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Shenzhen Expressway

SEHK:548
Snowflake Description

Solid track record, good value and pays a dividend.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
548
SEHK
HK$25B
Market Cap
  1. Home
  2. HK
  3. Transportation
Company description

Shenzhen Expressway Company Limited, together with its subsidiaries, primarily invests in, constructs, operates, and manages toll highways and roads, as well as other urban and transport infrastructure in the People’s Republic of China. The last earnings update was 27 days ago. More info.


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548 Share Price and Events
7 Day Returns
2.9%
SEHK:548
-1.4%
HK Infrastructure
-0.2%
HK Market
1 Year Returns
26.6%
SEHK:548
-3.6%
HK Infrastructure
-3.9%
HK Market
548 Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Shenzhen Expressway (548) 2.9% 8.9% 13.3% 26.6% 40.9% 171%
HK Infrastructure -1.4% 1.4% 7.7% -3.6% -3.5% -1.6%
HK Market -0.2% 1.9% 13% -3.9% 28.2% 20.5%
1 Year Return vs Industry and Market
  • 548 outperformed the Infrastructure industry which returned -3.6% over the past year.
  • 548 outperformed the Market in Hong Kong which returned -3.9% over the past year.
Price Volatility
548
Industry
5yr Volatility vs Market
Related Companies

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

548 Value

 Is Shenzhen 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 Shenzhen 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 Shenzhen Expressway.

SEHK:548 Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 6 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 9.8%
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:548
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))
= 0.985 (1 + (1- 25%) (64.72%))
1.311
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.31
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2% + (1.311 * 5.96%)
9.81%

Discounted Cash Flow Calculation for SEHK:548 using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Shenzhen 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:548 DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (CNY, Millions) Source Present Value
Discounted (@ 9.81%)
2019 2,914.00 Analyst x1 2,653.57
2020 2,221.00 Analyst x1 1,841.75
2021 3,921.00 Analyst x1 2,960.89
2022 4,346.38 Est @ 10.85% 2,988.78
2023 4,702.56 Est @ 8.19% 2,944.71
2024 5,000.58 Est @ 6.34% 2,851.48
2025 5,252.46 Est @ 5.04% 2,727.43
2026 5,469.22 Est @ 4.13% 2,586.18
2027 5,660.08 Est @ 3.49% 2,437.24
2028 5,832.36 Est @ 3.04% 2,286.97
Present value of next 10 years cash flows CN¥26,279.00
SEHK:548 DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= CN¥5,832.36 × (1 + 2%) ÷ (9.81% – 2%)
CN¥76,162.51
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= CN¥76,162.51 ÷ (1 + 9.81%)10
CN¥29,864.66
SEHK:548 Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= CN¥26,279.00 + CN¥29,864.66
CN¥56,143.66
Equity Value per Share
(CNY)
= Total value / Shares Outstanding
= CN¥56,143.66 / 2,180.77
CN¥25.74
SEHK:548 Discount to Share Price
Calculation Result
Exchange Rate CNY/HKD
(Reporting currency to currency of SEHK:548)
1.173
Value per Share
(HKD)
= Value per Share in CNY x Exchange Rate (CNY/HKD)
= CN¥25.74 x 1.173
HK$30.2
Value per share (HKD) From above. HK$30.20
Current discount Discount to share price of HK$9.81
= -1 x (HK$9.81 - HK$30.20) / HK$30.20
67.5%

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

Current Discount
Amount off the current price Shenzhen Expressway is available for.
Intrinsic value
>50%
Share price is HK$9.81 vs Future cash flow value of HK$30.2
Current Discount Checks
For Shenzhen Expressway to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Shenzhen Expressway's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Shenzhen 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 Shenzhen Expressway's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Shenzhen Expressway's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
SEHK:548 PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in CNY CN¥1.58
SEHK:548 Share Price ** SEHK (2019-04-18) in HKD HK$9.81
SEHK:548 Share Price converted to CNY reporting currency Exchange rate (HKD/ CNY) 0.853 CN¥8.36
Hong Kong Infrastructure Industry PE Ratio Median Figure of 24 Publicly-Listed Infrastructure Companies 9.44x
Hong Kong Market PE Ratio Median Figure of 1,475 Publicly-Listed Companies 11.98x

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

** Primary Listing of Shenzhen Expressway.

SEHK:548 PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= SEHK:548 Share Price ÷ EPS (both in CNY)

= 8.36 ÷ 1.58

5.3x

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

  • Shenzhen Expressway is good value based on earnings compared to the HK Infrastructure industry average.
  • Shenzhen Expressway is good value based on earnings compared to the Hong Kong market.
Price based on expected Growth
Does Shenzhen Expressway's expected growth come at a high price?
Raw Data
SEHK:548 PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 5.3x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 6 Analysts
-8.6%per year
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 .

