Upcoming Dividend • May 11
Upcoming dividend of CN¥0.12 per share Eligible shareholders must have bought the stock before 18 May 2026. Payment date: 14 July 2026. Payout ratio is a comfortable 37% but the company is not cash flow positive. Trailing yield: 6.9%. Within top quartile of Hong Kong dividend payers (6.7%). Higher than average of industry peers (5.3%). New Risk • Apr 22
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 366% The company is paying a dividend despite having no free cash flows. Dividend yield: 68% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 366% Paying a dividend despite having no free cash flows. Earnings have declined by 0.4% per year over the past 5 years. Declared Dividend • Apr 18
Dividend of CN¥0.12 announced Shareholders will receive a dividend of CN¥0.12. Ex-date: 18th May 2026 Payment date: 14th July 2026 Dividend yield will be 5.9%, which is lower than the industry average of 6.5%. Sustainability & Growth Dividend is covered by earnings (36% 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 decreased over the past 76 years, indicating a lack of growth and stability in payments. Earnings per share has grown by 10% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Apr 13
Chengdu Expressway Co., Ltd. to Report Q1, 2026 Results on Apr 29, 2026 Chengdu Expressway Co., Ltd. announced that they will report Q1, 2026 results on Apr 29, 2026 Reported Earnings • Mar 28
Full year 2025 earnings released: EPS: CN¥0.33 (vs CN¥0.31 in FY 2024) Full year 2025 results: EPS: CN¥0.33 (up from CN¥0.31 in FY 2024). Revenue: CN¥2.93b (flat on FY 2024). Net income: CN¥552.4m (up 6.3% from FY 2024). Profit margin: 19% (up from 18% in FY 2024). Over the last 3 years on average, earnings per share has remained flat whereas the company’s share price has increased by 2% per year. Announcement • Mar 27
Chengdu Expressway Co., Ltd., Annual General Meeting, May 14, 2026 Chengdu Expressway Co., Ltd., Annual General Meeting, May 14, 2026. Announcement • Mar 05
Chengdu Expressway Co., Ltd. to Report Fiscal Year 2025 Results on Mar 26, 2026 Chengdu Expressway Co., Ltd. announced that they will report fiscal year 2025 results on Mar 26, 2026 Announcement • Dec 24
Chengdu Expressway Co., Ltd. Announces Board Changes, Effective December 23, 2025 Chengdu Expressway Co., Ltd. announced that the Supervisory Committee has been abolished and the audit and risk management committee of the Board will exercise the functions and powers conferred upon the Supervisory Committee under the Articles of Association, and the office of members who once served in the Supervisory Committee will be automatically removed. At present, the audit and risk management committee of the Board consists of three Directors, namely Mr. Leung Chi Hang Benson, Mr. Wang Peng and Ms. Wu Haiyan. The Board announced that at the employee representative meeting of the Company held on December 23, 2025, Mr. Pan Xin was elected as an employee Director (non-executive Director) for a term effective from December 23, 2025 which is the same as the term of the second session of the Board (including any extended period of the second session of the Board due to a delay in re-election). Mr. Pan Xin, aged 38, served as deputy general manager of the Company from May 2020 to July 2025, and deputy Party secretary and chairman of the labor union of the Company since July 2025. Mr. Pan successively served as director and supervisor of the investment and development department of Chengdu Communications Investment Group Co., Ltd., and head of the investment and development department of Chengdu Expressway Construction and Development Co., Ltd. (currently known as Chengdu Communications Investment Transportation Construction and Management Group Co., Ltd.) from July 2013 to May 2020. Mr. Pan also concurrently acts as a director of Chengdu Energy Development Co., Ltd. Mr. Pan graduated from the school of traffic transportation in Southwest Jiaotong University majoring in traffic transportation with a bachelor’s degree in