anhui Expressway Holding Corporation; the secretary of the Party Branch and the executive vice president of Anhui High-speed Logistics Corporation; the secretary of the General Party Branch and chief of He ' an Expressway Management Division, Anhui Transportation Holding Group and the executive director and president of Anhui Anqing Yangtze River Expressway Bridge Limited Liability Company from August 2015 to August 2021; the secretary of the Party Committee and director of He'an Expressway Management Center, Anhui Transportation Holding Group Company Limited and the executive director and president of Anhui Anqing Yangtze River Expressway Bridge Limited Liability Company from August 2021 to December 2022; the chief of the Finance Department, the secretary of the General Party Branch and chief of the Financial Sharing Center, Anhui Transportation Holding Group Company Limited from December 2022 to September 2023. Reported Earnings • Aug 31
Second quarter 2023 earnings released: EPS: CN¥0.23 (vs CN¥0.16 in 2Q 2022) Second quarter 2023 results: EPS: CN¥0.23 (up from CN¥0.16 in 2Q 2022). Revenue: CN¥1.18b (down 36% from 2Q 2022). Net income: CN¥380.0m (up 46% from 2Q 2022). Profit margin: 32% (up from 14% in 2Q 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 3.4% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Infrastructure industry in Europe. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has increased by 31% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Jun 14
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 7.1% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Upcoming Dividend • Jun 07
Upcoming dividend of CN¥0.55 per share at 7.5% yield Eligible shareholders must have bought the stock before 13 June 2023. Payment date: 19 July 2023. Payout ratio is a comfortable 61% but the company is paying out more than the cash it is generating. Trailing yield: 7.5%. Within top quartile of German dividend payers (4.7%). Higher than average of industry peers (3.2%). Reported Earnings • Apr 30
First quarter 2023 earnings released: EPS: CN¥0.28 (vs CN¥0.24 in 1Q 2022) First quarter 2023 results: EPS: CN¥0.28 (up from CN¥0.24 in 1Q 2022). Revenue: CN¥1.15b (up 19% from 1Q 2022). Net income: CN¥459.5m (up 13% from 1Q 2022). Profit margin: 40% (down from 42% in 1Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 4.2% p.a. on average during the next 3 years, compared to a 5.8% growth forecast for the Infrastructure industry in Europe. Over the last 3 years on average, earnings per share has increased by 23% per year whereas the company’s share price has increased by 25% per year. Buying Opportunity • Dec 24
Now 24% undervalued Over the last 90 days, the stock is up 2.2%. The fair value is estimated to be €0.93, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 23% over the last 3 years. Earnings per share has grown by 21%. Revenue is forecast to grow by 71% in 2 years. Earnings is forecast to grow by 28% in the next 2 years. Board Change • Nov 16
Less than half of directors are independent There are 8 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 8 new directors. 4 experienced directors. No highly experienced directors. 3 independent directors (6 non-independent directors). Member of Supervisory Committee Yue Jiang is the most experienced director on the board, commencing their role in 2016. Independent Non-Executive Director Jianping Zhang was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Reported Earnings • Oct 30
Third quarter 2022 earnings released: EPS: CN¥0.31 (vs CN¥0.23 in 3Q 2021) Third quarter 2022 results: EPS: CN¥0.31 (up from CN¥0.23 in 3Q 2021). Revenue: CN¥1.17b (up 31% from 3Q 2021). Net income: CN¥507.3m (up 34% from 3Q 2021). Profit margin: 43% (up from 42% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 6.9% growth forecast for the Infrastructure industry in Europe. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 29
Second quarter 2022 earnings released: EPS: CN¥0.16 (vs CN¥0.22 in 2Q 2021) Second quarter 2022 results: EPS: CN¥0.16 (down from CN¥0.22 in 2Q 2021). Revenue: CN¥1.85b (up 120% from 2Q 2021). Net income: CN¥259.9m (down 27% from 2Q 2021). Profit margin: 14% (down from 43% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is expected to shrink by 16% compared to a 17% growth forecast for the Infrastructure industry in Germany. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • May 17
Upcoming dividend of CN¥0.55 per share Eligible shareholders must have bought the stock before 24 May 2022. Payment date: 20 July 2022. Payout ratio is a comfortable 59% and this is well supported by cash flows. Trailing yield: 9.5%. Within top quartile of German dividend payers (4.3%). Higher than average of industry peers (2.6%). Reported Earnings • May 02
First quarter 2022 earnings released: EPS: CN¥0.24 (vs CN¥0.23 in 1Q 2021) First quarter 2022 results: EPS: CN¥0.24 (up from CN¥0.23 in 1Q 2021). Revenue: CN¥966.3m (flat on 1Q 2021). Net income: CN¥406.1m (up 6.3% from 1Q 2021). Profit margin: 42% (up from 40% in 1Q 2021). Over the next year, revenue is forecast to grow 7.5%, compared to a 31% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 16% per year whereas the company’s share price has increased by 12% per year. Board Change • Apr 27
