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Jiangsu Expressway

SEHK:177
Snowflake Description

Established dividend payer with proven track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
177
SEHK
HK$58B
Market Cap
  1. Home
  2. HK
  3. Transportation
Company description

Jiangsu Expressway Company Limited invests in, constructs, operates, and manages toll roads and bridges in the People’s Republic of China. The last earnings update was 89 days ago. More info.


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177 Share Price and Events
7 Day Returns
1.4%
SEHK:177
1.9%
HK Infrastructure
0.8%
HK Market
1 Year Returns
-8.5%
SEHK:177
-18.3%
HK Infrastructure
-21%
HK Market
177 Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Jiangsu Expressway (177) 1.4% 6.9% 19.4% -8.5% 28.3% 22.4%
HK Infrastructure 1.9% 4% 6.4% -18.3% 3.1% -6.2%
HK Market 0.8% 4.2% 4.2% -21% 32.5% 11.9%
1 Year Return vs Industry and Market
  • 177 outperformed the Infrastructure industry which returned -18.3% over the past year.
  • 177 outperformed the Market in Hong Kong which returned -21% over the past year.
Price Volatility
177
Industry
5yr Volatility vs Market
Related Companies

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

177 Value

 Is Jiangsu 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 Jiangsu 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 Jiangsu Expressway.

SEHK:177 Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 9 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 12.2%
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:177
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year HK Govt Bond Rate 2%
Equity Risk Premium S&P Global 8%
Infrastructure Unlevered Beta Simply Wall St/ S&P Global 1.05
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 1.045 (1 + (1- 25%) (29.26%))
1.275
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.27
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2% + (1.275 * 8%)
12.2%

Discounted Cash Flow Calculation for SEHK:177 using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Jiangsu Expressway is arrived at by discounting future cash flows to their present value using the 2 stage method. We use analyst's estimates of cash flows going forward 5 years for the 1st stage, the 2nd stage assumes the company grows at a stable rate into perpetuity.

SEHK:177 DCF 1st Stage: Next 5 year cash flow forecast
2019 2020 2021 2022 2023
Levered FCF (CNY, Millions) 995.00 1,950.00 2,048.98 2,152.98 2,262.27
Source Analyst x1 Analyst x1 Est @ 5.08% Est @ 5.08% Est @ 5.08%
Present Value
Discounted (@ 12.2%)
886.83 1,549.07 1,450.75 1,358.67 1,272.44
Present value of next 5 years cash flows CN¥6,517.76
SEHK:177 DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2023 × (1 + g) ÷ (Discount Rate – g)
= CN¥2,262.27 × (1 + 2%) ÷ (12.2% – 2%)
CN¥22,636.48
Present Value of Terminal Value = Terminal Value ÷ (1 + r)5
= CN¥22,636.48 ÷ (1 + 12.2%)5
CN¥12,732.14
SEHK:177 Total Equity Value
Calculation Result
Total Equity Value = Present value of next 5 years cash flows + Terminal Value
= CN¥6,517.76 + CN¥12,732.14
CN¥19,249.90
Equity Value per Share
(CNY)
= Total value / Shares Outstanding
= CN¥19,249.90 / 5,037.75
CN¥3.82
SEHK:177 Discount to Share Price
Calculation Result
Exchange Rate CNY/HKD
(Reporting currency to currency of SEHK:177)
1.152
Value per Share
(HKD)
= Value per Share in CNY x Exchange Rate (CNY/HKD)
= CN¥3.82 x 1.152
HK$4.4
Value per share (HKD) From above. HK$4.40
Current discount Discount to share price of HK$11.70
= -1 x (HK$11.70 - HK$4.40) / HK$4.40
-165.7%