June 2010, and obtained his master’s degree from the school of transportation and logistics in Southwest Jiaotong University majoring in transportation planning and management in June 2013. Mr. Pan was recognised as a logistician by China Federation of Logistics and Purchasing and the National Logistics Standardisation Technical Committee in 2011. He obtained the qualification of grade II constructor approved and granted by the Sichuan Provincial Department of Human Resources and Social Security and the Sichuan Provincial Department of Housing and Urban-Rural Development in June 2018, and the qualification of senior engineer granted by Chengdu Human Resources and Social Security Bureau in July 2025. Reported Earnings • Oct 30
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: CN¥778.2m (up 4.1% from 3Q 2024). Net income: CN¥204.5m (up 1.3% from 3Q 2024). Profit margin: 26% (in line with 3Q 2024). Announcement • Oct 14
Chengdu Expressway Co., Ltd. to Report Q3, 2025 Results on Oct 28, 2025 Chengdu Expressway Co., Ltd. announced that they will report Q3, 2025 results on Oct 28, 2025 Reported Earnings • Aug 28
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: CN¥748.5m (up 3.2% from 2Q 2024). Net income: CN¥110.5m (down 27% from 2Q 2024). Profit margin: 15% (down from 21% in 2Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has remained flat whereas the company’s share price has increased by 4% per year. Buy Or Sell Opportunity • Aug 18
Now 20% undervalued Over the last 90 days, the stock has risen 1.4% to HK$2.12. The fair value is estimated to be HK$2.66, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.3% over the last 3 years, while earnings per share has been flat. Announcement • Aug 11
Chengdu Expressway Co., Ltd. to Report Q2, 2025 Results on Aug 27, 2025 Chengdu Expressway Co., Ltd. announced that they will report Q2, 2025 results on Aug 27, 2025 Buy Or Sell Opportunity • Jul 04
Now 21% undervalued The stock has been flat over the last 90 days, currently trading at HK$2.07. The fair value is estimated to be HK$2.61, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.3% over the last 3 years, while earnings per share has been flat. Upcoming Dividend • May 12
Upcoming dividend of CN¥0.10 per share Eligible shareholders must have bought the stock before 19 May 2025. Payment date: 15 July 2025. Payout ratio is a comfortable 31% and this is well supported by cash flows. Trailing yield: 4.8%. Lower than top quartile of Hong Kong dividend payers (7.8%). Lower than average of industry peers (6.1%). Reported Earnings • May 01
First quarter 2025 earnings released First quarter 2025 results: Revenue: CN¥668.5m (down 2.4% from 1Q 2024). Net income: CN¥151.9m (up 8.9% from 1Q 2024). Profit margin: 23% (up from 20% in 1Q 2024). The increase in margin was driven by lower expenses. Declared Dividend • Apr 26
Dividend of CN¥0.10 announced Shareholders will receive a dividend of CN¥0.10. Ex-date: 19th May 2025 Payment date: 15th July 2025 Dividend yield will be 4.9%, which is lower than the industry average of 6.5%. Sustainability & Growth Dividend is covered by both earnings (32% earnings payout ratio) and cash flows (55% cash payout ratio). The dividend has decreased over the past 66 years, indicating a lack of growth and stability in payments. Earnings per share has grown by 1.2% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Apr 15
Chengdu Expressway Co., Ltd. to Report Q1, 2025 Results on Apr 29, 2025 Chengdu Expressway Co., Ltd. announced that they will report Q1, 2025 results on Apr 29, 2025 Announcement • Mar 27
Chengdu Expressway Co., Ltd., Annual General Meeting, May 15, 2025 Chengdu Expressway Co., Ltd., Annual General Meeting, May 15, 2025. Reported Earnings • Mar 27
Full year 2024 earnings released: EPS: CN¥0.31 (vs CN¥0.37 in FY 2023) Full year 2024 results: EPS: CN¥0.31 (down from CN¥0.37 in FY 2023). Revenue: CN¥2.92b (flat on FY 2023). Net income: CN¥519.5m (down 16% from FY 2023). Profit margin: 18% (down from 21% in FY 2023). Over the last 3 years on average, earnings per share has fallen by 1% per year whereas the company’s share price has increased by 1% per year. Announcement • Mar 10
