Shenzhen Expressway Co Ltd Class H (HK:0548)
:0548
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Shenzhen Expressway Co
(0548)
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Rating:55Neutral
Price Target:
HK$7.50
â–²(5.04% Upside)
Action:Reiterated
Date:04/29/26
The score is driven primarily by mid-range fundamentals: profitability is still positive and free cash flow is improving, but revenue has contracted sharply and leverage is elevated with weaker recent returns. Technical signals are mildly bearish (negative MACD and below short-term averages), while valuation is mixed—supported by the dividend yield but constrained by a negative P/E.
Positive Factors
Cash generation
Sustained operating cash flow (~5.2B TTM) and improving free cash flow (~2.68B) provide durable capacity to fund maintenance capex, concession obligations and dividends without relying solely on equity. Strong cash conversion increases resilience to traffic cyclicality and supports medium‑term liquidity and operations.
Negative Factors
Sharp revenue contraction
A near 31% TTM revenue decline materially reduces earnings power and weakens the margin of safety for an asset‑heavy toll operator. If revenue weakness reflects structural traffic shifts, sustained lower throughput will pressure cash flow coverage, capex funding and long‑term investment capacity.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash generation
Sustained operating cash flow (~5.2B TTM) and improving free cash flow (~2.68B) provide durable capacity to fund maintenance capex, concession obligations and dividends without relying solely on equity. Strong cash conversion increases resilience to traffic cyclicality and supports medium‑term liquidity and operations.
Read all positive factors
Shenzhen Expressway Co (0548) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$23.36B
Dividend Yield3.72%
Average Volume (3M)1.79M
Price to Earnings (P/E)8.3
Beta (1Y)0.14
Revenue Growth4.71%
EPS Growth-4.62%
CountryHK
Employees7,254
SectorIndustrials
Sector Strength72
IndustryIndustrial - Infrastructure Operations
Share Statistics
EPS (TTM)0.47
Shares Outstanding747,500,060
10 Day Avg. Volume1,099,835
30 Day Avg. Volume1,786,399
Financial Highlights & Ratios
PEG Ratio-0.85
Price to Book (P/B)0.70
Price to Sales (P/S)1.80
P/FCF Ratio8.08
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)0.62
Revenue Forecast (FY)HK$11.71B
Shenzhen Expressway Co Business Overview & Revenue Model
Company Description
Shenzhen Expressway Corporation 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 co...
How the Company Makes Money
The company primarily makes money by operating toll roads and expressways and collecting toll revenue from vehicles that use its highway assets. Revenue is driven by (i) traffic volume (vehicle throughput), (ii) toll rates and fee schedules permit...
Shenzhen Expressway Co Financial Statement Overview
Summary
Income Statement
58
Neutral
Balance Sheet
54
Neutral
Cash Flow
63
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 9.19B | 9.00B | 9.25B | 9.30B | 9.37B | 10.87B |
| Gross Profit | 2.79B | 2.63B | 2.92B | 3.35B | 3.02B | 3.79B |
| EBITDA | 2.47B | 4.39B | 4.05B | 5.55B | 4.75B | 5.22B |
| Net Income | 1.18B | 1.12B | 1.15B | 2.33B | 2.02B | 2.61B |
Balance Sheet | ||||||
| Total Assets | 70.73B | 71.47B | 67.56B | 67.51B | 69.20B | 60.61B |
| Cash, Cash Equivalents and Short-Term Investments | 7.99B | 8.18B | 3.04B | 2.62B | 4.75B | 4.41B |
| Total Debt | 35.93B | 36.43B | 26.70B | 27.88B | 31.17B | 20.71B |
| Total Liabilities | 42.28B | 43.18B | 40.36B | 39.51B | 41.84B | 32.84B |
| Stockholders Equity | 23.40B | 23.04B | 21.90B | 22.36B | 21.35B | 24.64B |
Cash Flow | ||||||
| Free Cash Flow | 2.68B | 2.01B | 1.66B | 2.00B | 1.28B | 143.13M |
| Operating Cash Flow | 5.21B | 5.20B | 3.72B | 4.09B | 3.37B | 3.94B |
| Investing Cash Flow | -4.55B | -5.39B | -36.15M | -923.61M | -3.44B | -5.13B |
| Financing Cash Flow | -3.45B | 2.22B | -2.81B | -4.41B | -2.34B | 1.67B |
Shenzhen Expressway Co Technical Analysis
Negative
7.14
Price Trends
7.50
Negative
7.40
Negative
7.32
Negative
Market Momentum
-0.09
Positive
33.63
Neutral
8.86
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:0548, the sentiment is Negative. The current price of 7.14 is below the 20-day moving average (MA) of 7.40, below the 50-day MA of 7.50, and below the 200-day MA of 7.32, indicating a bearish trend. The MACD of -0.09 indicates Positive momentum. The RSI at 33.63 is Neutral, neither overbought nor oversold. The STOCH value of 8.86 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:0548.