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

  • The current share price of Jiangsu Expressway is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
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 Jiangsu Expressway's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Jiangsu Expressway's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
SEHK:177 PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-09-30) in CNY CN¥0.86
SEHK:177 Share Price ** SEHK (2019-01-23) in HKD HK$11.7
SEHK:177 Share Price converted to CNY reporting currency Exchange rate (HKD/ CNY) 0.868 CN¥10.15
Hong Kong Infrastructure Industry PE Ratio Median Figure of 25 Publicly-Listed Infrastructure Companies 8.58x
Hong Kong Market PE Ratio Median Figure of 1,480 Publicly-Listed Companies 10.26x

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

** Primary Listing of Jiangsu Expressway.

SEHK:177 PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= SEHK:177 Share Price ÷ EPS (both in CNY)

= 10.15 ÷ 0.86

11.77x

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

  • Jiangsu Expressway is overvalued based on earnings compared to the HK Infrastructure industry average.
  • Jiangsu Expressway is overvalued based on earnings compared to the Hong Kong market.
Price based on expected Growth
Does Jiangsu Expressway's expected growth come at a high price?
Raw Data
SEHK:177 PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 11.77x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 9 Analysts
0.7%per year
Hong Kong Infrastructure Industry PEG Ratio Median Figure of 11 Publicly-Listed Infrastructure Companies 0.94x
Hong Kong Market PEG Ratio Median Figure of 460 Publicly-Listed Companies 0.71x

*Line of best fit is calculated by linear regression .

SEHK:177 PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 11.77x ÷ 0.7%

16.72x

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

  • Jiangsu Expressway is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Jiangsu Expressway's assets?
Raw Data
SEHK:177 PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-09-30) in CNY CN¥5.15
SEHK:177 Share Price * SEHK (2019-01-23) in HKD HK$11.7
SEHK:177 Share Price converted to CNY reporting currency Exchange rate (HKD/ CNY) 0.868 CN¥10.15
Hong Kong Infrastructure Industry PB Ratio Median Figure of 27 Publicly-Listed Infrastructure Companies 0.84x
Hong Kong Market PB Ratio Median Figure of 2,115 Publicly-Listed Companies 0.92x
SEHK:177 PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= SEHK:177 Share Price ÷ Book Value per Share (both in CNY)

= 10.15 ÷ 5.15

1.97x

* Primary Listing of Jiangsu Expressway.

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

  • Jiangsu Expressway is overvalued based on assets compared to the HK Infrastructure industry average.
X
Value checks
We assess Jiangsu 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. Jiangsu Expressway has a total score of 0/6, 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.

177 Future Performance

 How is Jiangsu Expressway expected to perform in the next 1 to 3 years based on estimates from 9 analysts?

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
0.7%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Jiangsu Expressway expected to grow at an attractive rate?
  • Jiangsu Expressway's earnings growth is positive but not above the low risk savings rate of 2%.
Growth vs Market Checks
  • Jiangsu Expressway's earnings growth is positive but not above the Hong Kong market average.
  • Jiangsu Expressway's revenue growth is positive but not above the Hong Kong market average.
Annual Growth Rates Comparison
Raw Data
SEHK:177 Future Growth Rates Data Sources
Data Point Source Value (per year)
SEHK:177 Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 9 Analysts 0.7%
SEHK:177 Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 9 Analysts 4.3%
Hong Kong Infrastructure Industry Earnings Growth Rate Market Cap Weighted Average 1.1%
Hong Kong Infrastructure Industry Revenue Growth Rate Market Cap Weighted Average 3.7%
Hong Kong Market Earnings Growth Rate Market Cap Weighted Average 11.8%
Hong Kong Market Revenue Growth Rate Market Cap Weighted Average 10.3%