Chengdu Expressway Co., Ltd. to Report Fiscal Year 2024 Results on Mar 26, 2025 Chengdu Expressway Co., Ltd. announced that they will report fiscal year 2024 results at 4:00 PM, China Standard Time on Mar 26, 2025 Reported Earnings • Oct 30
Third quarter 2024 earnings released: EPS: CN¥0.12 (vs CN¥0.12 in 3Q 2023) Third quarter 2024 results: EPS: CN¥0.12 (up from CN¥0.12 in 3Q 2023). Revenue: CN¥747.8m (down 7.6% from 3Q 2023). Net income: CN¥201.9m (up 2.1% from 3Q 2023). Profit margin: 27% (up from 24% in 3Q 2023). 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 increased by 2% per year. Announcement • Oct 08
Chengdu Expressway Co., Ltd. to Report Nine Months, 2024 Results on Oct 29, 2024 Chengdu Expressway Co., Ltd. announced that they will report nine months, 2024 results on Oct 29, 2024 Reported Earnings • Aug 28
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: CN¥725.5m (down 2.8% from 2Q 2023). Net income: CN¥151.8m (down 7.3% from 2Q 2023). Profit margin: 21% (down from 22% in 2Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has remained flat whereas the company’s share price has fallen by 4% per year. Announcement • Aug 12
Chengdu Expressway Co., Ltd. to Report First Half, 2024 Results on Aug 27, 2024 Chengdu Expressway Co., Ltd. announced that they will report first half, 2024 results on Aug 27, 2024 Upcoming Dividend • May 23
Upcoming dividend of CN¥0.17 per share Eligible shareholders must have bought the stock before 30 May 2024. Payment date: 26 July 2024. Payout ratio is a comfortable 45% and this is well supported by cash flows. Trailing yield: 8.0%. Within top quartile of Hong Kong dividend payers (7.4%). Higher than average of industry peers (6.0%). Reported Earnings • Apr 30
First quarter 2024 earnings released: EPS: CN¥0.084 (vs CN¥0.094 in 1Q 2023) First quarter 2024 results: EPS: CN¥0.084 (down from CN¥0.094 in 1Q 2023). Revenue: CN¥684.7m (up 5.1% from 1Q 2023). Net income: CN¥139.5m (down 10% from 1Q 2023). Profit margin: 20% (down from 24% in 1Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 1% per year whereas the company’s share price has remained flat. Announcement • Apr 12
Chengdu Expressway Co., Ltd. to Report Q1, 2024 Results on Apr 29, 2024 Chengdu Expressway Co., Ltd. announced that they will report Q1, 2024 results on Apr 29, 2024 Announcement • Mar 28
Chengdu Expressway Co., Ltd., Annual General Meeting, May 28, 2024 Chengdu Expressway Co., Ltd., Annual General Meeting, May 28, 2024. Reported Earnings • Mar 28
Full year 2023 earnings released: EPS: CN¥0.37 (vs CN¥0.31 in FY 2022) Full year 2023 results: EPS: CN¥0.37 (up from CN¥0.31 in FY 2022). Revenue: CN¥2.89b (up 12% from FY 2022). Net income: CN¥618.8m (up 22% from FY 2022). Profit margin: 21% (up from 20% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has increased by 1% per year. Announcement • Mar 27
Chengdu Expressway Co., Ltd. Proposes Distribution of Final Dividend for the Year Ended 31 December 2023 Payable on 26 July 2024 Chengdu Expressway Co., Ltd. proposed distribution of final dividend of RMB 0.168 per share for the year ended 31 December 2023 payable on 26 July 2024. Date of shareholders' approval is on 28 May 2024. Record date is on 05 June 2024. Ex-dividend date is on 30 May 2024. Announcement • Mar 05
Chengdu Expressway Co., Ltd. to Report Fiscal Year 2023 Results on Mar 27, 2024 Chengdu Expressway Co., Ltd. announced that they will report fiscal year 2023 results on Mar 27, 2024 Reported Earnings • Nov 02
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: CN¥809.7m (up 36% from 3Q 2022). Net income: CN¥197.6m (up 24% from 3Q 2022). Profit margin: 24% (down from 27% in 3Q 2022). The decrease in margin was driven by higher expenses. Announcement • Oct 25
