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Sichuan Expressway

SEHK:107
Snowflake Description

Undervalued second-rate dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
107
SEHK
HK$14B
Market Cap
  1. Home
  2. HK
  3. Transportation
Company description

Sichuan Expressway Company Limited, together with its subsidiaries, invests in, constructs, operates, and manages expressway infrastructure projects in Sichuan Province, the People’s Republic of China. The last earnings update was 26 days ago. More info.


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107 Share Price and Events
7 Day Returns
-2.3%
SEHK:107
-1.2%
HK Infrastructure
0.5%
HK Market
1 Year Returns
-3.7%
SEHK:107
-3.7%
HK Infrastructure
-4.2%
HK Market
107 Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Sichuan Expressway (107) -2.3% -2.6% 2.8% -3.7% 1.6% 11.7%
HK Infrastructure -1.2% -1.1% 5.9% -3.7% -2.6% -0.6%
HK Market 0.5% 2.3% 11.5% -4.2% 28.1% 21.6%
1 Year Return vs Industry and Market
Price Volatility
107
Industry
5yr Volatility vs Market
Related Companies

Sorry, no analysis for Sichuan Expressway's competitors could be found in our database.

107 Value

 Is Sichuan Expressway undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Sichuan Expressway to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Sichuan Expressway.

SEHK:107 Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 1 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 12.4%
Perpetual Growth Rate 10-Year HK Government Bond Rate 2%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for SEHK:107
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year HK Govt Bond Rate 2%
Equity Risk Premium S&P Global 6%
Infrastructure Unlevered Beta Simply Wall St/ S&P Global 0.99
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.992 (1 + (1- 25%) (150.15%))
1.742
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.74
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2% + (1.742 * 5.96%)
12.39%

Discounted Cash Flow Calculation for SEHK:107 using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Sichuan Expressway is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

SEHK:107 DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (CNY, Millions) Source Present Value
Discounted (@ 12.39%)
2019 1,675.83 Est @ 19.9% 1,491.10
2020 1,919.32 Est @ 14.53% 1,519.51
2021 2,126.06 Est @ 10.77% 1,497.66
2022 2,299.14 Est @ 8.14% 1,441.06
2023 2,443.98 Est @ 6.3% 1,362.99
2024 2,566.44 Est @ 5.01% 1,273.52
2025 2,671.87 Est @ 4.11% 1,179.69
2026 2,764.77 Est @ 3.48% 1,086.15
2027 2,848.67 Est @ 3.03% 995.75
2028 2,926.30 Est @ 2.73% 910.14
Present value of next 10 years cash flows CN¥12,757.57
SEHK:107 DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= CN¥2,926.30 × (1 + 2%) ÷ (12.39% – 2%)
CN¥28,741.74
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= CN¥28,741.74 ÷ (1 + 12.39%)10
CN¥8,939.28
SEHK:107 Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= CN¥12,757.57 + CN¥8,939.28
CN¥21,696.85
Equity Value per Share
(CNY)
= Total value / Shares Outstanding
= CN¥21,696.85 / 3,058.06
CN¥7.09
SEHK:107 Discount to Share Price
Calculation Result
Exchange Rate CNY/HKD
(Reporting currency to currency of SEHK:107)
1.169
Value per Share
(HKD)
= Value per Share in CNY x Exchange Rate (CNY/HKD)
= CN¥7.09 x 1.169
HK$8.3
Value per share (HKD) From above. HK$8.30
Current discount Discount to share price of HK$2.58
= -1 x (HK$2.58 - HK$8.30) / HK$8.30
68.9%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Sichuan Expressway is available for.
Intrinsic value
>50%
Share price is HK$2.58 vs Future cash flow value of HK$8.3
Current Discount Checks
For Sichuan Expressway to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Sichuan Expressway's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Sichuan Expressway's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Sichuan Expressway's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Sichuan Expressway's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
SEHK:107 PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in CNY CN¥0.28
SEHK:107 Share Price ** SEHK (2019-04-23) in HKD HK$2.58
SEHK:107 Share Price converted to CNY reporting currency Exchange rate (HKD/ CNY) 0.855 CN¥2.21
Hong Kong Infrastructure Industry PE Ratio Median Figure of 24 Publicly-Listed Infrastructure Companies 9.36x
Hong Kong Market PE Ratio Median Figure of 1,473 Publicly-Listed Companies 12.01x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Sichuan Expressway.