*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:177 Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 9 Analyst Estimates (S&P Global) See Below
All numbers in CNY Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
SEHK:177 Future Estimates Data
Date (Data in CNY Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2020-12-31 11,091 5,739 4,507 7
2019-12-31 10,738 5,375 4,325 9
2018-12-31 10,185 5,808 4,442 9
SEHK:177 Past Financials Data
Date (Data in CNY Millions) Revenue Cash Flow Net Income *
2018-09-30 10,107 5,531 4,344
2018-06-30 9,928 5,322 4,176
2018-03-31 9,983 5,163 3,726
2017-12-31 9,456 5,232 3,588
2017-09-30 9,925 5,161 3,802
2017-06-30 9,805 5,122 3,686
2017-03-31 9,450 5,295 3,451
2016-12-31 9,201 5,464 3,346
2016-09-30 8,371 5,516 2,479
2016-06-30 8,516 5,318 2,340
2016-03-31 8,821 4,974 2,624
2015-12-31 8,761 4,476 2,507

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Jiangsu Expressway's earnings are expected to grow by 0.7% yearly, however this is not considered high growth (20% yearly).
  • Jiangsu Expressway's revenue is expected to grow by 4.3% 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:177 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 9 Analyst Estimates (S&P Global) See Below

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

SEHK:177 Future Estimates Data
Date (Data in CNY Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2020-12-31 0.87 0.93 0.81 3.00
2019-12-31 0.85 0.90 0.81 4.00
2018-12-31 0.89 0.89 0.88 3.00
SEHK:177 Past Financials Data
Date (Data in CNY Millions) EPS *
2018-09-30 0.86
2018-06-30 0.83
2018-03-31 0.74
2017-12-31 0.71
2017-09-30 0.75
2017-06-30 0.73
2017-03-31 0.68
2016-12-31 0.66
2016-09-30 0.49
2016-06-30 0.46
2016-03-31 0.52
2015-12-31 0.50

*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.
  • Jiangsu Expressway is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Jiangsu 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.
Jiangsu Expressway has a total score of 0/6, 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.

177 Past Performance

  How has Jiangsu 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 Jiangsu 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.
  • Jiangsu Expressway's year on year earnings growth rate has been positive over the past 5 years.
  • Jiangsu Expressway's 1-year earnings growth exceeds its 5-year average (14.2% vs 11.9%)
  • Jiangsu Expressway's earnings growth has exceeded the HK Infrastructure industry average in the past year (14.2% vs 7%).
Earnings and Revenue History
Jiangsu 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 Jiangsu Expressway Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SEHK:177 Past Revenue, Cash Flow and Net Income Data
Date (Data in CNY Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-09-30 10,107.06 4,343.96 215.08
2018-06-30 9,928.43 4,176.34 203.74
2018-03-31 9,982.58 3,726.32 196.90
2017-12-31 9,455.68 3,587.86 196.83
2017-09-30 9,925.33 3,802.41 203.30
2017-06-30 9,804.94 3,685.90 207.30
2017-03-31 9,450.22 3,451.05 207.48
2016-12-31 9,201.30 3,346.06 205.53
2016-09-30 8,371.18 2,479.18 179.75
2016-06-30 8,516.04 2,339.75 202.14
2016-03-31 8,820.73 2,623.91 193.46
2015-12-31 8,761.32 2,506.63 197.95
2015-09-30 8,813.30 2,849.58 199.39
2015-06-30 8,776.74 2,773.42 191.42
2015-03-31 8,991.12 2,249.86 200.58
2014-12-31 8,830.86 2,227.91 199.01
2014-09-30 8,645.97 2,397.59 190.06
2014-06-30 8,310.54 2,453.66 171.75
2014-03-31 7,658.22 2,709.59 168.67
2013-12-31 7,614.23 2,707.74 164.44
2013-09-30 7,576.00 2,557.43 165.56
2013-06-30 7,735.06 2,507.84 168.60
2013-03-31 7,772.27 2,337.14 167.65
2012-12-31 7,795.94 2,333.34 163.58
2012-09-30 7,727.75 2,456.97 182.31
2012-06-30 7,488.64 2,391.04 177.37
2012-03-31 7,474.84 2,401.80 177.68

*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.
  • Jiangsu Expressway has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Jiangsu Expressway used its assets more efficiently than the HK Infrastructure industry average last year based on Return on Assets.
  • Jiangsu Expressway's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Jiangsu 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.
Jiangsu Expressway has a total score of 4/6, 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.