Chengdu Expressway Co., Ltd. Announces Executive Changes Chengdu Expressway Co., Ltd. announced that Mr. Yang Bin ("Mr. Yang") tendered a written resignation to the Board on 24 October 2023 due to work rearrangement to resign from the positions as a non-executive Director and member of the audit and risk management committee of the Board (the "Audit and Risk Management Committee"), with effect from 24 October 2023. At the meeting of the Board held on 24 October 2023, the Board also resolved that Ms. Wu Haiyan be appointed as a member of the Audit and Risk Management Committee and appointment of Mr. Xia Wei as an executive director of the second session of the board of directors of the Company. Announcement • Oct 20
Chengdu Expressway Co., Ltd. to Report Nine Months, 2023 Results on Oct 31, 2023 Chengdu Expressway Co., Ltd. announced that they will report nine months, 2023 results on Oct 31, 2023 Announcement • Oct 18
Chengdu Expressway Co., Ltd. Announces Executive Changes Chengdu Expressway Co., Ltd. announced resignation of Mr. Chen Yong to the supervisory committee of the Company due to work rearrangement on 17 October 2023 to resign as an employee representative supervisor of the Company, with effect from 17 October 2023. Mr. Chen has confirmed that he has no disagreement with the board of directors of the Company and the Supervisory Committee, and there are no matters relating to the Resignation that need to be brought to the attention of the shareholders and creditors of the Company. The Supervisory Committee would like to express sincere gratitude to Mr. Chen for his contributions to the Company during his tenure. The company appointed Ms. Zheng Lifang as an employee representative supervisor of the second session of the Supervisory Committee, with effect from 17 October 2023 and for the same term of office as that of the second session of the Supervisory Committee (including the extended term of the second session of the Supervisory Committee due to postponed election of a new session of the Supervisory Committee) and is eligible for re-election upon expiry of her term. Ms. Zheng Lifang, whose former name was Zheng Qin, aged 32, has been the head of the finance management department of the Company since September 2023. Ms. Zheng successively served as the principal staff and senior principal staff of the finance management department of Chengdu Communications Investment Group Co., Ltd. from July 2018 to August 2023; and worked for Chongqing Real Estate Group Co., Ltd. from March 2017 to June 2018; and Huaneng (Shanghai) Power Maintenance Co., Ltd. from August 2014 to February 2017. Ms. Zheng graduated from Shanghai University of Finance and Economics in June 2014 with a bachelor's degree in accountin (certified public accountants), and from Sichuan University in December 2021 with a master's degree in business administration. Ms. Zheng obtained the qualification of certified public accountants granted by The Chinese Institute of Certified Public Accountants in May 2017. Ms. Zheng will enter into a service contract with the Company on the date of the employee congress. Ms. Zheng will receive remuneration based on her position within the Company as an employee, and will not receive remuneration in her capacity as an employee representative supervisor of the Company. Reported Earnings • Aug 30
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: CN¥746.3m (up 6.0% from 2Q 2022). Net income: CN¥163.8m (up 19% from 2Q 2022). Profit margin: 22% (up from 20% in 2Q 2022). The increase in margin was driven by higher revenue. Announcement • Aug 10
Chengdu Expressway Co., Ltd. to Report First Half, 2023 Results on Aug 25, 2023 Chengdu Expressway Co., Ltd. announced that they will report first half, 2023 results on Aug 25, 2023 Announcement • Jul 29
