Jiangsu Expressway Co Ltd Class H (HK:0177)
:0177
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Jiangsu Expressway Co
(0177)
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Rating:71Outperform
Price Target:
HK$11.50
â–˛(11.98% Upside)
Action:Upgraded
Date:04/30/26
The score is driven by attractive valuation (low P/E and strong dividend yield) and positive technical momentum (price above key moving averages with supportive MACD/RSI). Offsetting this, financial performance is constrained by weak cash-flow durability, with negative free cash flow in recent years and operating cash flow lagging net income, alongside soft recent revenue and rising debt versus 2024.
Positive Factors
Margin Sustainability
High and sustained gross and net margins indicate resilient earnings power for a toll-road operator. These margins provide structural buffer against traffic volatility and rising operating costs, supporting long-term profitability and a stronger ability to fund maintenance and selective investments from operations.
Negative Factors
Negative Free Cash Flow
Persistent negative free cash flow across multiple years suggests heavy capital expenditures or weak post-capex cash generation. Structurally, this raises reliance on external funding, increases sensitivity to interest-rate cycles, and constrains the company's ability to self-fund dividends, upgrades, or debt reduction over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Margin Sustainability
High and sustained gross and net margins indicate resilient earnings power for a toll-road operator. These margins provide structural buffer against traffic volatility and rising operating costs, supporting long-term profitability and a stronger ability to fund maintenance and selective investments from operations.
Read all positive factors
Jiangsu Expressway Co (0177) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$66.82B
Dividend Yield5.43%
Average Volume (3M)6.85M
Price to Earnings (P/E)8.3
Beta (1Y)0.12
Revenue Growth-16.77%
EPS Growth-1.46%
CountryHK
Employees4,579
SectorIndustrials
Sector Strength72
IndustryIndustrial - Infrastructure Operations
Share Statistics
EPS (TTM)0.94
Shares Outstanding1,222,000,000
10 Day Avg. Volume8,265,766
30 Day Avg. Volume6,852,912
Financial Highlights & Ratios
PEG Ratio-1.38
Price to Book (P/B)1.09
Price to Sales (P/S)2.23
P/FCF Ratio-52.28
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
HK$11.70Price Target Upside13.92% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)0.97
Revenue Forecast (FY)HK$20.70B
Jiangsu Expressway Co Business Overview & Revenue Model
Company Description
Jiangsu Expressway Company Limited invests in, constructs, operates, and manages toll roads and bridges in the People's Republic of China. The company operates the Jiangsu section of Shanghai-Nanjing Expressway, Ningchang Expressway, Zhenli Expres...
How the Company Makes Money
Jiangsu Expressway primarily makes money by operating toll expressways: it collects toll revenue from vehicles using its expressway assets, with revenue generally driven by traffic volume (vehicle throughput), vehicle mix (e.g., passenger vs. frei...
Jiangsu Expressway Co Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
68
Positive
Cash Flow
45
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 19.99B | 20.29B | 23.20B | 15.19B | 13.26B | 13.79B |
| Gross Profit | 6.08B | 6.10B | 6.10B | 5.61B | 4.41B | 5.01B |
| EBITDA | 6.00B | 9.54B | 9.82B | 9.27B | 7.72B | 7.58B |
| Net Income | 4.74B | 4.59B | 4.95B | 4.41B | 3.72B | 4.28B |
Balance Sheet | ||||||
| Total Assets | 99.64B | 96.39B | 89.89B | 78.66B | 78.46B | 67.66B |
| Cash, Cash Equivalents and Short-Term Investments | 4.37B | 2.45B | 3.99B | 4.53B | 4.41B | 3.14B |
| Total Debt | 33.70B | 26.18B | 20.77B | 31.49B | 30.30B | 20.57B |
| Total Liabilities | 42.63B | 41.41B | 40.15B | 37.77B | 40.51B | 32.30B |
| Stockholders Equity | 43.19B | 41.44B | 38.60B | 33.99B | 31.94B | 30.23B |
Cash Flow | ||||||
| Free Cash Flow | -90.39M | -864.69M | -4.49B | 3.59B | 1.49B | 2.15B |
| Operating Cash Flow | 7.36B | 6.76B | 6.32B | 7.39B | 5.53B | 5.47B |
| Investing Cash Flow | -6.94B | -5.32B | -9.39B | -2.88B | -6.43B | -6.39B |
| Financing Cash Flow | -521.36M | -1.68B | 3.08B | -4.61B | 1.21B | 1.06B |
Jiangsu Expressway Co Technical Analysis
Neutral
10.27
Price Trends
10.27
Positive
10.10
Positive
9.86
Positive
Market Momentum
0.10
Positive
47.53
Neutral
26.89
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:0177, the sentiment is Neutral. The current price of 10.27 is below the 20-day moving average (MA) of 10.64, below the 50-day MA of 10.27, and above the 200-day MA of 9.86, indicating a neutral trend. The MACD of 0.10 indicates Positive momentum. The RSI at 47.53 is Neutral, neither overbought nor oversold. The STOCH value of 26.89 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for HK:0177.