177 Health

 How is Jiangsu 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 Jiangsu Expressway's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Jiangsu Expressway's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Jiangsu Expressway's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Jiangsu 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.
  • High level of physical assets or inventory.
  • 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 Jiangsu Expressway Company Filings, last reported 3 months ago.

SEHK:177 Past Debt and Equity Data
Date (Data in CNY Millions) Total Equity Total Debt Cash & Short Term Investments
2018-09-30 29,192.20 14,739.37 1,156.08
2018-06-30 28,021.67 13,755.96 983.78
2018-03-31 28,452.38 14,826.56 362.43
2017-12-31 25,894.93 14,310.29 799.61
2017-09-30 25,340.82 13,814.86 502.00
2017-06-30 23,680.91 10,262.50 885.41
2017-03-31 24,314.90 10,514.50 434.30
2016-12-31 22,941.86 10,797.88 561.14
2016-09-30 22,364.33 11,498.55 277.73
2016-06-30 20,705.06 12,831.61 512.57
2016-03-31 21,965.05 12,142.06 304.01
2015-12-31 21,186.17 13,487.06 708.36
2015-09-30 21,076.54 14,796.92 446.53
2015-06-30 20,370.56 13,850.26 886.26
2015-03-31 21,663.73 4,875.09 909.45
2014-12-31 21,699.58 14,250.89 972.12
2014-09-30 20,254.63 5,704.51 603.52
2014-06-30 19,496.58 6,014.55 699.86
2014-03-31 20,678.50 5,053.66 685.70
2013-12-31 20,098.23 5,483.73 576.35
2013-09-30 19,564.99 5,874.73 674.65
2013-06-30 18,786.46 5,283.41 1,708.81
2013-03-31 19,800.93 4,705.96 679.98
2012-12-31 19,155.48 5,701.40 1,028.25
2012-09-30 18,748.09 5,996.21 804.85
2012-06-30 18,085.58 6,485.34 1,381.90
2012-03-31 19,250.16 5,330.76 1,213.01
  • Jiangsu Expressway's level of debt (50.5%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (30% vs 50.5% today).
  • Debt is well covered by operating cash flow (37.5%, greater than 20% of total debt).
  • Jiangsu Expressway earns more interest than it pays, coverage of interest payments is not a concern.
X
Financial health checks
We assess Jiangsu 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. Jiangsu Expressway has a total score of 2/6, 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.

177 Dividends

 What is Jiangsu 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
4.33%
Current annual income from Jiangsu Expressway dividends. Estimated to be 5.06% next year.
If you bought HK$2,000 of Jiangsu Expressway shares you are expected to receive HK$87 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?
  • Jiangsu Expressway's pays a higher dividend yield than the bottom 25% of dividend payers in Hong Kong (2.13%).
  • Jiangsu Expressway's dividend is below the markets top 25% of dividend payers in Hong Kong (5.83%).
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:177 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 9 Analyst Estimates (S&P Global) See Below
Hong Kong Infrastructure Industry Average Dividend Yield Market Cap Weighted Average of 20 Stocks 4.5%
Hong Kong Market Average Dividend Yield Market Cap Weighted Average of 918 Stocks 3.7%
Hong Kong Minimum Threshold Dividend Yield 10th Percentile 1.2%
Hong Kong Bottom 25% Dividend Yield 25th Percentile 2.1%
Hong Kong Top 25% Dividend Yield 75th Percentile 5.8%

Industry and Market average data is calculated daily.