SEHK:548 PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 5.3x ÷ -8.6%

-0.62x

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

  • Shenzhen Expressway earnings are not expected to grow next year, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Shenzhen Expressway's assets?
Raw Data
SEHK:548 PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in CNY CN¥7.97
SEHK:548 Share Price * SEHK (2019-04-18) in HKD HK$9.81
SEHK:548 Share Price converted to CNY reporting currency Exchange rate (HKD/ CNY) 0.853 CN¥8.36
Hong Kong Infrastructure Industry PB Ratio Median Figure of 28 Publicly-Listed Infrastructure Companies 0.77x
Hong Kong Market PB Ratio Median Figure of 2,150 Publicly-Listed Companies 1.03x
SEHK:548 PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= SEHK:548 Share Price ÷ Book Value per Share (both in CNY)

= 8.36 ÷ 7.97

1.05x

* Primary Listing of Shenzhen Expressway.

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

  • Shenzhen Expressway is overvalued based on assets compared to the HK Infrastructure industry average.
X
Value checks
We assess Shenzhen 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. Shenzhen Expressway has a total score of 4/6, 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.

548 Future Performance

 How is Shenzhen Expressway expected to perform in the next 1 to 3 years based on estimates from 6 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
-8.6%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Shenzhen Expressway expected to grow at an attractive rate?
  • Shenzhen Expressway's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 2%.
Growth vs Market Checks
  • Shenzhen Expressway's earnings are expected to decrease over the next 1-3 years, this is below the Hong Kong market average.
  • Shenzhen Expressway's revenue growth is positive but not above the Hong Kong market average.
Annual Growth Rates Comparison
Raw Data
SEHK:548 Future Growth Rates Data Sources
Data Point Source Value (per year)
SEHK:548 Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 6 Analysts -8.6%
SEHK:548 Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 6 Analysts 3.4%
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 11.7%
Hong Kong Market Revenue Growth Rate Market Cap Weighted Average 11.3%

*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:548 Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 6 Analyst Estimates (S&P Global) See Below
All numbers in CNY Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
SEHK:548 Future Estimates Data
Date (Data in CNY Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 6,411 4,505 2,532 4
2020-12-31 5,999 4,397 2,339 6
2019-12-31 5,694 3,397 2,142 6
SEHK:548 Past Financials Data
Date (Data in CNY Millions) Revenue Cash Flow Net Income *
2018-12-31 5,807 3,222 3,440
2018-09-30 5,323 2,716 1,781
2018-06-30 5,224 2,940 1,690
2018-03-30 5,061 2,965 1,496
2017-12-31 5,210 2,975 1,384
2017-09-30 5,006 2,892 1,389
2017-06-30 4,759 2,538 1,259
2017-03-31 4,652 2,361 1,245
2016-12-31 4,532 2,127 1,169
2016-09-30 4,162 2,303 1,646
2016-06-30 3,984 2,276 1,629
2016-03-31 3,679 2,218 1,549

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Shenzhen Expressway's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Shenzhen Expressway's revenue is expected to grow by 3.4% 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:548 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 6 Analyst Estimates (S&P Global) See Below

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

SEHK:548 Future Estimates Data
Date (Data in CNY Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31 1.06 1.15 0.96 2.00
2020-12-31 0.98 1.04 0.91 2.00
2019-12-31 0.93 0.99 0.87 2.00
SEHK:548 Past Financials Data
Date (Data in CNY Millions) EPS *
2018-12-31 1.58
2018-09-30 0.82
2018-06-30 0.78
2018-03-30 0.69
2017-12-31 0.63
2017-09-30 0.64
2017-06-30 0.58
2017-03-31 0.57
2016-12-31 0.54
2016-09-30 0.75
2016-06-30 0.75
2016-03-31 0.71

*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.
  • Shenzhen Expressway is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Shenzhen 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.
Shenzhen 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.

