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Zhejiang Expressway

OTCPK:ZHEX.F
Snowflake Description

6 star dividend payer and fair value.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
ZHEX.F
OTCPK
HK$35B
Market Cap
  1. Home
  2. US
  3. Transportation
Company description

Zhejiang Expressway Co., Ltd., an investment holding company, invests in, develops, operates, maintains, and manages high grade roads in the People’s Republic of China. The last earnings update was 113 days ago. More info.


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ZHEX.F Share Price and Events
7 Day Returns
0%
OTCPK:ZHEX.F
-0.6%
US Infrastructure
1.4%
US Market
1 Year Returns
-
OTCPK:ZHEX.F
-43.5%
US Infrastructure
2.3%
US Market
ZHEX.F Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Zhejiang Expressway (ZHEX.F) 0% 2% - - 16.3% -
US Infrastructure -0.6% -0.1% -24.7% -43.5% -35.6% -24%
US Market 1.4% 5.6% 5.7% 2.3% 44.2% 40.9%
1 Year Return vs Industry and Market
  • No trading data on ZHEX.F.
  • No trading data on ZHEX.F.
Price Volatility
ZHEX.F
Industry
5yr Volatility vs Market
Related Companies

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

Value

 Is Zhejiang 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 Zhejiang 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    Our calculation method for this is changing soon.

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

OTCPK:ZHEX.F Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 4 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 12.2%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

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 OTCPK:ZHEX.F
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 7.3%
Infrastructure Unlevered Beta Simply Wall St/ S&P Global 0.99
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.989 (1 + (1- 25%) (42.49%))
1.305
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.3
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (1.305 * 7.27%)
12.21%

Discounted Cash Flow Calculation for OTCPK:ZHEX.F using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Zhejiang 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.

OTCPK:ZHEX.F DCF 1st Stage: Next 5 year cash flow forecast
2019 2020 2021 2022 2023
Levered FCF (CNY, Millions) 4,826.00 4,563.50 4,347.00 4,198.00 4,393.00
Source Analyst x2 Analyst x2 Analyst x1 Analyst x1 Analyst x1
Present Value
Discounted (@ 12.21%)
4,300.69 3,624.10 3,076.40 2,647.57 2,468.98
Present value of next 5 years cash flows CN¥16,117.74
OTCPK:ZHEX.F DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2023 × (1 + g) ÷ (Discount Rate – g)
= CN¥4,393.00 × (1 + 2.73%) ÷ (12.21% – 2.73%)
CN¥47,582.32
Present Value of Terminal Value = Terminal Value ÷ (1 + r)5
= CN¥47,582.32 ÷ (1 + 12.21%)5
CN¥26,742.46
OTCPK:ZHEX.F Total Equity Value
Calculation Result
Total Equity Value = Present value of next 5 years cash flows + Terminal Value
= CN¥16,117.74 + CN¥26,742.46
CN¥42,860.20
Equity Value per Share
(CNY)
= Total value / Shares Outstanding
= CN¥42,860.20 / 4,343.12
CN¥9.87
OTCPK:ZHEX.F Discount to Share Price
Calculation Result
Exchange Rate CNY/HKD
(Reporting currency to currency of SEHK:576)
1.168
Value per Share
(HKD)
= Value per Share in CNY x Exchange Rate (CNY/HKD)
= CN¥9.87 x 1.168
HK$11.52
Non-primary Listing Adjustment Factor 1 share in OTCPK:ZHEX.F represents 0.12361x of SEHK:576
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.12361x
Value per Share
(Listing Adjusted, USD)
= Value per Share (HKD) x Listing Adjustment Factor
= HK$ 11.52 x 0.12361
$1.42
Value per share (USD) From above. $1.42
Current discount Discount to share price of $1.00
= -1 x ($1.00 - $1.42) / $1.42
29.8%

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

Current Discount
Amount off the current price Zhejiang Expressway is available for.
Intrinsic value
30%
Share price is $1 vs Future cash flow value of $1.42
Current Discount Checks
For Zhejiang Expressway to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Zhejiang Expressway's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Zhejiang Expressway's share price is below the future cash flow value, but not 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 Zhejiang Expressway's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Zhejiang Expressway's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
OTCPK:ZHEX.F PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-09-30) in CNY CN¥0.80
SEHK:576 Share Price ** SEHK (2019-01-31) in HKD HK$8.09
SEHK:576 Share Price converted to CNY reporting currency Exchange rate (HKD/ CNY) 0.856 CN¥6.93
Global Infrastructure Industry PE Ratio Median Figure of 78 Publicly-Listed Infrastructure Companies 13.29x
United States of America Market PE Ratio Median Figure of 3,045 Publicly-Listed Companies 17.39x