Chengdu Expressway Co., Ltd. Announces Executive Changes The board of directors of the Chengdu Expressway Co., Ltd. announced that Mr. Luo Dan ceased to serve as the chief accountant of the Company due to work rearrangement with effect from 27 July 2023. The Board is also pleased to announce that Mr. Xia Wei () ("Mr. Xia") has been appointed as the chief accountant of the Company with effect from 27 July 2023. Set out below are the biographical details of Mr. Xia: Mr. Xia Wei, born in June 1975, Chinese nationality and a bachelor's degree holder, is a senior accountant. Mr. Xia served as an assistant accountant of Chengdu Guoteng (Group) Co., Ltd. from July 1998 to March 2004, and clerk, principal staff, supervisor, senior supervisor and deputy director of the planning and finance department and deputy director of the finance department of Chengdu Communications Investment Group Co., Ltd. from June 2007 to June 2023. Mr. Xia Wei has been the chief accountant of the Company since July 2023. Announcement • Jul 28
Chengdu Expressway Co., Ltd. Announces Resignation of Luo Dan as Executive Director The board of directors of Chengdu Expressway Co., Ltd. announced that Mr. Luo Dan tendered his written resignation to the Board on 27 July 2023 due to work rearrangement to resign from the positions as an executive Director and an authorised representative of the Company, with effect from 27 July 2023. The Board also announces that Mr. Yang Tan, an executive Director, has been appointed as an Authorised Representative with effect from 27 July 2023. Announcement • Jun 08
Chengdu Expressway Co., Ltd. Announces Appointment of Yang Tan as Chairman of the Board Chengdu Expressway Co., Ltd. dated 15 March 2023 in relation to, among other things, election of Mr. Yang Tan ("Mr. Yang") to act as the chairman of the board of directors and the legal representative of the Company. The board of directors of the Company announced that, upon consideration and approval by the Board at its meeting held on 7 June 2023, Mr. Yang has been elected as the chairman of the Board for a term commencing from the date of election and ending on the expiry date of the term of the second session of the Board. Announcement • May 13
Chengdu Expressway Co., Ltd. Approves Final Dividend for the Year Ended December 31, 2022, Payable on 11 July 2023 Chengdu Expressway Co., Ltd. at its AGM, held on May 12, 2023, approved final dividend of RMB 0.178 per share for the year ended December 31, 2022. Ex-dividend date is 16 May 2023. Record date is 23 May 2023. Payment date is 11 July 2023. Upcoming Dividend • May 09
Upcoming dividend of CN¥0.18 per share at 9.6% yield Eligible shareholders must have bought the stock before 16 May 2023. Payment date: 11 July 2023. Payout ratio is a comfortable 58% and this is well supported by cash flows. Trailing yield: 9.6%. Within top quartile of Hong Kong dividend payers (7.4%). Higher than average of industry peers (5.6%). Reported Earnings • Mar 29
Full year 2022 earnings released Full year 2022 results: Revenue: CN¥2.60b (down 3.9% from FY 2021). Net income: CN¥506.7m (down 18% from FY 2021). Profit margin: 20% (down from 23% in FY 2021). Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Announcement • Dec 01
Chengdu Expressway Co., Ltd. (SEHK:1785) entered into a letter of intent to acquire 49% stake in Sichuan Chengming Expressway Co., Ltd from Chengdu Highway Construction and Development Co., Ltd. Chengdu Expressway Co., Ltd. (SEHK:1785) entered into a letter of intent to acquire 49% stake in Sichuan Chengming Expressway Co., Ltd from Chengdu Highway Construction and Development Co., Ltd on November 30, 2022. Board Change • Nov 16
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, 3 were independent directors. The company's board is composed of: 3 independent directors. 6 non-independent directors. Independent Non-Executive Director Benson Leung was the last independent director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Reported Earnings • Nov 01
Third quarter 2022 earnings released: EPS: CN¥0.096 (vs CN¥0.089 in 3Q 2021) Third quarter 2022 results: EPS: CN¥0.096 (up from CN¥0.089 in 3Q 2021). Revenue: CN¥593.5m (down 13% from 3Q 2021). Net income: CN¥158.9m (up 8.1% from 3Q 2021). Profit margin: 27% (up from 22% in 3Q 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Announcement • Oct 19