SEHK:107 PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= SEHK:107 Share Price ÷ EPS (both in CNY)

= 2.21 ÷ 0.28

7.95x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Sichuan Expressway is good value based on earnings compared to the HK Infrastructure industry average.
  • Sichuan Expressway is good value based on earnings compared to the Hong Kong market.
Price based on expected Growth
Does Sichuan Expressway's expected growth come at a high price?
Raw Data
SEHK:107 PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 7.95x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 1 Analysts
Not available
Hong Kong Infrastructure Industry PEG Ratio Median Figure of 12 Publicly-Listed Infrastructure Companies 1.15x
Hong Kong Market PEG Ratio Median Figure of 463 Publicly-Listed Companies 0.87x

*Line of best fit is calculated by linear regression .

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to calculate PEG ratio for Sichuan Expressway, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Sichuan Expressway's assets?
Raw Data
SEHK:107 PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in CNY CN¥4.74
SEHK:107 Share Price * SEHK (2019-04-23) in HKD HK$2.58
SEHK:107 Share Price converted to CNY reporting currency Exchange rate (HKD/ CNY) 0.855 CN¥2.21
Hong Kong Infrastructure Industry PB Ratio Median Figure of 28 Publicly-Listed Infrastructure Companies 0.77x
Hong Kong Market PB Ratio Median Figure of 2,149 Publicly-Listed Companies 1.03x
SEHK:107 PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= SEHK:107 Share Price ÷ Book Value per Share (both in CNY)

= 2.21 ÷ 4.74

0.47x

* Primary Listing of Sichuan Expressway.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Sichuan Expressway is good value based on assets compared to the HK Infrastructure industry average.
X
Value checks
We assess Sichuan Expressway's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Infrastructure industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Infrastructure industry average (and greater than 0)? (1 check)
  5. Sichuan Expressway has a total score of 5/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

107 Future Performance

 How is Sichuan Expressway expected to perform in the next 1 to 3 years based on estimates from 1 analyst?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
7.8%
Expected annual growth in earnings per share.
Earnings growth vs Low Risk Savings
Is Sichuan Expressway expected to grow at an attractive rate?
  • Sichuan Expressway's earnings growth is expected to exceed the low risk savings rate of 2%.
Growth vs Market Checks
  • Sichuan Expressway's earnings growth is positive but not above the Hong Kong market average.
  • Sichuan Expressway's revenue growth is positive but not above the Hong Kong market average.
Annual Growth Rates Comparison
Raw Data
SEHK:107 Future Growth Rates Data Sources
Data Point Source Value (per year)
SEHK:107 Future Earnings per Share Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 1 Analysts 7.8%
SEHK:107 Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 1 Analysts 4.6%
Hong Kong Infrastructure Industry Earnings Growth Rate Market Cap Weighted Average 3.4%
Hong Kong Infrastructure Industry Revenue Growth Rate Market Cap Weighted Average 4.5%
Hong Kong Market Earnings Growth Rate Market Cap Weighted Average 11.8%
Hong Kong Market Revenue Growth Rate Market Cap Weighted Average 11.2%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
SEHK:107 Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 1 Analyst Estimates (S&P Global) See Below
All numbers in CNY Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
SEHK:107 Future Estimates Data
Date (Data in CNY Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2020-12-31 6,550 1
2019-12-31 6,491 1
SEHK:107 Past Financials Data
Date (Data in CNY Millions) Revenue Cash Flow Net Income *
2018-12-31 5,969 2,620 849
2018-09-30 4,991 2,168 826
2018-06-30 5,860 1,813 899
2018-03-31 6,393 2,213 948
2017-12-31 6,452 1,780 829
2017-09-30 6,742 2,201 858
2017-06-30 6,108 2,453 880
2017-03-31 5,876 1,898 909
2016-12-31 5,980 2,117 971
2016-09-30 9,812 2,177 1,200
2016-06-30 9,904 1,753 1,115
2016-03-31 9,796 1,669 1,050