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

** Primary Listing of Zhejiang Expressway.

OTCPK:ZHEX.F PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= SEHK:576 Share Price ÷ EPS (both in CNY)

= 6.93 ÷ 0.80

8.64x

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

  • Zhejiang Expressway is good value based on earnings compared to the Global Infrastructure industry average.
  • Zhejiang Expressway is good value based on earnings compared to the United States of America market.
Price based on expected Growth
Does Zhejiang Expressway's expected growth come at a high price?
Raw Data
OTCPK:ZHEX.F PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 8.64x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 4 Analysts
1%per year
Global Infrastructure Industry PEG Ratio Median Figure of 43 Publicly-Listed Infrastructure Companies 1.84x
United States of America Market PEG Ratio Median Figure of 2,118 Publicly-Listed Companies 1.44x

*Line of best fit is calculated by linear regression .

OTCPK:ZHEX.F PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 8.64x ÷ 1%

8.57x

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

  • Zhejiang Expressway is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Zhejiang Expressway's assets?
Raw Data
OTCPK:ZHEX.F PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-09-30) in CNY CN¥5.07
SEHK:576 Share Price * SEHK (2019-01-31) in HKD HK$8.09
SEHK:576 Share Price converted to CNY reporting currency Exchange rate (HKD/ CNY) 0.856 CN¥6.93
United States of America Infrastructure Industry PB Ratio Median Figure of 6 Publicly-Listed Infrastructure Companies 0.96x
United States of America Market PB Ratio Median Figure of 5,129 Publicly-Listed Companies 1.87x
OTCPK:ZHEX.F PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= SEHK:576 Share Price ÷ Book Value per Share (both in CNY)

= 6.93 ÷ 5.07

1.37x

* Primary Listing of Zhejiang Expressway.

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

  • Zhejiang Expressway is overvalued based on assets compared to the US Infrastructure industry average.
X
Value checks
We assess Zhejiang 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. Zhejiang Expressway has a total score of 3/6, 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.

Future Performance

 How is Zhejiang Expressway expected to perform in the next 1 to 3 years based on estimates from 4 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
1%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Zhejiang Expressway expected to grow at an attractive rate?
  • Zhejiang Expressway's earnings growth is positive but not above the low risk savings rate of 2.7%.
Growth vs Market Checks
  • Zhejiang Expressway's earnings growth is positive but not above the United States of America market average.
  • Zhejiang Expressway's revenue growth is positive but not above the United States of America market average.
Annual Growth Rates Comparison
Raw Data
OTCPK:ZHEX.F Future Growth Rates Data Sources
Data Point Source Value (per year)
OTCPK:ZHEX.F Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 4 Analysts 1%
OTCPK:ZHEX.F Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 4 Analysts 6%
North America Infrastructure Industry Earnings Growth Rate Market Cap Weighted Average 5.1%
Global Infrastructure Industry Revenue Growth Rate Market Cap Weighted Average 3.6%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 12.7%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.1%

*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
OTCPK:ZHEX.F Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (4 months ago) See Below
Future Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below
All numbers in CNY Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
OTCPK:ZHEX.F Future Estimates Data
Date (Data in CNY Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31
2020-12-31 10,681 4,908 3,459 3
2019-12-31 9,888 5,312 3,476 4
2018-12-31 9,375 4,350 3,362 4
OTCPK:ZHEX.F Past Financials Data
Date (Data in CNY Millions) Revenue Cash Flow Net Income *
2018-09-30 9,589 1,922 3,483
2018-06-30 9,590 -1,568 3,504
2018-03-31 9,543 1,792 3,232
2017-12-31 9,626 -830 3,202
2017-09-30 9,541 2,127 3,205
2017-06-30 9,599 4,402 3,119
2017-03-31 9,777 3,474 3,097
2016-12-31 9,735 4,719 2,957
2016-09-30 8,749 3,065 2,827
2016-06-30 9,344 2,933 2,787
2016-03-31 10,436 1,019 2,954
2015-12-31 10,725 -2,676 2,933