Chengdu Expressway Co., Ltd. to Report Q3, 2022 Results on Oct 31, 2022 Chengdu Expressway Co., Ltd. announced that they will report Q3, 2022 results on Oct 31, 2022 Announcement • Oct 01
Chengdu Expressway Co., Ltd. Announces Board Appointments and Change of Board Committee Members Chengdu Expressway Co., Ltd. at its extraordinary general meeting held on 30 September 2022, approved the following board appointments: Mr. Ding Dapan as an executive director of the second session of the board of directors of the Company; appointment of Mr. Leung Chi Hang Benson as an independent non-executive director of the second session of the board of directors of the Company; Mr. Wang Peng as an independent non-executive director of the second session of the board of directors of the Company; Mr. Qian Yongjiu as an independent non-executive director of the second session of the board of directors of the Company; and Mr. Zhang Chengyi as a shareholder representative supervisor of the second session of the supervisory committee of the Company. chairman of the Board, a non-executive Director and a member of the Nomination Committee of the Company; Mr. Luo Dan ceased to serve as a member of the remuneration and evaluation committee of the Board due to work arrangement and he will continue to serve as an executive Director of the Company. A meeting of the Board was held on 30 September 2022 and it was resolved that: Mr. Leung Chi Hang Benson and Mr. Wang Peng were appointed as members of the audit and risk management committee (the "Audit and Risk Management Committee") of the Board; Mr. Qian Yongjiu and Mr. Wang Peng were appointed as members of the Nomination Committee; Mr. Wang Peng, Mr. Qian Yongjiu and Ms. Wu Haiyan were appointed as members of the Remuneration and Evaluation Committee; and Mr. Qian Yongjiu and Mr. Leung Chi Hang Benson were appointed as members of the strategy and development committee of the Board. At the respective Board committee meetings held on 30 September 2022, Mr. Leung Chi Hang Benson was elected as chairman of the Audit and Risk Management Committee, Mr. Qian Yongjiu was elected as chairman of the Nomination Committee and Mr. Wang Peng was elected as chairman of the Remuneration and Evaluation Committee. Announcement • Sep 10
Chengdu Expressway Co., Ltd. Announces Executive Changes Chengdu Expressway Co., Ltd. announces that on 9 September 2022, (i) due to work changes, Ms. Wang Xiao ("Ms. Wang") tendered her resignation to the Board in writing, pursuant to which Ms. Wang resigned as an executive Director and a member of the strategy and development committee of the Board; (ii) due to retirement, Mr. Zhang Dongmin ("Mr. Zhang") tendered his resignation to the Board in writing, pursuant to which Mr. Zhang resigned as an executive Director; and (iii) as their tenures will soon reach six years, Mr. Shu Wa Tung, Laurence ("Mr. Shu"), Mr. Ye Yong ("Mr. Ye") and Mr. Li Yuanfu ("Mr. Li") tendered their resignations to the Board in writing, pursuant to which Mr. Shu resigned as an independent non-executive Director, the chairman of the audit and risk management committee of the Board and a member of the strategy and development committee of the Board, and Mr. Ye resigned as an independent non-executive Director, the chairman of the remuneration and evaluation committee of the Board, a member of the audit and risk management committee of the Board and a member of the nomination committee of the Board, and Mr. Li resigned as an independent non-executive Director, a member of the remuneration and evaluation committee of the Board and a member of the nomination committee of the Board. Such resignations shall take effect from the date of appointment of the successors at a general meeting of the Company. Reported Earnings • Aug 27
Second quarter 2022 earnings released: EPS: CN¥176 (vs CN¥0.10 in 2Q 2021) Second quarter 2022 results: EPS: CN¥176 (up from CN¥0.10 in 2Q 2021). Revenue: CN¥1.37t (up CN¥1.37t from 2Q 2021). Net income: CN¥291.5b (up CN¥291.4b from 2Q 2021). Profit margin: 21% (in line with 2Q 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 133 percentage points per year, which is a significant difference in performance. Announcement • Aug 11
