Chengdu Expressway Co., Ltd. Class H (HK:1785)
:1785
Want to see HK:1785 full AI Analyst Report?
Top Page
Chengdu Expressway Co., Ltd. Class H
(1785)
Select Model
Select Model
Rating:62Neutral
Price Target:
HK$2.00
â–¼(-1.96% Downside)
Action:ReiteratedDate:03/28/26
The score is driven primarily by mixed financial performance—strong margins but weaker 2025 cash generation (negative free cash flow) and higher leverage—which offsets an otherwise attractive valuation (low P/E and high dividend yield). Technical indicators remain weak, with negative MACD and price below moving averages, limiting near-term momentum.
Positive Factors
Margin Sustainability
Consistently strong gross (~36%) and net (~19%) margins indicate structural pricing power and low variable costs inherent in toll operations. Durable margins support resilient earnings through economic cycles and help sustain funding for maintenance, reinvestment and distributions over the medium term.
Negative Factors
Weakened cash generation
Operating cash flow covering only ~39% of net income and a swing to negative free cash flow in 2025 represents material cash-conversion deterioration. For an infrastructure operator with ongoing capex, this constrains dividend capacity, raises near-term funding needs and increases reliance on external financing if persistent.
Read all positive and negative factors
Positive Factors
Negative Factors
Margin Sustainability
Consistently strong gross (~36%) and net (~19%) margins indicate structural pricing power and low variable costs inherent in toll operations. Durable margins support resilient earnings through economic cycles and help sustain funding for maintenance, reinvestment and distributions over the medium term.
Read all positive factors
Chengdu Expressway Co., Ltd. Class H (1785) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$3.44B
Dividend Yield5.25%
Average Volume (3M)18.37K
Price to Earnings (P/E)5.7
Beta (1Y)0.31
Revenue Growth0.52%
EPS Growth6.23%
CountryHK
Employees2,375
SectorIndustrials
Sector Strength72
IndustryIndustrial - Infrastructure Operations
Share Statistics
EPS (TTM)N/A
Shares Outstanding456,102,020
10 Day Avg. Volume23,800
30 Day Avg. Volume18,368
Financial Highlights & Ratios
PEG Ratio1.76
Price to Book (P/B)0.61
Price to Sales (P/S)1.07
P/FCF Ratio-7.95
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)N/A
Revenue Forecast (FY)N/A
Chengdu Expressway Co., Ltd. Class H Business Overview & Revenue Model
Company Description
Chengdu Expressway Co., Ltd. engages in the development, operation, and management of expressways located in Chengdu, Sichuan province, China. It operates in two segments, Expressway and Energy. As of March 24, 2022, the company owned five express...
How the Company Makes Money
null...
Chengdu Expressway Co., Ltd. Class H Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
63
Positive
Cash Flow
46
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 2.84B | 2.92B | 2.89B | 2.60B | 2.70B |
| Gross Profit | 1.02B | 1.08B | 1.04B | 871.07M | 1.02B |
| EBITDA | 1.16B | 1.21B | 1.31B | 1.12B | 1.31B |
| Net Income | 538.09M | 519.52M | 618.77M | 490.15M | 614.65M |
Balance Sheet | |||||
| Total Assets | 10.46B | 9.04B | 9.25B | 9.13B | 9.16B |
| Cash, Cash Equivalents and Short-Term Investments | 2.20B | 1.91B | 2.26B | 1.89B | 1.89B |
| Total Debt | 3.56B | 2.55B | 2.75B | 2.95B | 3.10B |
| Total Liabilities | 4.47B | 3.45B | 3.95B | 4.21B | 4.56B |
| Stockholders Equity | 4.98B | 4.59B | 4.35B | 4.02B | 3.70B |
Cash Flow | |||||
| Free Cash Flow | -383.50M | 303.77M | 987.66M | 661.34M | 746.94M |
| Operating Cash Flow | 732.59M | 806.01M | 1.11B | 850.37M | 814.38M |
| Investing Cash Flow | -1.60B | -463.31M | -75.23M | -265.63M | -37.03M |
| Financing Cash Flow | 671.65M | -699.98M | -592.50M | -570.78M | -608.88M |
Chengdu Expressway Co., Ltd. Class H Technical Analysis
Neutral
2.04
Price Trends
2.06
Positive
2.07
Negative
2.08
Negative
Market Momentum
<0.01
Negative
52.38
Neutral
71.43
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:1785, the sentiment is Neutral. The current price of 2.04 is above the 20-day moving average (MA) of 2.04, below the 50-day MA of 2.06, and below the 200-day MA of 2.08, indicating a neutral trend. The MACD of <0.01 indicates Negative momentum. The RSI at 52.38 is Neutral, neither overbought nor oversold. The STOCH value of 71.43 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for HK:1785.