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

SEHK:177 Future Dividends Estimate Data
Date (Data in CN¥) Dividend per Share (annual) Avg. No. Analysts
2020-12-31 0.51 4.00
2019-12-31 0.52 5.00
2018-12-31 0.48 3.00
SEHK:177 Past Annualized Dividends Data
Date (Data in CN¥) Dividend per share (annual) Avg. Yield (%)
2018-06-21 0.440 5.051
2017-06-22 0.420 4.389
2016-03-29 0.400 4.349
2015-07-06 0.380 4.696
2014-06-06 0.380 5.060
2013-06-28 0.360 5.061
2012-06-27 0.360 5.978
2011-05-11 0.360 6.158
2010-03-19 0.310 4.512
2009-04-29 0.270 4.771
2009-01-29 0.270 5.677

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

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Jiangsu Expressway's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (2x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.7x coverage).
X
Income/ dividend checks
We assess Jiangsu Expressway's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.2%) - 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 Jiangsu Expressway afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Jiangsu Expressway has a total score of 5/6, see the detailed checks below.


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

177 Management

 What is the CEO of Jiangsu 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
Xibin Sun
AGE 48
TENURE AS CEO 0.4 years
CEO Bio

Mr. Xibin Sun has been General Manager and Director of Jiangsu Expressway Company Limited since August 24, 2018. Mr. Sun has successively acted as the deputy general manager and a member of the Communist Party Committee of the Company, the deputy director and a member of the Communist Party Committee of the Jiangsu Expressway Operation and Management Center and the general manager and the deputy secretary of the Communist Party Committee of Jiangsu Coastal Highway Management Co., Ltd. since 2003. Mr. Sun has been engaged in the corporate operation and management in the transport industry for a long term with profound knowledge and rich practical experience in modern corporate management. He holds a master’s degree with postgraduate education.

CEO Compensation
  • Insufficient data for Xibin to compare compensation growth.
  • Insufficient data for Xibin to establish whether their remuneration is reasonable compared to companies of similar size in Hong Kong.
Management Team Tenure

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

1
Average Tenure
48
Average Age
  • The average tenure for the Jiangsu Expressway management team is less than 2 years, this suggests a new team.
Management Team

Yong Yao

TITLE
Deputy GM
COMPENSATION
CN¥691K
AGE
54
TENURE
6.4 yrs

Xibin Sun

TITLE
General Manager & Director
AGE
48
TENURE
0.4 yrs

Zhou Ren

TITLE
Financial Controller
AGE
46
TENURE
0.6 yrs

Li Shao

TITLE
Manager of the Human Resources Department & Supervisor
COMPENSATION
CN¥313K
AGE
40

Jie Li

TITLE
Deputy General Manager
COMPENSATION
CN¥508K
AGE
48
TENURE
1.4 yrs
Board of Directors Tenure

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

3.3
Average Tenure
52
Average Age
  • The tenure for the Jiangsu Expressway board of directors is about average.
Board of Directors

Yong Yao

TITLE
Deputy GM
COMPENSATION
CN¥691K
AGE
54
TENURE
1.6 yrs

Xibin Sun

TITLE
General Manager & Director
AGE
48
TENURE
0.4 yrs

Li Shao

TITLE
Manager of the Human Resources Department & Supervisor
COMPENSATION
CN¥313K
AGE
40
TENURE
10.8 yrs

Xiang Chen

TITLE
Chairman of the Supervisory Committee
AGE
55
TENURE
2.9 yrs

Zhu Zhang

TITLE
Independent Non-Executive Director
COMPENSATION
CN¥108K
AGE
55
TENURE
3.6 yrs

Liang Chen

TITLE
Independent Non-Executive Director
COMPENSATION
CN¥108K
AGE
53
TENURE
3.6 yrs

Hui Lin

TITLE
Independent Non-Executive Director
COMPENSATION
CN¥108K
AGE
46
TENURE
2.6 yrs