Shenzhen 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:0548
Shenzhen Expressway Co
6.85
0.47
7.45%
HK:0995
Anhui Expressway Company
15.43
4.14
36.71%
HK:0177
Jiangsu Expressway Co
10.44
1.03
10.96%
HK:0107
Sichuan Expressway Co
6.04
1.75
40.66%
HK:1576
Qilu Expressway Co., Ltd. Class H
1.80
-0.14
-7.22%
HK:1785
Chengdu Expressway Co., Ltd. Class H
1.94
0.02
1.09%
Shenzhen Expressway Co Corporate Events
Shenzhen Expressway Posts Unaudited March Toll Revenues Across Key Road Portfolio
Apr 28, 2026
Shenzhen Expressway reported unaudited toll revenue figures for March 2026 across its portfolio of expressway projects, led by key assets such as the Outer Ring Project, Coastal Project and Jihe corridors in the Shenzhen region, as well as signifi...
Shenzhen Expressway Lifts Q1 Profit on Strong Core Earnings Despite Flat Revenue
Apr 28, 2026
Shenzhen Expressway Corporation Limited, a PRC-based toll road and expressway operator listed in Hong Kong and Shanghai, earns most of its income from operating, investing in and managing highway infrastructure. The group’s business is embed...
Shenzhen Expressway Moves to Appoint KPMG as 2026 Auditor, Replacing Deloitte
Apr 28, 2026
Shenzhen Expressway Corporation Limited plans to rotate its external auditor in line with state-owned assets supervision rules that cap consecutive audit terms at five years, ending Deloitte Touche Tohmatsu CPA LLP’s mandate after the 2025 a...
Shenzhen Expressway to End Toll Collection on Shuiguan Expressway Section in 2026
Apr 23, 2026
Shenzhen Expressway said toll collection will cease on the Shuiguan Expressway section from Shuijingcun to Guanjingtoucun in Shenzhen at 24:00 on 25 April 2026, following directives from provincial and municipal authorities. The road is operated b...
Shenzhen Expressway Sets April 2026 Board Meeting to Review First-Quarter Results
Apr 14, 2026
Shenzhen Expressway Corporation Limited has scheduled a board meeting for 28 April 2026 in Shenzhen to review and approve its unaudited first-quarter results for the period ended 31 March 2026. The financial statements will be prepared under China...
Shenzhen Expressway Posts Unaudited February 2026 Toll Revenue, Urges Caution on Preliminary Data
Apr 1, 2026
Shenzhen Expressway Corporation Limited reported unaudited toll revenue figures for February 2026 across its portfolio of expressways in Shenzhen, other parts of Guangdong and several other mainland provinces, with projects such as the Coastal Pro...
Shenzhen Expressway Puts RMB1.2 Billion Idle Funds Into Bank of China Structured Deposit
Apr 1, 2026
Shenzhen Expressway, a subsidiary of Shenzhen International focused on toll roads and environmental protection, has subscribed to a principal-guaranteed structured deposit product worth RMB1.2 billion issued by Bank of China. The 89-day product, r...
Shenzhen Expressway Posts Flat 2025 Earnings and Maintains Dividend Payout
Mar 25, 2026
Shenzhen Expressway reported broadly flat 2025 results, with revenue of RMB 9.26 billion and net profit attributable to shareholders of RMB 1.15 billion, while operating cash flow grew more than 24 percent year on year. The board proposed maintain...
Shenzhen Expressway Proposes RMB 0.244 Final Dividend for 2025
Mar 25, 2026
Shenzhen Expressway Corporation Limited has proposed a final ordinary cash dividend of RMB 0.244 per share for the financial year ended 31 December 2025, with payment scheduled for 28 August 2026 subject to shareholder approval. The distribution u...
Shenzhen Expressway Sets March Dates for 2025 Results Presentations
Mar 19, 2026
Shenzhen Expressway Corporation Limited will convene a board meeting on 25 March 2026 to approve its 2025 annual results and will subsequently present those results to investors through a combination of onsite and online events. The initiative und...
Shenzhen Expressway Sets March 2026 Board Meeting for 2025 Results and Dividend Plan
Mar 12, 2026
Shenzhen Expressway Corporation Limited has scheduled a board meeting for 25 March 2026 to review and approve its audited annual results for the financial year ended 31 December 2025. At the same meeting, directors will also consider the payment o...
Shenzhen Expressway Posts Unaudited January 2026 Toll Revenue
Mar 3, 2026
Shenzhen Expressway Corporation reported unaudited toll revenue figures for January 2026 across its portfolio of expressways in Shenzhen, other parts of Guangdong and several other provinces, detailing traffic income and average daily revenue by p...
Shenzhen Expressway Tightens Governance with New Audit Committee Rules
Feb 10, 2026
Shenzhen Expressway Corporation Limited has formalized detailed working regulations for its Board’s Audit Committee to strengthen corporate governance and align with PRC company law, the Code of Corporate Governance for Listed Companies, its...
Shenzhen Expressway Sets Formal Rules for Board Nomination Committee
Feb 10, 2026
Shenzhen Expressway Corporation Limited has formalized detailed working regulations for its Board Nomination Committee to strengthen corporate governance and enhance the efficiency of director and senior management appointments. The Committee is d...
Shenzhen Expressway Tightens Governance With New Remuneration Committee Rules
Feb 10, 2026
Shenzhen Expressway has formalized detailed working regulations for its Remuneration and Appraisal Committee, a specialized body under the board responsible for setting assessment criteria and remuneration policies for directors and senior managem...
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.