Jiangsu Expressway Co Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | HK$66.82B | 8.26 | 11.50% | 5.43% | -16.77% | -1.46% | |
69 Neutral | HK$30.85B | 10.40 | 14.74% | 5.08% | -5.31% | 10.69% | |
65 Neutral | HK$3.21B | 6.01 | 10.60% | 5.25% | 1.17% | -0.03% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
61 Neutral | HK$21.24B | 8.52 | 7.54% | 5.82% | -16.28% | -1.83% | |
60 Neutral | HK$3.60B | 4.38 | 6.26% | 6.05% | -66.15% | -21.01% | |
55 Neutral | HK$23.36B | 8.30 | 4.88% | 3.72% | 4.71% | -4.62% |
* Industrials Sector Average
HK:0177
Jiangsu Expressway Co
10.44
1.03
10.96%
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Anhui Expressway Company
15.43
4.14
36.71%
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Sichuan Expressway Co
6.04
1.75
40.66%
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Shenzhen Expressway Co
6.85
0.47
7.45%
HK:1576
Qilu Expressway Co., Ltd. Class H
1.80
-0.14
-7.22%
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Chengdu Expressway Co., Ltd. Class H
1.94
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1.09%
Jiangsu Expressway Co Corporate Events
Jiangsu Expressway Sets Key Dates for 2025 AGM and Final Dividend on H Shares
Apr 30, 2026
Jiangsu Expressway has scheduled its 2025 annual general meeting for 15 June 2026 and will suspend registration of transfers of H shares from 26 May to 15 June 2026, setting 22 May 2026 as the deadline for shareholders to register in order to atte...
Jiangsu Expressway Updates Final Dividend Timetable and Terms for 2025
Apr 30, 2026
Jiangsu Expressway Company Limited has updated details of its final cash dividend for the financial year ended 31 December 2025, confirming a payout of RMB 0.49 per H share, tax inclusive, subject to potential per-share adjustment if additional sh...
Jiangsu Expressway Board Backs Q1 2026 Results and RMB500 Million Zijin Trust Capital Increase
Apr 29, 2026
Jiangsu Expressway’s board has approved its first quarterly report for 2026 and a separate work report for the same period, confirming that all 11 directors attended the meeting and voted unanimously in favor of the resolutions. The company ...
Jiangsu Expressway Lifts Q1 Profit Despite Revenue Dip
Apr 29, 2026
Jiangsu Expressway Company Limited reported a 5.31% year-on-year decline in first-quarter 2026 operating income to RMB 4.53 billion, but improved profitability, with total profit rising 13.80% to RMB 1.80 billion. Net profit attributable to shareh...
Jiangsu Expressway to Invest RMB500 Million in Zijin Trust Capital Increase
Apr 29, 2026
Jiangsu Expressway plans to inject RMB500 million of self-owned funds into associate Zijin Trust Co., Ltd. via a pro-rata capital increase, aiming to preserve its shareholder position, protect related rights and interests, and optimise its overall...
Jiangsu Expressway Announces Mid-Term Board Resignations With Limited Operational Impact
Apr 28, 2026
Jiangsu Expressway Company Limited announced that directors Xie Mengmeng and Yang Jianguo have resigned due to job reassignments, triggering changes in the board’s Nomination Committee and Remuneration and Appraisal Committee. Xie’s re...
Jiangsu Expressway Boosts Capital in Danjin Subsidiary to Advance Fuli Expressway Project
Apr 22, 2026
Jiangsu Expressway has approved a further cash capital injection of RMB128.18 million into its subsidiary Jiangsu Danjin Expressway Co., which is responsible for the Danyang to Jintan section of the Fuli Expressway project. Selected construction c...
Jiangsu Expressway Sets Board Meeting to Approve Q1 2026 Results
Apr 8, 2026
Jiangsu Expressway Company Limited has scheduled a board meeting to be held at its Nanjing headquarters on 29 April 2026. The session will focus on reviewing and approving the company’s first quarterly report for the three months ended 31 Ma...