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Sichuan Expressway's earnings are expected to grow by 7.8% yearly, however this is not considered high growth (20% yearly).
  • Sichuan Expressway's revenue is expected to grow by 4.6% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
SEHK:107 Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 1 Analyst Estimates (S&P Global) See Below

All data from Sichuan Expressway Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SEHK:107 Future Estimates Data
Date (Data in CNY Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2020-12-31 0.33 0.33 0.33 1.00
2019-12-31 0.32 0.32 0.32 1.00
SEHK:107 Past Financials Data
Date (Data in CNY Millions) EPS *
2018-12-31 0.28
2018-09-30 0.27
2018-06-30 0.29
2018-03-31 0.31
2017-12-31 0.27
2017-09-30 0.28
2017-06-30 0.29
2017-03-31 0.30
2016-12-31 0.32
2016-09-30 0.39
2016-06-30 0.36
2016-03-31 0.34

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Sichuan Expressway is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Sichuan Expressway's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Hong Kong market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Hong Kong market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Sichuan Expressway has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

107 Past Performance

  How has Sichuan Expressway performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Sichuan Expressway's growth in the last year to its industry (Infrastructure).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Sichuan Expressway's year on year earnings growth rate was negative over the past 5 years and the most recent earnings are below average.
  • Sichuan Expressway's 1-year earnings growth exceeds its 5-year average (2.4% vs -4.1%)
  • Sichuan Expressway's earnings growth has not exceeded the HK Infrastructure industry average in the past year (2.4% vs 4.5%).
Earnings and Revenue History
Sichuan Expressway's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Sichuan Expressway Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SEHK:107 Past Revenue, Cash Flow and Net Income Data
Date (Data in CNY Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 5,969.02 849.20 314.81
2018-09-30 4,990.63 826.46 322.08
2018-06-30 5,860.31 898.67 319.80
2018-03-31 6,393.11 947.92 321.73
2017-12-31 6,452.09 829.14 325.30
2017-09-30 6,742.05 857.81 328.35
2017-06-30 6,108.32 879.85 317.37
2017-03-31 5,876.04 908.70 311.17
2016-12-31 5,979.91 971.13 302.97
2016-09-30 9,812.15 1,200.46 259.05
2016-06-30 9,904.39 1,114.95 250.73
2016-03-31 9,795.60 1,049.75 239.46
2015-12-31 9,607.70 995.68 241.58
2015-09-30 7,288.02 940.69 236.42
2015-06-30 7,200.69 971.89 227.01
2015-03-31 8,225.00 992.79 229.68
2014-12-31 8,300.36 969.21 220.31
2014-09-30 8,262.78 1,077.89 216.81
2014-06-30 8,528.37 1,087.48 214.33
2014-03-31 7,756.83 1,017.04 207.81
2013-12-31 7,134.86 1,010.28 198.48
2013-09-30 6,048.58 1,016.21 181.45
2013-06-30 5,066.48 1,010.29 177.77
2013-03-31 4,275.35 1,112.10 171.39
2012-12-31 4,209.95 1,180.93 172.52
2012-09-30 4,368.06 1,317.48 164.48
2012-06-30 4,117.20 1,383.56 157.80

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Sichuan Expressway has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Sichuan Expressway used its assets less efficiently than the HK Infrastructure industry average last year based on Return on Assets.
  • Sichuan Expressway's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Sichuan Expressway's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Infrastructure industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Sichuan Expressway has a total score of 1/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

107 Health

 How is Sichuan Expressway's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Sichuan Expressway's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Sichuan Expressway is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Sichuan Expressway's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Sichuan Expressway's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is not covered by short term assets, assets are 0.4x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Sichuan Expressway Company Filings, last reported 3 months ago.