Yu Hu

TITLE
Non-Executive Director
AGE
43
TENURE
3.6 yrs

Lawrence Ma

TITLE
Non-Executive Director
COMPENSATION
CN¥343K
AGE
64
TENURE
3.6 yrs

Xin Wu

TITLE
Non-Executive Director
AGE
51
TENURE
2.3 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$) Value (HK$)
07. Dec 18 Sell BlackRock, Inc. Company 04. Dec 18 04. Dec 18 -1,227,989 HK$10.59 HK$-13,009,190
27. Nov 18 Sell JPMorgan Chase & Co, Private Banking and Investment Banking Investments Company 22. Nov 18 22. Nov 18 -4,682,000 HK$10.53 HK$-49,298,188
22. Nov 18 Sell Colonial First State Asset Management (Australia) Limited Company 20. Nov 18 20. Nov 18 -1,232,000 HK$10.72 HK$-13,207,044
16. Nov 18 Sell BlackRock, Inc. Company 13. Nov 18 13. Nov 18 -1,244,000 HK$10.59 HK$-13,175,076
14. Nov 18 Sell JPMorgan Chase & Co, Private Banking and Investment Banking Investments Company 09. Nov 18 09. Nov 18 -141,000 HK$10.49 HK$-1,478,879
14. Nov 18 Buy JPMorgan Chase & Co, Brokerage and Securities Investments Company 09. Nov 18 09. Nov 18 2,284,000 HK$10.49 HK$23,955,739
14. Nov 18 Buy JPMorgan Chase & Co, Private Banking and Investment Banking Investments Company 09. Nov 18 09. Nov 18 141,000 HK$10.49 HK$1,478,879
14. Nov 18 Buy Highbridge Capital Management, LLC Company 09. Nov 18 09. Nov 18 228,000 HK$10.49 HK$2,391,378
13. Nov 18 Sell JPMorgan Chase & Co, Brokerage and Securities Investments Company 08. Nov 18 08. Nov 18 -2,516,119 HK$10.51 HK$-26,443,162
13. Nov 18 Buy JPMorgan Chase & Co, Private Banking and Investment Banking Investments Company 08. Nov 18 08. Nov 18 31,000 HK$10.51 HK$325,795
13. Nov 18 Sell Highbridge Capital Management, LLC Company 08. Nov 18 08. Nov 18 -40,000 HK$10.51 HK$-420,380
13. Nov 18 Buy J.P. Morgan Asset Management, Inc. Company 08. Nov 18 08. Nov 18 2,000 HK$10.51 HK$21,019
12. Nov 18 Buy JPMorgan Chase & Co, Private Banking and Investment Banking Investments Company 07. Nov 18 07. Nov 18 2,731,989 HK$10.40 HK$28,403,676
09. Oct 18 Sell Colonial First State Asset Management (Australia) Limited Company 05. Oct 18 05. Oct 18 -336,000 HK$9.97 HK$-3,349,921
03. Oct 18 Buy BlackRock, Inc. Company 28. Sep 18 28. Sep 18 2,000,000 HK$10.04 HK$20,085,994
24. Sep 18 Sell Colonial First State Asset Management (Australia) Limited Company 20. Sep 18 20. Sep 18 -734,000 HK$9.44 HK$-6,928,960
21. Aug 18 Buy J.P. Morgan Asset Management, Inc. Company 17. Aug 18 17. Aug 18 1,416,000 HK$9.47 HK$13,403,284
20. Aug 18 Buy Colonial First State Asset Management (Australia) Limited Company 17. Aug 18 17. Aug 18 3,826,000 HK$9.50 HK$36,347,001
03. Aug 18 Buy J.P. Morgan Asset Management, Inc. Company 31. Jul 18 31. Jul 18 4,448,000 HK$9.50 HK$42,271,551
20. Jul 18 Buy JPMorgan Chase & Co, Private Banking and Investment Banking Investments Company 17. Jul 18 17. Jul 18 3,375,833 HK$9.10 HK$30,733,588
24. Jul 18 Buy J.P. Morgan Asset Management, Inc. Company 19. Jul 18 19. Jul 18 8,406,503 HK$9.39 HK$78,925,263
03. Jul 18 Buy BlackRock, Inc. Company 28. Jun 18 28. Jun 18 1,474,000 HK$9.32 HK$13,738,860
10. Apr 18 Buy Colonial First State Asset Management (Australia) Limited Company 06. Apr 18 06. Apr 18 1,142,000 HK$11.15 HK$12,733,304
21. Mar 18 Sell Colonial First State Asset Management (Australia) Limited Company 20. Mar 18 20. Mar 18 -3,874,000 HK$11.47 HK$-44,434,776
09. Feb 18 Sell JPMorgan Chase & Co, Brokerage and Securities Investments Company 06. Feb 18 06. Feb 18 -230,000 HK$11.64 HK$-2,676,280
X
Management checks
We assess Jiangsu 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. Jiangsu 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.