548 Past Performance

  How has Shenzhen 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 Shenzhen 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.
  • Shenzhen Expressway's year on year earnings growth rate has been positive over the past 5 years.
  • Shenzhen Expressway's 1-year earnings growth exceeds its 5-year average (148.6% vs 7%)
  • Shenzhen Expressway's earnings growth has exceeded the HK Infrastructure industry average in the past year (148.6% vs 4.5%).
Earnings and Revenue History
Shenzhen 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 Shenzhen Expressway Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SEHK:548 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 5,807.11 3,440.05 228.83
2018-09-30 5,323.01 1,781.21 199.90
2018-06-30 5,223.85 1,690.17 204.77
2018-03-30 5,061.11 1,496.47 203.55
2017-12-31 5,210.40 1,383.99 204.25
2017-09-30 5,006.17 1,388.54 168.94
2017-06-30 4,759.37 1,259.33 157.21
2017-03-31 4,651.76 1,244.66 149.59
2016-12-31 4,532.21 1,169.35 157.17
2016-09-30 4,162.11 1,646.49 154.98
2016-06-30 3,984.09 1,628.60 159.59
2016-03-31 3,679.01 1,548.50 160.16
2015-12-31 3,420.58 1,552.66 148.11
2015-09-30 3,262.36 1,034.83 118.56
2015-06-30 3,191.93 1,028.51 98.53
2015-03-31 3,514.67 2,205.00 92.56
2014-12-31 3,620.36 2,186.88 93.27
2014-09-30 3,724.77 2,089.48 95.45
2014-06-30 3,718.28 2,031.48 93.83
2014-03-31 3,386.18 785.56 91.46
2013-12-31 3,279.28 719.69 87.72
2013-09-30 3,195.14 741.15 77.11
2013-06-30 3,063.04 651.25 79.92
2013-03-31 3,038.05 618.08 79.78
2012-12-31 3,134.62 684.53 79.97
2012-09-30 3,126.57 746.53 85.17
2012-06-30 3,129.15 941.45 81.09

*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.
  • Shenzhen Expressway has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Shenzhen Expressway used its assets more efficiently than the HK Infrastructure industry average last year based on Return on Assets.
  • Shenzhen Expressway has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Shenzhen 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.
Shenzhen Expressway has a total score of 5/6, 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.

548 Health

 How is Shenzhen 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 Shenzhen Expressway's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Shenzhen Expressway is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Shenzhen Expressway's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Shenzhen 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 0.5x 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 Shenzhen Expressway Company Filings, last reported 3 months ago.

SEHK:548 Past Debt and Equity Data
Date (Data in CNY Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 19,539.75 13,922.65 4,426.69
2018-09-30 16,765.12 16,139.73 4,267.07
2018-06-30 16,163.08 15,709.23 4,549.74
2018-03-30 16,243.12 14,596.54 4,549.40
2017-12-31 15,789.50 15,848.42 4,259.70
2017-09-30 15,585.07 9,184.04 2,997.82
2017-06-30 15,151.01 10,301.04 2,954.28
2017-03-31 15,081.24 5,781.31 4,902.72
2016-12-31 14,711.36 6,644.41 6,288.89
2016-09-30 15,109.26 7,079.78 4,498.17
2016-06-30 14,830.20 6,123.59 4,360.41
2016-03-31 15,192.50 4,559.47 6,703.54
2015-12-31 14,961.08 6,661.46 6,422.38
2015-09-30 13,064.79 5,676.64 2,519.60
2015-06-30 12,673.57 8,824.63 1,200.49
2015-03-31 13,390.99 8,206.59 1,697.11
2014-12-31 13,120.17 8,048.61 1,634.30
2014-09-30 12,959.78 8,048.47 1,200.65
2014-06-30 12,676.01 9,736.88 2,269.69
2014-03-31 11,533.78 8,457.35 1,109.19
2013-12-31 11,238.99 9,322.24 1,094.80
2013-09-30 11,161.48 8,877.55 2,326.49
2013-06-30 10,914.23 9,994.18 1,403.73
2013-03-31 11,056.02 10,379.12 1,635.48
2012-12-31 10,872.92 10,579.69 1,956.06
2012-09-30 10,756.39 10,553.12 1,491.18
2012-06-30 10,543.03 10,593.97 1,851.98
  • Shenzhen Expressway's level of debt (71.3%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (82.8% vs 71.3% today).
  • Debt is well covered by operating cash flow (23.1%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 7.6x coverage).
X
Financial health checks
We assess Shenzhen 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. Shenzhen Expressway has a total score of 4/6, 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.