SEHK:107 Past Debt and Equity Data
Date (Data in CNY Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 14,884.40 17,441.88 3,673.68
2018-09-30 14,959.48 17,872.26 3,639.71
2018-06-30 14,702.48 17,140.58 2,644.45
2018-03-31 14,745.78 17,471.65 3,403.64
2017-12-31 14,284.71 16,845.65 2,801.15
2017-09-30 14,540.97 17,971.85 4,315.58
2017-06-30 14,184.56 17,914.85 4,505.64
2017-03-31 14,170.26 17,106.10 3,235.37
2016-12-31 13,884.03 17,226.13 3,961.43
2016-09-30 13,992.08 16,925.20 3,489.80
2016-06-30 13,625.70 17,295.20 3,487.87
2016-03-31 13,646.25 16,372.44 2,659.49
2015-12-31 13,296.65 16,082.44 3,202.80
2015-09-30 13,042.18 14,696.42 2,385.95
2015-06-30 12,782.57 14,100.92 2,748.15
2015-03-31 12,662.62 13,679.48 3,294.04
2014-12-31 12,367.40 13,014.03 3,752.08
2014-09-30 12,200.83 12,905.59 4,016.73
2014-06-30 11,873.13 12,405.15 3,334.19
2014-03-31 11,802.62 11,286.98 2,844.73
2013-12-31 11,530.64 9,889.41 1,930.43
2013-09-30 11,302.09 8,931.50 2,349.69
2013-06-30 10,967.34 8,741.02 2,398.21
2013-03-31 10,710.27 8,104.05 2,122.70
2012-12-31 10,446.42 6,851.59 1,898.33
2012-09-30 10,205.07 6,732.96 1,848.61
2012-06-30 9,900.26 7,090.82 2,485.46
  • Sichuan Expressway's level of debt (117.2%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (85.9% vs 117.2% today).
  • Debt is not well covered by operating cash flow (15%, less than 20% of total debt).
  • Interest payments on debt are not well covered by earnings (EBIT is 2.7x annual interest expense, ideally 3x coverage).
X
Financial health checks
We assess Sichuan Expressway's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Sichuan Expressway has a total score of 1/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

107 Dividends

 What is Sichuan Expressway's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
4.53%
Current annual income from Sichuan Expressway dividends. Estimated to be 4.97% next year.
If you bought HK$2,000 of Sichuan Expressway shares you are expected to receive HK$91 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Sichuan Expressway's pays a higher dividend yield than the bottom 25% of dividend payers in Hong Kong (1.94%).
  • Sichuan Expressway's dividend is below the markets top 25% of dividend payers in Hong Kong (5.34%).
Upcoming dividend payment

Purchase Sichuan Expressway before the 'Buy Limit' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
SEHK:107 Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 1 Analyst Estimates (S&P Global) See Below
Hong Kong Infrastructure Industry Average Dividend Yield Market Cap Weighted Average of 22 Stocks 5%
Hong Kong Market Average Dividend Yield Market Cap Weighted Average of 965 Stocks 3.4%
Hong Kong Minimum Threshold Dividend Yield 10th Percentile 1.1%
Hong Kong Bottom 25% Dividend Yield 25th Percentile 1.9%
Hong Kong Top 25% Dividend Yield 75th Percentile 5.3%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

SEHK:107 Future Dividends Estimate Data
Date (Data in CN¥) Dividend per Share (annual) Avg. No. Analysts
2020-12-31 0.11 1.00
2019-12-31 0.11 1.00
SEHK:107 Past Annualized Dividends Data
Date (Data in CN¥) Dividend per share (annual) Avg. Yield (%)
2019-03-28 0.100 4.446
2018-06-05 0.100 4.701
2017-03-30 0.110 4.327
2016-05-31 0.080 3.111
2015-06-08 0.080 3.644
2014-06-16 0.080 3.256
2013-08-29 0.080 4.504
2013-04-02 0.080 4.626
2012-03-29 0.090 4.280
2011-04-07 0.087 3.034
2010-10-29 0.000 0.000
2010-03-09 0.194 4.779
2009-10-27 0.260 7.409
2009-08-27 0.260 9.158
2009-04-24 0.000 0.000

