Shenzhen International Holdings Valuation

Q: What is the Fair Price of 152 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

152 (HK$6.52) is trading below our estimate of [[fair value]] (HK$7.26)

Is 152 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

5/6

Valuation Score 5/6

Below Fair Value
Significantly Below Fair Value
Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of 152 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 152 (HK$6.52) is trading below our estimate of fair value (HK$7.26)

Significantly Below Fair Value: 152 is trading below fair value, but not by a significant amount.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 152?

Key metric: As 152 is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for 152. This is calculated by dividing 152's market cap by their current earnings.
What is 152's PE Ratio?
PE Ratio	6.5x
Earnings	HK$2.46b
Market Cap	HK$16.07b

152 key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	4.4x
Enterprise Value/EBITDA	10.4x
PEG Ratio	0.5x

Price to Earnings Ratio vs Peers

How does 152's PE Ratio compare to its peers?

The above table shows the PE ratio for 152 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PE	Estimated Growth	Market Cap
Peer Average	7.1x
107 Sichuan Expressway	7.4x	n/a	HK$15.0b
548 Shenzhen Expressway	6.6x	14.1%	HK$22.4b
576 Zhejiang Expressway	5.4x	3.7%	HK$31.8b
995 Anhui Expressway	9x	8.1%	HK$22.9b
152 Shenzhen International Holdings	6.4x	12.9%	HK$15.7b

Price-To-Earnings vs Peers: 152 is good value based on its Price-To-Earnings Ratio (6.4x) compared to the peer average (7.2x).

Price to Earnings Ratio vs Industry

How does 152's PE Ratio compare vs other companies in the HK Infrastructure Industry?

0 Companies	Price / Earnings	Estimated Growth	Market Cap

No more companies available in this PE range

0 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: 152 is good value based on its Price-To-Earnings Ratio (6.4x) compared to the Hong Kong Infrastructure industry average (7.4x).

Price to Earnings Ratio vs Fair Ratio

What is 152's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

152 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	6.5x
Fair PE Ratio	8.8x

Price-To-Earnings vs Fair Ratio: 152 is good value based on its Price-To-Earnings Ratio (6.4x) compared to the estimated Fair Price-To-Earnings Ratio (8.8x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst 152 forecast and predictions for the stock price in 12 month’s time.
Date	Share Price	Average 1Y Price Target	Dispersion	High	Low	1Y Actual price	Analysts
Current	HK$6.67	HK$8.88 +33.1%	10.5%	HK$10.00	HK$7.61	n/a	4
Nov ’25	HK$6.66	HK$8.88 +33.3%	10.5%	HK$10.00	HK$7.61	n/a	4
Oct ’25	HK$6.91	HK$8.88 +28.5%	10.5%	HK$10.00	HK$7.61	n/a	4
Sep ’25	HK$6.23	HK$8.88 +42.5%	10.5%	HK$10.00	HK$7.61	n/a	4
Aug ’25	HK$6.30	HK$9.37 +48.7%	7.4%	HK$10.00	HK$8.40	n/a	3
Jul ’25	HK$6.23	HK$9.53 +52.9%	6.9%	HK$10.00	HK$8.40	n/a	4
Jun ’25	HK$6.50	HK$9.95 +53.1%	1.5%	HK$10.10	HK$9.70	n/a	4
May ’25	HK$6.27	HK$9.95 +58.7%	1.5%	HK$10.10	HK$9.70	n/a	4
Apr ’25	HK$6.01	HK$9.70 +61.4%	4.4%	HK$10.10	HK$9.00	n/a	4
Mar ’25	HK$6.62	HK$9.70 +46.5%	4.4%	HK$10.10	HK$9.00	n/a	4
Feb ’25	HK$6.42	HK$9.70 +51.1%	4.4%	HK$10.10	HK$9.00	n/a	4
Jan ’25	HK$6.58	HK$9.70 +47.4%	4.4%	HK$10.10	HK$9.00	n/a	4
Dec ’24	HK$5.69	HK$9.60 +68.7%	4.7%	HK$10.10	HK$9.00	n/a	3
Nov ’24	HK$5.37	HK$9.90 +84.4%	2.0%	HK$10.10	HK$9.70	HK$6.66	2
Oct ’24	HK$4.83	HK$9.90 +105.0%	2.0%	HK$10.10	HK$9.70	HK$6.91	2
Sep ’24	HK$5.58	HK$10.43 +87.0%	7.4%	HK$11.50	HK$9.70	HK$6.23	3
Aug ’24	HK$6.56	HK$11.73 +78.9%	12.3%	HK$13.60	HK$10.10	HK$6.30	3
Jul ’24	HK$6.90	HK$11.73 +70.0%	12.3%	HK$13.60	HK$10.10	HK$6.23	3
Jun ’24	HK$6.21	HK$11.73 +88.9%	12.3%	HK$13.60	HK$10.10	HK$6.50	3
May ’24	HK$7.05	HK$11.73 +66.4%	12.3%	HK$13.60	HK$10.10	HK$6.27	3
Apr ’24	HK$6.94	HK$11.73 +69.1%	12.3%	HK$13.60	HK$10.10	HK$6.01	3
Mar ’24	HK$7.08	HK$11.18 +57.8%	20.4%	HK$14.70	HK$8.60	HK$6.62	4
Feb ’24	HK$7.70	HK$11.07 +43.7%	23.7%	HK$14.70	HK$8.60	HK$6.42	3
Jan ’24	HK$7.66	HK$11.07 +44.5%	23.7%	HK$14.70	HK$8.60	HK$6.58	3
Dec ’23	HK$7.16	HK$11.07 +54.6%	23.7%	HK$14.70	HK$8.60	HK$5.69	3
Nov ’23	HK$5.54	HK$11.43 +106.4%	21.9%	HK$14.70	HK$8.60	HK$5.37	3

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.