548 Dividends

 What is Shenzhen 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
4.3%
Current annual income from Shenzhen Expressway dividends. Estimated to be 5.34% next year.
If you bought HK$2,000 of Shenzhen Expressway shares you are expected to receive HK$86 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?
  • Shenzhen Expressway's pays a higher dividend yield than the bottom 25% of dividend payers in Hong Kong (1.95%).
  • Shenzhen Expressway's dividend is below the markets top 25% of dividend payers in Hong Kong (5.27%).
Upcoming dividend payment

Purchase Shenzhen 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:548 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 6 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:548 Future Dividends Estimate Data
Date (Data in CN¥) Dividend per Share (annual) Avg. No. Analysts
2021-12-31 0.48 2.00
2020-12-31 0.44 3.00
2019-12-31 0.43 2.00
SEHK:548 Past Annualized Dividends Data
Date (Data in CN¥) Dividend per share (annual) Avg. Yield (%)
2019-03-22 0.360 4.442
2018-06-07 0.300 4.438
2017-06-01 0.220 3.426
2016-03-31 0.340 5.372
2015-05-18 0.450 9.185
2014-05-13 0.159 3.901
2014-03-19 0.160 5.592
2013-04-09 0.130 5.289
2013-03-22 0.130 5.539
2012-03-28 0.160 6.629
2011-10-27 0.160 5.944
2011-08-12 0.160 6.133
2011-05-30 0.160 4.501
2010-03-19 0.120 3.298
2009-08-28 0.120 3.489
2009-04-20 0.120 3.712

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 increased over the past 10 years.
Current Payout to shareholders
What portion of Shenzhen Expressway's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (4.4x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (2.2x coverage).
X
Income/ dividend checks
We assess Shenzhen 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 Shenzhen Expressway afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Shenzhen Expressway has a total score of 4/6, see the detailed checks below.


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

548 Management

 What is the CEO of Shenzhen 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.
  • Shenzhen Expressway has no CEO, or we have no data on them.
Management Team Tenure

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

5.7
Average Tenure
50
Average Age
  • The average tenure for the Shenzhen Expressway management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Wei Hu

TITLE
Executive Chairman
COMPENSATION
CN¥2M
AGE
56

Xiang Wen Liao

TITLE
President & Executive Director
COMPENSATION
CN¥2M
AGE
50
TENURE
0.6 yrs

Bi Huang

TITLE
Deputy Administrative Officer & Vice President
COMPENSATION
CN¥1M
AGE
47
TENURE
10.8 yrs

Kun Luo

TITLE
Company Secretary
COMPENSATION
CN¥1M
AGE
46
TENURE
3.3 yrs

Ce Sun

TITLE
Vice President & GM of Engineering
COMPENSATION
CN¥1M
AGE
53
TENURE
7.8 yrs

Po Wen

TITLE
Vice President
COMPENSATION
CN¥1M
AGE
45
TENURE
3.6 yrs

Zhao Guiping

TITLE
Head of Accounting Department

Liang Wen

TITLE
Executive Director

Li Ping Fan

TITLE
Technical Controller
COMPENSATION
CN¥563K
AGE
55
TENURE
13.7 yrs
Board of Directors Tenure

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

1.6
Average Tenure
56
Average Age
  • The average tenure for the Shenzhen Expressway board of directors is less than 3 years, this suggests a new board.
Board of Directors

Wei Hu

TITLE
Executive Chairman
COMPENSATION
CN¥2M
AGE
56
TENURE
4.3 yrs

Xiang Wen Liao

TITLE
President & Executive Director
COMPENSATION
CN¥2M
AGE
50
TENURE
2.4 yrs

Liang Wen

TITLE
Executive Director
TENURE
0.1 yrs

Yuan Guo

TITLE
Chairman of Shenzhen International Holdings Limited
AGE
64
TENURE
12.7 yrs

Cai Shu Guang

TITLE
Independent Non-Executive Director
COMPENSATION
CN¥116K
AGE
63
TENURE
1.9 yrs