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have fallen over the past 10 years.
Current Payout to shareholders
What portion of Sichuan Expressway's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (2.8x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (2.9x coverage).
X
Income/ dividend checks
We assess Sichuan Expressway's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.1%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Sichuan Expressway afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Sichuan Expressway has a total score of 3/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

107 Management

 What is the CEO of Sichuan Expressway's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Yongyi Gan
COMPENSATION CN¥371,000
AGE 55
TENURE AS CEO 6.4 years
CEO Bio

Mr. Yongyi Gan has been General Manager of Sichuan Expressway Company Limited since November 16, 2012 and has been its Chief Executive Officer. Mr. Gan served as a Deputy General Manager of Sichuan Expressway Company Limited. He has extensive and concrete experience in the construction and management of roads and bridges. He served as the deputy general manager of Sichuan Road and Bridge Company Limited. He has been Vice Chairman and Executive Director at Sichuan Expressway Company Limited since March 28, 2013. Mr. Gan graduated from Chongqing Jiaotong Institute and holds the title of senior engineer. Mr. Gan graduated from Chongqing Jiaotong College with a bachelor degree in civil engineering of road and bridge transportation and from Sichuan University with a master's degree in management and engineering.

CEO Compensation
  • Yongyi's compensation has been consistent with company performance over the past year.
  • Yongyi's remuneration is lower than average for companies of similar size in Hong Kong.
Management Team Tenure

Average tenure and age of the Sichuan Expressway management team in years:

8.3
Average Tenure
53.5
Average Age
  • The average tenure for the Sichuan Expressway management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Liming Zhou

TITLE
Executive Chairman
AGE
55

Yongyi Gan

TITLE
Vice Chairman
COMPENSATION
CN¥371K
AGE
55
TENURE
6.4 yrs

Maoquan Luo

TITLE
Deputy GM & Executive Director
COMPENSATION
CN¥317K
AGE
53
TENURE
12.3 yrs

Guo Renrong

TITLE
CFO & Financial Controller
AGE
45
TENURE
1.5 yrs

Junjie Liu

TITLE
Deputy General Manager
AGE
54
TENURE
10.2 yrs

Zhuqing He

TITLE
Deputy General Manager
COMPENSATION
CN¥329K
AGE
42

Yongnian Zhang

TITLE
Secretary to the Board
AGE
55
TENURE
21.7 yrs

Yi Tian

TITLE
Secretary of Discipline Inspection Commission
COMPENSATION
CN¥348K
AGE
50
TENURE
4 yrs
Board of Directors Tenure

Average tenure and age of the Sichuan Expressway board of directors in years:

6.1
Average Tenure
55
Average Age
  • The tenure for the Sichuan Expressway board of directors is about average.
Board of Directors

Liming Zhou

TITLE
Executive Chairman
AGE
55
TENURE
6.4 yrs

Yongyi Gan

TITLE
Vice Chairman
COMPENSATION
CN¥371K
AGE
55
TENURE
6.1 yrs

Haijun Zheng

TITLE
Vice Chairman
AGE
59
TENURE
2.8 yrs

Maoquan Luo

TITLE
Deputy GM & Executive Director
COMPENSATION
CN¥317K
AGE
53
TENURE
2.8 yrs

Bing Feng

TITLE
Chairman of The Supervisory Committee
COMPENSATION
CN¥446K
AGE
55
TENURE
6.1 yrs

Huibi Sun

TITLE
Independent Non-Executive Director
COMPENSATION
CN¥80K
AGE
73
TENURE
6.1 yrs

Haizong Yu

TITLE
Independent Non-Executive Director
COMPENSATION
CN¥80K
AGE
54
TENURE
6.1 yrs