177 News

Simply Wall St News

Is Jiangsu Expressway Company Limited’s (HKG:177) Cash Outlook Optimistic?

If you are currently a shareholder in Jiangsu Expressway Company Limited (HKG:177), or considering investing in the stock, you need to examine how the business generates cash, and how it is reinvested. … Today we will examine Jiangsu Expressway’s ability to generate cash flows, as well as the level of capital expenditure it is expected to incur over the next couple of years, which will result in how much money goes to you. … Jiangsu Expressway generates cash through its day-to-day business, which needs to be reinvested into the company in order for it to continue operating.

Simply Wall St -

Jiangsu Expressway Company Limited (HKG:177) Delivered A Better ROE Than Its Industry

We'll use ROE to examine Jiangsu Expressway Company Limited (HKG:177), by way of a worked example. … That means that for every HK$1 worth of shareholders' equity, it generated HK$0.15 in profit. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

Can We See Significant Institutional Ownership On The Jiangsu Expressway Company Limited (HKG:177) Share Register?

Every investor in Jiangsu Expressway Company Limited (HKG:177) should be aware of the most powerful shareholder groups. … Institutions often own shares in more established companies, while it's not unusual to see insiders own a fair bit of smaller companies. … Jiangsu Expressway is a pretty big company.

Simply Wall St -

What Should Investors Know About Jiangsu Expressway Company Limited's (HKG:177) Return On Capital?

and want a simplistic look at the return on Jiangsu Expressway Company Limited (HKG:177) stock. … To understand Jiangsu Expressway’s capital returns we will look at a useful metric called return on capital employed. … Jiangsu Expressway's Return On Capital Employed

Simply Wall St -

Jiangsu Expressway Company Limited (HKG:177): The Best Of Both Worlds

Attractive stocks have exceptional fundamentals. … In the case of Jiangsu Expressway Company Limited (HKG:177), there's

Simply Wall St -

Is Jiangsu Expressway Company Limited's (HKG:177) Balance Sheet A Threat To Its Future?

Small-cap and large-cap companies receive a lot of attention from investors, but mid-cap stocks like Jiangsu Expressway Company Limited (HKG:177), with a market cap of HK$48.7b, are often out of the spotlight. … 177’s financial liquidity and debt position will be analysed in this article, to get an idea of whether the company can fund opportunities for strategic growth and maintain strength through economic downturns. … Check out our latest analysis for Jiangsu Expressway

Simply Wall St -

Why Jiangsu Expressway Company Limited's (HKG:177) Ownership Structure Is Important

I am going to take a deep dive into Jiangsu Expressway Company Limited’s (HKG:177) most recent ownership structure, not a frequent subject of discussion among individual investors. … The impact of a company's ownership structure affects both its short- and long-term performance. … While these are more of a long-term investor’s concern, short-term investors may find the impact of institutional trading overwhelming enough to lose out on what could be a potential opportunity.

Simply Wall St -

How Does Jiangsu Expressway Company Limited's (HKG:177) Earnings Growth Stack Up Against The Industry?