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Zhejiang Expressway's earnings are expected to grow by 1% yearly, however this is not considered high growth (20% yearly).
  • Zhejiang Expressway's revenue is expected to grow by 6% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
OTCPK:ZHEX.F Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (4 months ago) See Below
Future Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below

All data from Zhejiang Expressway Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OTCPK:ZHEX.F Future Estimates Data
Date (Data in CNY Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31
2020-12-31 0.81 0.86 0.73 3.00
2019-12-31 0.79 0.84 0.73 4.00
2018-12-31 0.77 0.79 0.75 4.00
OTCPK:ZHEX.F Past Financials Data
Date (Data in CNY Millions) EPS *
2018-09-30 0.80
2018-06-30 0.81
2018-03-31 0.74
2017-12-31 0.74
2017-09-30 0.74
2017-06-30 0.72
2017-03-31 0.71
2016-12-31 0.68
2016-09-30 0.65
2016-06-30 0.64
2016-03-31 0.68
2015-12-31 0.68

*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.
  • Zhejiang Expressway is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Zhejiang 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 North America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Global 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.
Zhejiang 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.

Past Performance

  How has Zhejiang 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 Zhejiang 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.
  • Zhejiang Expressway's year on year earnings growth rate has been positive over the past 5 years.
  • Zhejiang Expressway's 1-year earnings growth is less than its 5-year average (8.7% vs 12.1%)
  • Zhejiang Expressway's earnings growth has exceeded the Global Infrastructure industry average in the past year (8.7% vs 5.5%).
Earnings and Revenue History
Zhejiang 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 Zhejiang Expressway Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OTCPK:ZHEX.F 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 9,589.07 3,482.51 96.85
2018-06-30 9,589.88 3,503.61 101.91
2018-03-31 9,543.46 3,231.65 98.05
2017-12-31 9,626.34 3,202.13 98.50
2017-09-30 9,540.84 3,204.79 87.61
2017-06-30 9,599.09 3,119.22 82.80
2017-03-31 9,776.81 3,096.61 82.15
2016-12-31 9,735.35 2,957.29 81.10
2016-09-30 8,749.02 2,827.13 69.04
2016-06-30 9,343.92 2,786.53 72.91
2016-03-31 10,435.50 2,954.44 80.01
2015-12-31 10,724.78 2,932.90 88.42
2015-09-30 12,370.97 2,860.95 123.30
2015-06-30 11,524.36 2,696.75 120.28
2015-03-31 10,028.33 2,384.35 114.44
2014-12-31 9,460.31 2,264.99 105.70
2014-09-30 8,614.69 2,147.44 81.89
2014-06-30 8,325.67 2,040.52 82.22
2014-03-31 8,128.08 1,988.28 80.94
2013-12-31 7,851.12 1,907.47 84.79
2013-09-30 7,444.68 1,766.14 87.31
2013-06-30 7,135.49 1,709.90 86.42
2013-03-31 7,084.07 1,664.26 87.60
2012-12-31 6,927.42 1,649.48 86.29
2012-09-30 6,882.78 1,729.89 87.36
2012-06-30 6,881.18 1,775.00 84.34
2012-03-31 6,738.25 1,797.28 81.34

*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.
  • Zhejiang Expressway has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Zhejiang Expressway used its assets less efficiently than the Global Infrastructure industry average last year based on Return on Assets.
  • Zhejiang Expressway's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Zhejiang 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.
Zhejiang Expressway has a total score of 2/6, 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.

Health

 How is Zhejiang 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 Zhejiang Expressway's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Zhejiang Expressway is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Zhejiang Expressway's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Zhejiang 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 covered by short term assets, assets are 4.4x 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 Zhejiang Expressway Company Filings, last reported 4 months ago.