Lina Liu

TITLE
Independent Non-Executive Director
COMPENSATION
CN¥80K
AGE
60
TENURE
2.8 yrs

Yong Tang

TITLE
Non-Executive Director
AGE
54
TENURE
12.1 yrs

Shuanming Wang

TITLE
Non-Executive Director
AGE
58
TENURE
12.1 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (HK$) Value (HK$)
10. Jan 19 Buy China Merchants Group Limited Company 09. Jan 19 09. Jan 19 640,000 HK$2.39 HK$1,530,882
15. Nov 18 Buy China Merchants Group Limited Company 14. Nov 18 14. Nov 18 370,000 HK$2.42 HK$896,510
14. Sep 18 Buy China Merchants Group Limited Company 13. Sep 18 13. Sep 18 190,000 HK$2.30 HK$437,285
23. Jul 18 Buy China Merchants Group Limited Company 20. Jul 18 20. Jul 18 304,000 HK$2.38 HK$722,000
X
Management checks
We assess Sichuan Expressway's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Sichuan Expressway has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

107 News

Simply Wall St News

Interested In Sichuan Expressway Company Limited (HKG:107)? Here's What Its Recent Performance Looks Like

When Sichuan Expressway Company Limited's (HKG:107) announced its latest earnings (31 December 2018), I wanted to understand how these figures stacked up against its past performance. … The two benchmarks I used were Sichuan Expressway's average earnings over the past couple of years, and its industry performance. … Were 107's earnings stronger than its past performances and the industry.

Simply Wall St -

Should You Worry About Sichuan Expressway Company Limited's (HKG:107) CEO Salary Level?

This analysis aims first to contrast CEO compensation with other companies that have similar market capitalization. … At the time of writing our data says that Sichuan Expressway Company Limited has a market cap of HK$14b, and is paying total annual CEO compensation of CN¥371k. … We examined companies with market caps from CN¥6.7b to CN¥21b, and discovered that the median CEO total compensation of that group was CN¥2.8m.

Simply Wall St -

Is Sichuan Expressway Company Limited (HKG:107) A Financially Sound Company?

While small-cap stocks, such as Sichuan Expressway Company Limited (HKG:107) with its market cap of HK$14b, are popular for their explosive growth, investors should also be aware of their balance sheet to judge whether the company can survive a downturn. … Understanding the company's financial health becomes. … The following basic checks can help you get a picture of the company's balance sheet strength.

Simply Wall St -

Sichuan Expressway (HKG:107) Shareholders Have Enjoyed A 24% Share Price Gain

For example, the Sichuan Expressway Company Limited (HKG:107) share price is 24% higher than it was five years ago, which is more than the market average. … One flawed but reasonable way to assess how sentiment around a company has changed is to compare the earnings per share (EPS) with the share price. … Sichuan Expressway's earnings per share are down 4.0% per year, despite strong share price performance over five years.

Simply Wall St -

Here's What Sichuan Expressway Company Limited's (HKG:107) P/E Ratio Is Telling Us

How Do I Calculate Sichuan Expressway's Price To Earnings Ratio … Price to Earnings Ratio = Price per Share (in the reporting currency) ÷ Earnings per Share (EPS) … P/E of 8.34 = CN¥2.25 (Note: this is the share price in the reporting currency, namely, CNY ) ÷ CN¥0.27

Simply Wall St -

Should You Be Concerned About Sichuan Expressway Company Limited's (HKG:107) Historical Volatility?

Beta can be a useful tool to understand how much a stock is influenced by market risk (volatility). … A stock with a beta below one is either less volatile than the market, or more volatile but not corellated with the overall market. … In comparison a stock with a beta of over one tends to be move in a similar direction to the market in the long term, but with greater changes in price.