Below, I will examine Jiangsu Expressway Company Limited's (HKG:177) track record on a high level, to give you some insight into how the company has been performing against its long term trend and its industry peers. … View our latest analysis for Jiangsu Expressway. … How 177 fared against its long-term earnings performance and its industry

Simply Wall St -

Jiangsu Expressway Company Limited (HKG:177): What Are Investors Earning On Their Capital?

and looking to gauge the potential return on investment in Jiangsu Expressway Company Limited (HKG:177). … This share represents a portion of capital used by the company to operate the business, and it is important the company is able to use the capital base efficiently to create adequate cash flows for you as an investor. … Therefore, looking at how efficiently Jiangsu Expressway is able to use capital to create earnings will help us understand your potential return.

Simply Wall St -

An Intrinsic Calculation For Jiangsu Expressway Company Limited (HKG:177) Shows It's 49.23% Undervalued

by projecting its future cash flows and then discounting them to today's value. … Discounted Cash Flows (DCF). … Anyone interested in learning a bit more about intrinsic value should have a read of the Simply Wall St analysis model

Simply Wall St -

177 Company Info

Map
Description

Jiangsu Expressway Company Limited invests in, constructs, operates, and manages toll roads and bridges in the People’s Republic of China. It operates the Jiangsu section of Shanghai-Nanjing Expressway, Nanjing-Lianyungang Class 1 Highway –Nanjing Section, Ningchang Expressway, Zhenli Expressway, Xiyi Expressway, Xicheng Expressway, Guangjing Expressway, Jiangyin Bridge, Sujiahang Expressway, and other toll roads in Jiangsu Province. The company operates approximately 820 kilometers of highways. It also develops passenger transportation and ancillary services along the toll roads and bridges, including refueling, catering, retailing, advertising, and accommodation; and engages in real estate development activities. The company was founded in 1992 and is headquartered in Nanjing, the People's Republic of China. Jiangsu Expressway Company Limited is a subsidiary of Jiangsu Communications Holding Company Limited.

Details
Name: Jiangsu Expressway Company Limited
177
Exchange: SEHK
Founded: 1992
HK$58,061,680,574
5,037,747,500
Website: http://www.jsexpressway.com
Address: Jiangsu Expressway Company Limited
6 Xianlin Avenue,
Nanjing,
Jiangsu Province, 210049,
China
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SEHK 177 Foreign Shares-Foreign Listed The Stock Exchange of Hong Kong Ltd. HK HKD 27. Jun 1997
OTCPK JEXY.F Foreign Shares-Foreign Listed Pink Sheets LLC US USD 27. Jun 1997
DB JE2 Foreign Shares-Foreign Listed Deutsche Boerse AG DE EUR 27. Jun 1997
SHSC 177 Foreign Shares-Foreign Listed Stock Exchange of Hong Kong Limited - Shanghai - Hong Kong Stock Connect HK HKD 27. Jun 1997
SZSC 177 Foreign Shares-Foreign Listed The Stock Exchange of Hong Kong - Shenzhen - Hong Kong Stock Connect HK HKD 27. Jun 1997
OTCPK JEXY.Y SP ADR REP H Pink Sheets LLC US USD 17. Apr 2003
SHSE 600377 Domestic Shares Shanghai Stock Exchange CN CNY 16. Jan 2001
XSSC 600377 Domestic Shares Shanghai Stock Exchange - Shanghai - Hong Kong Stock Connect CN CNY 16. Jan 2001
Number of employees
Current staff
Staff numbers
5,403
Jiangsu Expressway employees.
Industry
Highways and Railtracks
Transportation
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/01/23 12:34
End of day share price update: 2019/01/23 00:00
Last estimates confirmation: 2019/01/07
Last earnings filing: 2018/10/26
Last earnings reported: 2018/09/30
Last annual earnings reported: 2017/12/31


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.