Chengdu Expressway Co., Ltd. Class H Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | HK$6.83B | 13.69 | 5.90% | 5.26% | 12.06% | -19.10% | |
69 Neutral | HK$30.46B | 10.82 | 15.24% | 5.08% | -5.31% | 10.69% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
62 Neutral | HK$3.44B | 5.67 | 11.42% | 5.25% | 0.52% | 6.23% | |
55 Neutral | HK$24.23B | -12.81 | 4.58% | 3.72% | 4.71% | -4.62% | |
52 Neutral | HK$20.57B | 14.25 | 7.59% | 5.82% | -16.28% | -1.83% | |
52 Neutral | HK$3.72B | 4.38 | 7.19% | 6.05% | -66.15% | -21.01% |
* Industrials Sector Average
HK:1785
Chengdu Expressway Co., Ltd. Class H
2.08
0.08
4.00%
HK:0995
Anhui Expressway Company
15.51
4.36
39.05%
HK:1052
Yuexiu Transport Infrastructure
4.08
0.85
26.32%
HK:0107
Sichuan Expressway Co
5.91
1.86
45.93%
HK:0548
Shenzhen Expressway Co
7.50
1.15
18.18%
HK:1576
Qilu Expressway Co., Ltd. Class H
1.86
-0.10
-5.10%
Chengdu Expressway Co., Ltd. Class H Corporate Events
Chengdu Expressway Proposes 2025 Final Dividend and Sets Tax Terms for H-Shareholders
Mar 26, 2026
Chengdu Expressway Co., Ltd. has proposed a final ordinary cash dividend of RMB 0.122 per share for the financial year ended 31 December 2025, subject to shareholder approval on 14 May 2026. The dividend for H-share investors will be paid in Hong ...
Chengdu Expressway Revises Accounting for Government Grants and Qiongming Expressway Amortization
Mar 26, 2026
Chengdu Expressway Co., Ltd. has approved a change in its accounting policy for government grants, shifting from the net method to the gross method from 1 January 2025 to better reflect its economic activities and enhance transparency and comparab...
Chengdu Expressway Publishes Audited 2025 Results and Sets Date for Full Annual Report
Mar 26, 2026
Chengdu Expressway Co., Ltd., a Hong Kong-listed PRC joint stock company, operates a portfolio of expressways and related infrastructure around Chengdu, generating revenue primarily from toll collection and associated services. The group’s a...
Chengdu Expressway Sets March Board Meeting to Approve 2025 Results and Mull Dividend
Mar 5, 2026
Chengdu Expressway Co., Ltd. has scheduled a board meeting for 26 March 2026 to review and approve the consolidated annual results for the financial year ended 31 December 2025. The board will also consider whether to recommend a final dividend, a...
Chengdu Expressway Renews Connected Refined Oil Supply Deal With PetroChina Unit
Dec 29, 2025
Chengdu Expressway Co., Ltd. has announced that its subsidiary Zhongyou Energy has entered into a new three-year refined oil framework agreement with the Chengdu Sales Branch of PetroChina, effective from 1 January 2026 to 31 December 2028, to rep...
Chengdu Expressway Renews Entrusted Operation Deal for Qiongming Expressway
Dec 29, 2025
Chengdu Expressway Co., Ltd. has announced that its wholly owned Operation Company has entered into a new entrusted operation and management contract with Chengming Company for the Qiongming Expressway, replacing the existing agreement that expire...
Chengdu Expressway Declines Airport Expressway Acquisition as Parent Proceeds, Triggering Connected Transactions
Dec 28, 2025
Chengdu Expressway Co., Ltd. announced that, under its existing non-competition agreement with controlling shareholders Chengdu Communications Investment and Chengdu Communications Investment Transportation Construction and Management Group Co., L...
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.