Wilson Wan

TITLE
Independent Non-Executive Director
AGE
57
TENURE
1.3 yrs

Hua Bai

TITLE
Independent Non-Executive Director
AGE
49
TENURE
1.2 yrs

Yuan Jun Chen

TITLE
Non-Executive Director
AGE
57
TENURE
2.4 yrs

Yan Chen

TITLE
Non-Executive Director
AGE
46
TENURE
1.3 yrs

Zhi Yong Fan

TITLE
Non-Executive Director
AGE
45
TENURE
1.3 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. Mar 19 Buy JPMorgan Chase & Co, Private Banking and Investment Banking Investments Company 04. Mar 19 04. Mar 19 122,000 HK$8.86 HK$1,080,334
26. Feb 19 Buy JPMorgan Chase & Co, Private Banking and Investment Banking Investments Company 21. Feb 19 21. Feb 19 160,000 HK$9.23 HK$1,476,559
14. Feb 19 Sell JPMorgan Chase & Co, Private Banking and Investment Banking Investments Company 11. Feb 19 11. Feb 19 -514,088 HK$9.01 HK$-4,631,522
13. Dec 18 Buy JPMorgan Chase & Co, Private Banking and Investment Banking Investments Company 10. Dec 18 10. Dec 18 70,000 HK$7.80 HK$546,322
06. Dec 18 Sell FMR LLC Company 03. Dec 18 03. Dec 18 -5,196,000 HK$7.72 HK$-40,113,136
16. Oct 18 Sell J.P. Morgan Asset Management, Inc. Company 11. Oct 18 11. Oct 18 -410,608 HK$7.08 HK$-2,906,077
04. Oct 18 Buy FMR LLC Company 28. Sep 18 28. Sep 18 1,837,659 HK$7.85 HK$14,434,442
24. Jul 18 Sell J.P. Morgan Asset Management, Inc. Company 19. Jul 18 19. Jul 18 -872,418 HK$7.23 HK$-6,306,451
10. Jul 18 Buy FMR LLC Company 05. Jul 18 05. Jul 18 878,000 HK$7.18 HK$6,300,263
14. May 18 Sell FMR LLC Company 09. May 18 09. May 18 -446,000 HK$8.20 HK$-3,658,046
X
Management checks
We assess Shenzhen 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. Shenzhen 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.

548 News

Simply Wall St News

Does Shenzhen Expressway Company Limited (HKG:548) Have A Good P/E Ratio?

We'll look at Shenzhen Expressway Company Limited's (HKG:548) P/E ratio and reflect on what it tells us about the company's share price. … Price to Earnings Ratio = Price per Share (in the reporting currency) ÷ Earnings per Share (EPS) … P/E of 5.18 = CN¥8.17 (Note: this is the share price in the reporting currency, namely, CNY ) ÷ CN¥1.58

Simply Wall St -

Shenzhen Expressway (HKG:548) Shares Have Generated A Total Return Of 229% In The Last Five Years

For instance, the price of Shenzhen Expressway Company Limited (HKG:548) stock is up an impressive 163% over the last five years. … One imperfect but simple way to consider how the market perception of a company has shifted is to compare the change in the earnings per share (EPS) with the share price movement. … During five years of share price growth, Shenzhen Expressway achieved compound earnings per share (EPS) growth of 37% per year.

Simply Wall St -

How Good Is Shenzhen Expressway Company Limited (HKG:548) At Creating Shareholder Value?

In particular, we'll consider its Return On Capital Employed (ROCE), as that can give us insight into how profitably the company is able to employ capital in its business. … What is Return On Capital Employed (ROCE)? … Analysts use this formula to calculate return on capital employed:

Simply Wall St -

What Investors Should Know About Shenzhen Expressway Company Limited's (HKG:548) Financial Strength

Small-cap and large-cap companies receive a lot of attention from investors, but mid-cap stocks like Shenzhen Expressway Company Limited (HKG:548), with a market cap of HK$22b, are often out of the spotlight. … Let’s take a look at 548’s debt concentration and assess their financial liquidity to get an idea of their ability to fund strategic acquisitions and grow through cyclical pressures. … View our latest analysis for Shenzhen Expressway

Simply Wall St -

Estimating The Fair Value Of Shenzhen Expressway Company Limited (HKG:548)

by estimating the company's future cash flows and discounting them to their present value. … Discounted Cash Flows (DCF) … If you want to learn more about discounted cash flow, the basis for my calcs can be read in detail in the Simply Wall St analysis model.

Simply Wall St -

Do Institutions Own Shares In Shenzhen Expressway Company Limited (HKG:548)?

A look at the shareholders of Shenzhen Expressway Company Limited (HKG:548) can tell us which group is most powerful. … Insiders often own a large chunk of younger, smaller, companies while huge companies tend to have institutions as shareholders. … Companies that used to be publicly owned tend to have lower insider ownership.