Jiangsu Expressway Names Ge Yang as Lead Independent Director to Bolster Governance
Mar 29, 2026
Jiangsu Expressway has appointed existing independent non-executive director Ge Yang as its lead independent non-executive director, effective 27 March 2026, while he continues to serve on the remuneration and assessment committee and the nominati...
Jiangsu Expressway Sets Out Board Line-Up and Committee Structure
Mar 29, 2026
Jiangsu Expressway Company Limited has announced the current composition of its board of directors, detailing the mix of executive, non-executive and independent non-executive directors, with Wang Feng serving as chairman. The structure reflects a...
Jiangsu Expressway to Lend Up to RMB4.3 Billion to Subsidiaries in Connected Deals
Mar 29, 2026
Jiangsu Expressway has approved a plan to extend up to RMB4.3 billion in loans, funded with its own capital, to four subsidiaries—Wufengshan Toll Bridge, Guangjing Xicheng, Yichang and Changyi—for refinancing project loans, replenishin...
Jiangsu Expressway Updates on Luode Huizhi Fund Investment and Extends Fund Term
Mar 29, 2026
Jiangsu Expressway’s wholly owned subsidiary, Jiangsu Ninghu Investment Development, has invested RMB500 million of internal funds into the Nanjing Luode Huizhi Equity Investment Partnership, a private equity fund with a total size capped at...
Jiangsu Expressway Lifts Deposit Cap in Finance Deal to Sharpen Capital Management
Mar 29, 2026
Jiangsu Expressway has amended its financial services arrangements with Jiangsu Communications Holding Group Finance Co., raising the cap on its maximum daily deposit balance with the group finance unit to RMB500 million while keeping it below 5% ...
Jiangsu Expressway Posts Preliminary 2025 Results With Clean Audit Opinion
Mar 29, 2026
Jiangsu Expressway announced its preliminary 2025 annual results, confirming that all directors attended the board meeting and that its audit committee has reviewed and approved the full annual report and summary. The company reported that KPMG is...
Jiangsu Expressway Proposes RMB 0.49 Final Dividend for 2025, Payout Set for July 2026
Mar 29, 2026
Jiangsu Expressway Company Limited has proposed a final cash dividend of RMB 0.49 per H share for the financial year ended 31 December 2025, with the total dividend amount fixed but the per-share figure subject to adjustment if additional shares a...
Jiangsu Expressway Board Clears 2025 Reports Ahead of Annual Shareholders’ Meeting
Mar 29, 2026
Jiangsu Expressway’s board held the twentieth meeting of its eleventh session on 27 March 2026, with all 12 directors attending either in person or via video-audio link, and confirmed that the meeting complied with Chinese company law and th...
Jiangsu Expressway Sets April 3, 2026 Briefing on 2025 Results
Mar 25, 2026
Jiangsu Expressway Company Limited will release its 2025 annual report on 30 March 2026 on the Shanghai and Hong Kong stock exchange websites, and will follow this with a 2025 results presentation on 3 April 2026. The event, held via telephone vid...
Jiangsu Expressway Names Wang Feng Board Chairman and Reshapes Strategy Committee
Mar 4, 2026
Jiangsu Expressway Company Limited’s board convened its nineteenth meeting of the eleventh session on 4 March 2026, with all 12 directors present and procedures confirmed as compliant with PRC corporate regulations. The board unanimously app...
Jiangsu Expressway Reshuffles Leadership as General Manager Becomes Chairman
Mar 4, 2026
Jiangsu Expressway Company Limited announced that executive director and general manager Wang Feng has resigned from his role as general manager due to a job reassignment, effective 4 March 2026, ahead of his original term end in June 2027. The co...
Jiangsu Expressway Sets Out Board and Committee Structure
Mar 4, 2026
Jiangsu Expressway Company Limited has announced the current composition of its board of directors, detailing the mix of executive, non-executive, and independent non-executive directors, with Wang Feng serving as chairman. The company also outlin...
Jiangsu Expressway Updates Board Composition and Committee Roles
Mar 3, 2026
Jiangsu Expressway Company Limited has released an updated list of its board of directors, detailing the composition of executive, non-executive, employees’ representative, and independent non-executive directors, with General Manager Wang F...
Jiangsu Expressway Chairman Steps Down Amid Job Reassignment
Mar 3, 2026
Jiangsu Expressway announced that Chairman Chen Yunjiang has resigned from his roles as chairman, strategy committee convener and director, effective 3 March 2026, due to job reassignment. He will no longer hold any position in the company, and hi...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.