Chengdu Expressway Co., Ltd. to Report First Half, 2022 Results on Aug 25, 2022 Chengdu Expressway Co., Ltd. announced that they will report first half, 2022 results on Aug 25, 2022 Announcement • May 14
Chengdu Expressway Co., Ltd. Approves Final Ordinary Dividend, Payable on July 12, 2022 Chengdu Expressway Co., Ltd. at its annual general meeting held on May 13, 2022 Approved final ordinary dividend for the year ended December 31, 2022 of CNY 0.141 per share to be paid on July 12, 2022 to the record holders as on May 24, 2022. Ex-dividend date is May 17, 2022. Date of shareholders' approval 13 May 2022. Upcoming Dividend • May 10
Upcoming dividend of CN¥0.14 per share Eligible shareholders must have bought the stock before 17 May 2022. Payment date: 12 July 2022. Payout ratio is a comfortable 38% and this is well supported by cash flows. Trailing yield: 8.0%. Within top quartile of Hong Kong dividend payers (7.8%). In line with average of industry peers (7.4%). Board Change • Apr 27
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 11 experienced directors. No highly experienced directors. 3 independent directors (6 non-independent directors). Independent Non-Executive Director Laurence Shu was the last independent director to join the board, commencing their role in 2016. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Announcement • Mar 06
Chengdu Expressway Co., Ltd. Announces Change of Employee Representative Supervisor On 3 March 2022, Mr. Zhang Jian a supervisor of Chengdu Expressway Co., Ltd. tendered his resignation to the supervisory committee of the Company due to work rearrangement, to resign from the position as an employee representative supervisor of the Company with effect from 3 March 2022. At the employee congress held by the Company on 3 March 2022, Mr. Chen Yong was elected as an employee representative supervisor of the second session of the Supervisory Committee commencing from 3 March 2022 with a term which is the same as that of employee representative supervisors of the second session of the Supervisory Committee, and is eligible for re-election upon expiration of his term. Pursuant to the articles of association of the Company, employee representative supervisors shall be democratically elected by the employees of the Company and shareholder approval is not required in this regard. Mr. Chen, aged 38, has served as the head of the Finance Department of the Company since February 2019. Mr. Chen worked for Tong Wei Co., Ltd. from September 2012 to September 2014, and for the First Engineering Branch of China MCC5 Group Corp. Ltd. from September 2015 to October 2015. He served as the director and senior head of the finance department (capital centre) of Chengdu Communications Investment Group Co., Ltd. from October 2015 to February 2019; director of Sichuan Chengming Expressway Co., Ltd. from December 2019 to May 2020; and director of Chengdu Expressway Zhenxing Development Co., Ltd. since February 2020. Announcement • Feb 25
Chengdu Expressway Co., Ltd. Provides Earnings Guidance for the Twelve Months Ended 31 December 2021 Chengdu Expressway Co., Ltd. provided earnings guidance for the twelve months ended 31 December 2021. For the period, the company expects net profit attributable to the shareholders to be approximately RMB600 million to RMB630 million, representing an increase of approximately 75% to 85% as compared to the corresponding period in 2020 (as restated). Such increase is mainly because in the first half of 2020, due to the impact of the COVID-19 pandemic and the policy of the Ministry of Transport of the People's Republic of China to waive tolls for toll expressways nationwide during the period from 00:00 on 17 February 2020 to 00:00 on 6 May 2020, the Group's toll income declined significantly in 2020, and with the gradual control of the COVID-19 pandemic and resumption of toll collection on toll expressways since 6 May 2020, the toll income in 2021 increased significantly as compared to 2020. Reported Earnings • Sep 11