OTCPK:ZHEX.F Past Debt and Equity Data
Date (Data in CNY Millions) Total Equity Total Debt Cash & Short Term Investments
2018-09-30 30,793.94 12,784.34 5,949.54
2018-06-30 29,769.37 30,109.41 26,402.00
2018-03-31 30,179.95 10,551.79 7,430.62
2017-12-31 29,204.35 24,636.87 19,978.34
2017-09-30 28,341.44 8,663.00 4,506.16
2017-06-30 27,435.18 26,371.75 22,002.58
2017-03-31 25,146.89 6,089.37 4,105.33
2016-12-31 24,175.93 24,831.48 16,850.80
2016-09-30 23,371.88 5,201.91 3,902.26
2016-06-30 22,284.22 22,437.21 12,083.44
2016-03-31 22,802.73 7,554.56 3,437.47
2015-12-31 21,998.65 20,169.43 10,047.03
2015-09-30 22,918.46 7,980.42 6,048.94
2015-06-30 21,948.38 21,202.97 13,538.02
2015-03-31 21,947.59 4,839.45 3,372.46
2014-12-31 21,128.47 13,972.63 6,772.26
2014-09-30 20,499.13 0.00 2,426.96
2014-06-30 19,741.37 2,890.53 4,859.59
2014-03-31 20,194.98 0.00 2,090.62
2013-12-31 19,668.96 2,150.00 4,111.39
2013-09-30 19,360.25 0.00 1,964.75
2013-06-30 18,775.83 2,026.00 4,771.94
2013-03-31 19,530.01 0.00 2,863.52
2012-12-31 19,621.68 2,340.00 6,600.56
2012-09-30 18,885.17 0.00 2,569.07
2012-06-30 18,424.66 1,050.00 7,093.47
2012-03-31 19,068.38 226.60 2,952.30
  • Zhejiang Expressway's level of debt (41.5%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (0.1% vs 41.5% today).
  • Debt is not well covered by operating cash flow (15%, less than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 6.5x coverage).
X
Financial health checks
We assess Zhejiang 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. Zhejiang Expressway has a total score of 3/6, 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.

Dividends

 What is Zhejiang 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
5.2%
Current annual income from Zhejiang Expressway dividends. Estimated to be 6.11% next year.
If you bought $2,000 of Zhejiang Expressway shares you are expected to receive $104 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?
  • Zhejiang Expressway's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.4%).
  • Zhejiang Expressway's dividend is above the markets top 25% of dividend payers in United States of America (3.54%).
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
OTCPK:ZHEX.F 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 4 Analyst Estimates (S&P Global) See Below
Global Infrastructure Industry Average Dividend Yield Market Cap Weighted Average of 68 Stocks 3.8%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2001 Stocks 2.5%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.4%
United States of America Top 25% Dividend Yield 75th Percentile 3.5%

Industry and Market average data is calculated daily.

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

OTCPK:ZHEX.F Future Dividends Estimate Data
Date (Data in CN¥) Dividend per Share (annual) Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31
2020-12-31 0.44 4.00
2019-12-31 0.41 5.00
2018-12-31 0.39 5.00
OTCPK:ZHEX.F Past Annualized Dividends Data
Date (Data in CN¥) Dividend per share (annual) Avg. Yield (%)
2018-05-15 0.360 6.179
2017-11-03 0.355 5.014
2017-03-31 0.355 4.215
2017-03-27 0.355 4.015
2016-11-09 0.340 4.605
2016-03-22 0.340 5.034
2015-05-11 0.325 4.417
2014-05-05 0.310 4.504
2013-10-17 0.300 5.463
2013-05-07 0.300 5.771
2012-03-30 0.310 6.714
2012-03-20 0.310 6.813
2011-05-09 0.310 7.202
2010-03-16 0.310 5.000
2009-03-31 0.310 5.168
2009-03-17 0.310 6.062
2009-02-23 0.310 6.890

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 Zhejiang Expressway's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (2.7x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.9x coverage).
X
Income/ dividend checks
We assess Zhejiang Expressway's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - 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 Zhejiang Expressway afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Zhejiang Expressway has a total score of 6/6, see the detailed checks below.


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

Management

 What is the CEO of Zhejiang 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
Jianhu Luo
COMPENSATION CN¥926,000
AGE 47
TENURE AS CEO 6.7 years
CEO Bio

Ms. Jianhu Luo has been a General Manager of Zhejiang Expressway Co. Ltd. since June 11, 2012. Ms. Luo has been an Executive Director of Zhejiang Expressway Co. Ltd. since June 2012. She serves as the Board Secretary, Director of the Secretarial Office to the Board and the manager of the Investment and Development Department of Zhejiang Communications Investment Group Co., Ltd. She served such positions as the board secretary of Zhejiang Transportation Engineering Construction Group Co., Ltd., the secretary and assistant to director of the Secretarial Office to the Board, Deputy Director of the Legal Affairs Department and the Deputy Director of the Secretarial Office to the board of Zhejiang Communications Investment Group Co., Ltd. She graduated from the Department of Law at Hangzhou University, majoring in Economic Law. She is a senior economist with a bachelor's degree in law.