Less than half of directors are independent There are 8 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 8 new directors. 4 experienced directors. No highly experienced directors. 3 independent directors (6 non-independent directors). Member of Supervisory Committee Yue Jiang is the most experienced director on the board, commencing their role in 2016. Independent Non-Executive Director Jianping Zhang was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Reported Earnings • Mar 30
Full year 2021 earnings released: EPS: CN¥0.91 (vs CN¥0.55 in FY 2020) Full year 2021 results: EPS: CN¥0.91 (up from CN¥0.55 in FY 2020). Revenue: CN¥3.92b (up 49% from FY 2020). Net income: CN¥1.51b (up 65% from FY 2020). Profit margin: 39% (up from 35% in FY 2020). The increase in margin was driven by higher revenue. Over the next year, revenue is expected to shrink by 2.8% compared to a 31% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 12% per year whereas the company’s share price has increased by 14% per year. Reported Earnings • Oct 29
Third quarter 2021 earnings released The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2021 results: Revenue: CN¥893.7m (down 3.5% from 3Q 2020). Net income: CN¥378.6m (up 1.8% from 3Q 2020). Profit margin: 42% (up from 40% in 3Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 1% per year whereas the company’s share price has fallen by 1% per year. Reported Earnings • Aug 30
Second quarter 2021 earnings released: EPS CN¥0.22 (vs CN¥0.082 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: CN¥840.2m (up 54% from 2Q 2020). Net income: CN¥358.1m (up 164% from 2Q 2020). Profit margin: 43% (up from 25% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has remained flat whereas the company’s share price has increased by 1% per year. Executive Departure • Jun 24
Members of Supervisory Committee Jiping Chen has left the company On the 17th of June, Jiping Chen's tenure as Members of Supervisory Committee ended after less than a year in the role. We don't have any record of a personal shareholding under Jiping's name. A total of 6 executives have left over the last 12 months. The current median tenure of the management team is 4.25 years. Upcoming Dividend • May 19
Upcoming dividend of CN¥0.23 per share Eligible shareholders must have bought the stock before 26 May 2021. Payment date: 21 July 2021. Trailing yield: 5.1%. Within top quartile of German dividend payers (3.2%). Higher than average of industry peers (3.2%). Reported Earnings • Apr 30
First quarter 2021 earnings released: EPS CN¥0.21 (vs CN¥0.016 loss in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: CN¥847.4m (up 211% from 1Q 2020). Net income: CN¥352.1m (up CN¥378.3m from 1Q 2020). Profit margin: 42% (up from net loss in 1Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Reported Earnings • Mar 30
Full year 2020 earnings released: EPS CN¥0.55 (vs CN¥0.66 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: CN¥2.63b (down 11% from FY 2019). Net income: CN¥918.5m (down 16% from FY 2019). Profit margin: 35% (down from 37% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Feb 09
New 90-day high: €0.56 The company is up 29% from its price of €0.43 on 10 November 2020. The German market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Infrastructure industry, which is up 8.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €0.43 per share. Is New 90 Day High Low • Dec 04
New 90-day high: €0.51 The company is up 29% from its price of €0.39 on 04 September 2020. The German market is up 4.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Infrastructure industry, which is up 27% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €0.37 per share. Is New 90 Day High Low • Nov 19
New 90-day high: €0.46 The company is up 18% from its price of €0.39 on 20 August 2020. The German market is up 1.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Infrastructure industry, which is up 23% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €0.40 per share. Reported Earnings • Oct 30
Third quarter earnings released Over the last 12 months the company has reported total profits of CN¥733.4m, down 34% from the prior year. Total revenue was CN¥2.46b over the last 12 months, down 17% from the prior year. Is New 90 Day High Low • Oct 26
New 90-day low: €0.38 The company is down 2.0% from its price of €0.39 on 28 July 2020. The German market is down 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Infrastructure industry, which is up 4.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €0.23 per share. Is New 90 Day High Low • Sep 26
New 90-day high: €0.45 The company is up 13% from its price of €0.40 on 26 June 2020. The German market is up 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Infrastructure industry, which is down 11% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €0.25 per share.