Simply Wall St -

Taking A Look At Shenzhen Expressway Company Limited's (HKG:548) ROE

With that in mind, this article will work through how we can use Return On Equity (ROE) to better understand a business. … To keep the lesson grounded in practicality, we'll use ROE to better understand Shenzhen Expressway Company Limited (HKG:548). … One way to conceptualize this, is that for each HK$1 of shareholders' equity it has, the company made HK$0.12 in profit.

Simply Wall St -

Is Shenzhen Expressway Company Limited (HKG:548) A Smart Choice For Dividend Investors?

Historically, Shenzhen Expressway Company Limited (HKG:548) has been paying a dividend to shareholders. … Let's take a look at Shenzhen Expressway in more detail. … Check out our latest analysis for Shenzhen Expressway

Simply Wall St -

Does Shenzhen Expressway Company Limited's (HKG:548) Recent Track Record Look Strong?

For investors with a long-term horizon, examining earnings trend over time and against industry peers is more insightful than looking at an earnings announcement in one point in time. … Investors may find my commentary, albeit very high-level and brief, on Shenzhen Expressway Company Limited (HKG:548) useful as an attempt to give more color around how Shenzhen Expressway is currently performing. … View our latest analysis for Shenzhen Expressway?

Simply Wall St -

What You Need To Know About Shenzhen Expressway Company Limited’s (HKG:548) Cash Situation

Shenzhen Expressway Company Limited (HKG:548) shareholders, and potential investors, need to understand how much cash the business makes from its core operational activities, as well as how much is invested back into the business. … I’ve analysed below, the health and outlook of Shenzhen Expressway’s cash flow, which will help you understand the stock from a cash standpoint. … I will be analysing Shenzhen Expressway’s FCF by looking at its FCF yield and its operating cash flow growth.

Simply Wall St -

548 Company Info

Description

Shenzhen Expressway Company Limited, together with its subsidiaries, primarily invests in, constructs, operates, and manages toll highways and roads, as well as other urban and transport infrastructure in the People’s Republic of China. It provides construction management and operation management services for government and private-invested highway projects, as well as project development and management, advertising, construction consulting, and inter-network toll collection services; and billboard leasing, advertising agency, design production and related businesses. The company also invests in industries and project construction; and offers property management, real estate brokerage, and engineering consulting services. In addition, it provides pre-project consultancy, engineering investigation and design, tendering agency, cost consultancy, engineering supervision, engineering experiment, project testing, and road maintenance management services. Further, the company offers infrastructure construction and land development services. As of December 31, 2017, it operated and invested in a total of 19 toll highway projects. The company was founded in 1996 and is based in Shenzhen, the People’s Republic of China. Shenzhen Expressway Company Limited is a subsidiary of Shenzhen International Holdings Limited.

Details
Name: Shenzhen Expressway Company Limited
548
Exchange: SEHK
Founded: 1996
HK$25,233,413,887
2,180,770,326
Website: http://www.sz-expressway.com
Address: Shenzhen Expressway Company Limited
Jiangsu Building,
Podium Levels 2-4,
Shenzhen,
Guangdong Province, 518026,
China
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SEHK 548 Foreign Shares-Foreign Listed The Stock Exchange of Hong Kong Ltd. HK HKD 13. Mar 1997
OTCPK SHZN.F Foreign Shares-Foreign Listed Pink Sheets LLC US USD 13. Mar 1997
DB SHZH Foreign Shares-Foreign Listed Deutsche Boerse AG DE EUR 13. Mar 1997
SHSC 548 Foreign Shares-Foreign Listed Stock Exchange of Hong Kong Limited - Shanghai - Hong Kong Stock Connect HK HKD 13. Mar 1997
SZSC 548 Foreign Shares-Foreign Listed The Stock Exchange of Hong Kong - Shenzhen - Hong Kong Stock Connect HK HKD 13. Mar 1997
OTCPK SHZN.Y ADR Pink Sheets LLC US USD 14. Dec 2011
SHSE 600548 Domestic Shares Shanghai Stock Exchange CN CNY 25. Dec 2001
XSSC 600548 Domestic Shares Shanghai Stock Exchange - Shanghai - Hong Kong Stock Connect CN CNY 25. Dec 2001
Number of employees
Current staff
Staff numbers
4,809
Shenzhen Expressway employees.
Industry
Highways and Railtracks
Transportation
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/04/18 12:42
End of day share price update: 2019/04/18 00:00
Last estimates confirmation: 2019/04/16
Last earnings filing: 2019/03/22
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.