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

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

4.9
Average Tenure
51
Average Age
  • The tenure for the Zhejiang Expressway management team is about average.
Management Team

Jianhu Luo

TITLE
General Manager & Executive Director
COMPENSATION
CN¥926K
AGE
47
TENURE
6.7 yrs

Dehua Wang

TITLE
Chief Financial Officer
COMPENSATION
CN¥726K
AGE
44
TENURE
4.9 yrs

Xiuhua Zhang

TITLE
Deputy General Manager
COMPENSATION
CN¥726K
AGE
49

Yimin Zhu

TITLE
Deputy General Manager
COMPENSATION
CN¥726K
AGE
57
TENURE
3.6 yrs

Tao Cheng

TITLE
Executive Director
COMPENSATION
CN¥926K
AGE
54

Zheng Hui

TITLE
Executive
COMPENSATION
CN¥726K

Jing Zhong Zhang

TITLE
Deputy General Manager and General Counsel
COMPENSATION
CN¥414K
AGE
55
TENURE
3 yrs

Huikang Ding

TITLE
Deputy General Manager
COMPENSATION
CN¥366K
AGE
63
TENURE
6.7 yrs

Tony Zheng

TITLE
Deputy GM & Company Secretary
COMPENSATION
CN¥443K
AGE
49
TENURE
4.8 yrs

Xinghai Lu

TITLE
Head of Party Staff - Work Dept
AGE
51
Board of Directors Tenure

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

3.6
Average Tenure
51
Average Age
  • The tenure for the Zhejiang Expressway board of directors is about average.
Board of Directors

Zhihong Yu

TITLE
Chairman of the Board
AGE
54
TENURE
0.8 yrs

Jianhu Luo

TITLE
General Manager & Executive Director
COMPENSATION
CN¥926K
AGE
47
TENURE
6.7 yrs

Tao Cheng

TITLE
Executive Director
COMPENSATION
CN¥926K
AGE
54
TENURE
3.6 yrs

Xinghai Lu

TITLE
Head of Party Staff - Work Dept
AGE
51
TENURE
3.6 yrs

Buck Pei

TITLE
Independent Non-Executive Director
COMPENSATION
CN¥226K
AGE
61
TENURE
6.7 yrs

Benmeng Dai

TITLE
Non Executive Director
COMPENSATION
CN¥3K
AGE
53

Rosa Lee

TITLE
Independent Non-Executive Director
COMPENSATION
CN¥226K
AGE
41
TENURE
4.2 yrs