Simply Wall St -

Interested In Sichuan Expressway Company Limited (HKG:107)? Here's How It Performed Recently

When Sichuan Expressway Company Limited (HKG:107) announced its most recent earnings (30 September 2018), I did two things: looked at its past earnings track record, then look at what is happening in the industry. … 107's trailing twelve-month earnings (from 30 September 2018) of CN¥826m has? … Furthermore, this one-year growth rate has been lower than its average earnings growth rate over the past 5 years of -3.6%, indicating the rate at which 107 is growing has slowed down

Simply Wall St -

What Did Sichuan Expressway Company Limited's (HKG:107) CEO Take Home Last Year?

Yongyi Gan has been the CEO of Sichuan Expressway Company Limited (HKG:107) since 2012. … This report will, first, examine the CEO compensation levels in comparison to CEO compensation at companies of similar size. … According to our data, Sichuan Expressway Company Limited has a market capitalization of HK$10.0b, and pays its CEO total annual compensation worth CN¥371k.

Simply Wall St -

How Financially Strong Is Sichuan Expressway Company Limited (HKG:107)?

While small-cap stocks, such as Sichuan Expressway Company Limited (HKG:107) with its market cap of HK$9.7b, are popular for their explosive growth, investors should also be aware of their balance sheet to judge whether the company can survive a downturn. … since poor capital management may bring about bankruptcies, … I believe these basic checks tell most of the story you need to know.

Simply Wall St -

Sichuan Expressway Company Limited (HKG:107): What Does It Mean For Your Portfolio?

In finance, Beta is a measure of volatility. … Some investors use beta as a measure of how much a certain stock is impacted by market risk (volatility). … While we should keep in mind that Warren Buffett has cautioned that 'Volatility is far from synonymous with risk', beta is still a useful factor to consider.

Simply Wall St -

107 Company Info

Description

Sichuan Expressway Company Limited, together with its subsidiaries, invests in, constructs, operates, and manages expressway infrastructure projects in Sichuan Province, the People’s Republic of China. It operates in five segments: Toll Operation, Construction Contracts, Gas Station and Oil Operation, Property Development, and Others. The Toll Operation segment engages in the operation of expressways and a high-grade toll bridge in Mainland China. The Construction Contracts segment provides construction and upgradation services under the service concession arrangements and construction contracts. The Gas Station and Oil Operation segment is involved in the operation of gas stations along expressways; and the sale of petrochemicals and other oil products. The Property Development segment invests in and develops properties located in Mainland China. The Others segment engages in the advertising and finance leasing operations, as well as rents properties along expressways. The company was incorporated in 1997 and is based in Chengdu, the People’s Republic of China.

Details
Name: Sichuan Expressway Company Limited
107
Exchange: SEHK
Founded: 1997
HK$13,582,731,491
3,058,060,000
Website: http://www.cygs.com
Address: Sichuan Expressway Company Limited
252 Wuhouci Da Jie,
Chengdu,
Sichuan Province, 610041,
China
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SEHK 107 Foreign Shares-Foreign Listed The Stock Exchange of Hong Kong Ltd. HK HKD 10. Oct 1997
OTCPK SEXH.F Foreign Shares-Foreign Listed Pink Sheets LLC US USD 10. Oct 1997
DB EXF1 Foreign Shares-Foreign Listed Deutsche Boerse AG DE EUR 10. Oct 1997
SHSC 107 Foreign Shares-Foreign Listed Stock Exchange of Hong Kong Limited - Shanghai - Hong Kong Stock Connect HK HKD 10. Oct 1997
SZSC 107 Foreign Shares-Foreign Listed The Stock Exchange of Hong Kong - Shenzhen - Hong Kong Stock Connect HK HKD 10. Oct 1997
SHSE 601107 Domestic Shares Shanghai Stock Exchange CN CNY 27. Jul 2009
XSSC 601107 Domestic Shares Shanghai Stock Exchange - Shanghai - Hong Kong Stock Connect CN CNY 27. Jul 2009
Number of employees
Current staff
Staff numbers
4,462
Sichuan Expressway employees.
Industry
Highways and Railtracks
Transportation
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/04/23 12:34
End of day share price update: 2019/04/23 00:00
Last estimates confirmation: 2019/03/28
Last earnings filing: 2019/03/28
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.