Second quarter 2021 earnings released The company reported a solid second quarter result with improved earnings and revenues, although profit margins were weaker. Second quarter 2021 results: Revenue: CN¥778.5m (up 56% from 2Q 2020). Net income: CN¥165.4m (up 21% from 2Q 2020). Profit margin: 21% (down from 27% in 2Q 2020). The decrease in margin was driven by higher expenses. Upcoming Dividend • Jun 09
Upcoming dividend of CN¥0.12 per share Eligible shareholders must have bought the stock before 16 June 2021. Payment date: 09 August 2021. Trailing yield: 6.5%. Within top quartile of Hong Kong dividend payers (6.0%). In line with average of industry peers (6.0%). Reported Earnings • Jun 01
First quarter 2021 earnings released The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: CN¥561.2m (up 131% from 1Q 2020). Net income: CN¥155.4m (up CN¥225.1m from 1Q 2020). Profit margin: 28% (up from net loss in 1Q 2020). The move to profitability was driven by higher revenue. Reported Earnings • Apr 24
Full year 2020 earnings released: EPS CN¥0.21 (vs CN¥0.30 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: CN¥2.01b (down 13% from FY 2019). Net income: CN¥344.5m (down 29% from FY 2019). Profit margin: 17% (down from 21% in FY 2019). The decrease in margin was driven by lower revenue. Reported Earnings • Mar 27
Full year 2020 earnings released The company reported a mediocre full year result with weaker earnings and profit margins, although revenues improved. Full year 2020 results: Revenue: CN¥2.01b (up 60% from FY 2019). Net income: CN¥344.5m (down 22% from FY 2019). Profit margin: 17% (down from 35% in FY 2019). The decrease in margin was driven by higher expenses. Announcement • Mar 13
Chengdu Expressway Co., Ltd. to Report Fiscal Year 2020 Results on Mar 25, 2021 Chengdu Expressway Co., Ltd. announced that they will report fiscal year 2020 results on Mar 25, 2021 Announcement • Feb 09
Chengdu Expressway Co., Ltd. Announces Completion and Commencement of Operation of the the "Expressway-To-Expressway" Inter-Network Construction Project Between Chengguan Expressway and Chengdu Ring Expressway on 9 February 2021 This announcement is made by the board of directors of Chengdu Expressway Co., Ltd. on a voluntary basis. Reference is made to the company's announcement dated 27 August 2019 in relation to the proposed implementation of the "expressway-to-expressway" inter-network construction project between Chengguan Expressway and Chengdu Ring Expressway. Unless the context requires otherwise, the capitalised terms used in this announcement shall have the same meanings as defined in the Announcement. The Board announced that, the Project will be completed and commence operation at 12:00 p.m. on 9 February 2021, which will mark the interconnection between Chengguan Expressway and Chengdu Ring Expressway. Such interconnection will effectively ease the traffic congestion on the sections connecting these two expressways and significantly improve their traffic conversion rate, thereby shortening the travel time, improving the experience of passing drivers and passengers, and in turn boosting the traffic flow on Chengguan Expressway. Is New 90 Day High Low • Nov 16
New 90-day low: HK$1.91 The company is down 8.0% from its price of HK$2.07 on 18 August 2020. The Hong Kong market is up 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Infrastructure industry, which is up 1.0% over the same period. Is New 90 Day High Low • Oct 07
New 90-day high: HK$2.25 The company is up 4.0% from its price of HK$2.16 on 09 July 2020. The Hong Kong market is down 6.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Infrastructure industry, which is down 9.0% over the same period. Announcement • Aug 08
Chengdu Expressway Co., Ltd. to Report First Half, 2020 Results on Aug 27, 2020 Chengdu Expressway Co., Ltd. announced that they will report first half, 2020 results on Aug 27, 2020 