Ji Yu

TITLE
Non-Executive Director
AGE
43
TENURE
0.8 yrs

Bin Chen

TITLE
Independent Non-Executive Director
AGE
51
TENURE
0.8 yrs

Qunli Yu

TITLE
Non-Executive Director
AGE
50
TENURE
0.8 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 ($) Value ($)
29. Jan 19 Buy JPMorgan Chase & Co, Private Banking and Investment Banking Investments Company 24. Jan 19 24. Jan 19 2,425,764 $1.02 $2,475,034
25. Jan 19 Sell JPMorgan Chase & Co, Private Banking and Investment Banking Investments Company 22. Jan 19 22. Jan 19 -5,515,886 $1.01 $-5,545,749
07. Dec 18 Buy JPMorgan Chase & Co, Brokerage and Securities Investments Company 04. Dec 18 04. Dec 18 115,600 $0.84 $97,329
07. Dec 18 Sell BlackRock, Inc. Company 04. Dec 18 04. Dec 18 -579,666 $0.84 $-488,062
05. Dec 18 Buy BlackRock, Inc. Company 30. Nov 18 30. Nov 18 1,060,000 $0.84 $886,515
15. Nov 18 Sell JPMorgan Chase & Co, Private Banking and Investment Banking Investments Company 13. Nov 18 13. Nov 18 -1,733,048 $0.78 $-1,349,173
02. Nov 18 Buy JPMorgan Chase & Co, Private Banking and Investment Banking Investments Company 30. Oct 18 30. Oct 18 8,074,382 $0.82 $6,600,089
02. Nov 18 Buy JPMorgan Chase & Co, Brokerage and Securities Investments Company 30. Oct 18 30. Oct 18 313,877 $0.82 $256,567
02. Nov 18 Buy Highbridge Capital Management, LLC Company 30. Oct 18 30. Oct 18 198,000 $0.82 $161,847
02. Nov 18 Sell J.P. Morgan Asset Management, Inc. Company 30. Oct 18 30. Oct 18 -5,162,070 $0.82 $-4,219,533
02. Nov 18 Buy J.P. Morgan Asset Management, Inc. Company 30. Oct 18 30. Oct 18 4,920,070 $0.82 $4,021,719
08. Oct 18 Sell JPMorgan Chase & Co, Private Banking and Investment Banking Investments Company 03. Oct 18 03. Oct 18 -895,586 $0.85 $-765,215
03. Oct 18 Buy BlackRock, Inc. Company 28. Sep 18 28. Sep 18 11,856,000 $0.83 $9,859,687
04. Sep 18 Sell J.P. Morgan Asset Management, Inc. Company 30. Aug 18 30. Aug 18 -5,276,997 $0.80 $-4,225,244
29. Aug 18 Buy J.P. Morgan Asset Management, Inc. Company 24. Aug 18 24. Aug 18 3,057,481 $0.79 $2,400,147
23. Aug 18 Sell J.P. Morgan Asset Management, Inc. Company 20. Aug 18 20. Aug 18 -1,828,000 $0.79 $-1,448,897
18. Jul 18 Sell J.P. Morgan Asset Management, Inc. Company 13. Jul 18 13. Jul 18 -3,284,859 $0.78 $-2,553,686
05. Mar 18 Sell J.P. Morgan Asset Management, Inc. Company 28. Feb 18 28. Feb 18 -4,294,360 $1.10 $-4,738,710
07. Apr 18 Sell BlackRock, Inc. Company 04. Apr 18 04. Apr 18 -8,448,000 $1.02 $-8,610,590
14. Mar 18 Buy BlackRock, Inc. Company 09. Mar 18 09. Mar 18 64,000 $1.07 $68,758
X
Management checks
We assess Zhejiang 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. Zhejiang 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.

News

Simply Wall St News

Company Info

Map
Description

Zhejiang Expressway Co., Ltd., an investment holding company, invests in, develops, operates, maintains, and manages high grade roads in the People’s Republic of China. It operates through Toll Operation, Securities Operation, and Other Operation segments. The Toll Operation segment engages in the operation and management of high grade roads; and collection of the expressway tolls. The Securities Operation segment offers securities broking, margin financing and securities lending, securities underwriting and sponsorship, asset management, advisory, and proprietary trading services. The Other Operation segment provides properties development, hotel operation, and other ancillary services. Zhejiang Expressway Co., Ltd. also offers vehicle towing, repair and emergency, and rescue services. The company was founded in 1997 and is based in Hangzhou, the People’s Republic of China. Zhejiang Expressway Co., Ltd. is a subsidiary of Zhejiang Communications Investment Group Co., Ltd.

Details
Name: Zhejiang Expressway Co., Ltd.
ZHEX.F
Exchange: OTCPK
Founded: 1997
HK$4,477,860,406
4,343,115,000
Website: http://www.zjec.com.cn
Address: Zhejiang Expressway Co., Ltd.
No. 2 Mingzhu International Business Center,
5th Floor,
Hangzhou,
Zhejiang Province, 310020,
China
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SEHK 576 Foreign Shares-Foreign Listed The Stock Exchange of Hong Kong Ltd. HK HKD 15. May 1997
OTCPK ZHEX.F Foreign Shares-Foreign Listed Pink Sheets LLC US USD 15. May 1997
DB ZHJ Foreign Shares-Foreign Listed Deutsche Boerse AG DE EUR 15. May 1997
SHSC 576 Foreign Shares-Foreign Listed Stock Exchange of Hong Kong Limited - Shanghai - Hong Kong Stock Connect HK HKD 15. May 1997
SZSC 576 Foreign Shares-Foreign Listed The Stock Exchange of Hong Kong - Shenzhen - Hong Kong Stock Connect HK HKD 15. May 1997
Number of employees
Current staff
Staff numbers
6,871
Zhejiang Expressway employees.
Industry
Highways and Railtracks
Transportation
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/02/21 23:55
End of day share price update: 2019/01/31 00:00
Last estimates confirmation: 2019/01/24
Last earnings filing: 2018/10/31
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.