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    Industrial - Infrastructure Operations
Shenzhen Expressway Corporation Limited

Shenzhen Expressway Corporation Limited

0548.HK
Shenzhen Expressway Corporation LimitedHK flagHong Kong Stock Exchange
6.36
HKD
-0.11
- -
17.51BMarket Cap
Shenzhen Expressway Corporation Limited
0548.HK
(Hong Kong Stock Exchange)

Recent

price

6.36

P/E

ratio

- -

div

yld

- -

ROIC.AI

2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
FRC
1.27
1.35
1.44
1.5
1.66
1.57
2.08
2.39
2.66
2.94
3.66
4.64
3.9
3.92
3.56
3.46
4
Revenue per Share
0.34
0.4
0.31
0.33
1
0.71
0.54
0.64
1.58
1.18
0.94
1.11
0.84
0.98
0.44
0.43
0.57
Basic EPS, GAAP
0.42
0.29
0.45
0.53
0.68
0.75
0.8
0.92
0.97
0.03
-0.63
-0.02
0.53
0.84
0.64
0.5
-1.35
Free Cash Flow per Basic Share
0.31
0.36
0.41
0.39
0.38
0.66
0.49
0.58
0.59
1
0.82
1.06
1.09
1.03
0.93
0.53
0.9
Dividend per Share
1.86
2.06
2.18
2.34
3.09
3.34
3.48
2.44
3.58
4.01
4.31
3.98
4.27
4.77
4.15
4.17
4.68
Book Value per Share
-4.16
-3.88
-3.56
-2.99
-1.39
-1.98
-1.66
-5.36
-1.86
-1.25
-0.33
1.77
0.13
0.41
0.83
2.66
3.21
Tangible Book Value per Share
2,181
2,182
2,180
2,181
2,180
2,181
2,182
2,180
2,181
2,173
2,195
2,348
2,403
2,370
2,596
2,679
2,355
Basic Weighted Avg Shares
2,765
2,952
3,135
3,279
3,620
3,421
4,532
5,210
5,807
6,390
8,027
10,890
9,373
9,295
9,246
9,264
9,407
Sales/Revenue/Turnover
46.81
53.4
45.66
47.25
46.7
43.01
39.18
43.27
45.98
36.95
28.87
28.07
26.51
30.27
25.75
24.97
25.41
Operating Margin (%)
653
712
813
961
981
896
1,225
1,588
1,642
1,560
1,779
2,274
2,261
2,344
2,297
2,465
- -
Depreciation Expense
746
875
685
720
2,187
1,553
1,169
1,384
3,440
2,564
2,055
2,613
2,016
2,327
1,145
1,149
1,331
Net Income, GAAP
18.52
20.5
22.41
17.88
23.44
10.59
18.86
20.15
21.26
- -
17.49
16.42
21.3
18.17
30.72
28.01
26.98
Effective Tax Rate (%)
26.97
29.65
21.84
21.95
60.41
45.39
25.8
26.56
59.24
40.13
25.6
24
21.51
25.04
12.38
12.41
14.15
Profit Margin (%)
-1,387
155
-1,185
3
1,092
4,314
3,215
-3,261
1,479
1,158
-3,954
-5,408
-13,946
-12,875
-6,531
-4,211
-157
Working Capital
8,565
10,254
8,299
8,346
7,189
4,892
5,526
12,229
13,650
13,826
10,408
17,483
15,391
16,772
24,122
20,435
25,161
LT Debt
9,974
10,497
10,873
11,239
13,120
14,961
14,711
15,789
19,540
21,048
26,279
31,533
27,364
27,999
27,202
32,052
32,225
Total Equity
5.45
6.03
5.08
5.99
6.08
6
6.56
6.63
6.24
- -
4.89
5.06
3.33
3.92
2.87
2.8
2.9
Return on Invested Capital (%)
7.44
7.95
6.58
7.13
15.61
12.42
9.19
9.02
17.03
- -
9.06
8.97
6.69
6.87
2.75
3.78
2.98
Return on Capital (%)
19.41
20.51
14.82
14.6
36.89
22.13
15.71
21.42
52.4
31.05
22.61
27.8
20.58
21.59
10.38
10.48
12.38
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Dec'24
Mar'25
Jun'25
ST Debt
5,118
5,112
5,881
LT Borrowings
24,106
26,791
25,150
LT Finance Leases
16
9
11
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
2,181
2,538
2,538
Market Capitalization
16,610
13,968
14,720

Working Capital

FRC

•

in mil. unless spec.
Dec'24
Mar'25
Jun'25
Total Current Assets
7,644
12,921
12,487
Cash, Cash Equivalents & STI
3,038
8,306
7,551
Accounts Receivable, Net
957
987
986
Inventories
1,095
1,095
1,083
Total Current Liabilities
14,175
11,891
12,644
Payables & Accruals
- -
- -
- -
ST Debt
5,118
5,112
5,881
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
8.61%
4.81%
17.83%
Free Cash Flow
-532.55%
-655.46%
-18.93%
Net Income, GAAP
6.62%
-6.13%
0.38%
Sales/Revenue/Turnover
11.51%
4.12%
0.2%
Total Cash Common Dividend
4.11%
-1.05%
-41.49%

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
2,038
1,719
2,103
3,386
9,246
2025
1,772
2,147
3,215
- -
9,264
2026
1,759
- -
- -
- -
- -

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.2
- -
- -
- -
0.44
2025
0.2
- -
- -
- -
0.43
2026
0.19
- -
- -
- -
- -

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.16
- -
- -
- -
0.93
2025
0.12
- -
- -
- -
0.53
2026
0.09
- -
- -
- -
- -
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Business
Shenzhen Expressway Corporation Limited invests in, constructs, operates and manages toll highways and roads, as well as other urban and transportation infrastructure primarily in the People's Republic of China. The company operates through Toll Road, Environmental Protection and Others segments, offering toll road investment, construction and operation including expressways such as Meiguan Expressway, Jihe Expressway, Shuiguan Expressway and Yangmao Expressway mainly in Guangdong Province and the Greater Bay Area; environmental services encompassing recovery and solid waste management, kitchen waste disposal, clean energy power generation including wind power, hazardous waste treatment and ecological protection; construction management, highways operation management, project development, road operation and maintenance, construction consulting and industrial financial services; entrusted management, advertising, finance leasing, construction services under franchised arrangements, electronic toll collection and clearing systems; property development and management, real estate brokerage, leasing and management of apartments; as well as equipment manufacturing, asphalt materials production, environmental projects advisory, capital market services, health and elderly care, engineering, information technology development, business and office services. Incorporated in 1996 and headquartered in Shenzhen, the company conducts operations across 23 provinces with approximately 900 kilometers of expressways under investment including over 600 kilometers with controlling interest, employs 7,254 people and serves government entities, enterprises and the public in economically developed regions. As a subsidiary of Shenzhen International Holdings Limited, it recently completed the offering of E Fund SZ Expressway REIT with Yichang Expressway as the underlying asset in 2024, in which it holds 40% of units; announced reconstruction and expansion of Jihe Expressway and Outer Ring Expressway phase III with capex of about RMB19.2 billion over eight years and total capex and acquisitions reaching RMB16 billion during 2024-2026; pursued acquisition of 85% equity in a Shandong Province target expressway operator aligning with eastern coastal expansion strategy following disposal of 60% interest in Jinxiong Expressway and expiration of Northern Ring Road concession in 2024; and advanced investments in high-quality road assets including Guangzhou-Shenzhen Section of the Beijing-Hong Kong & Macao Expressway while providing operational management for nearly 90% of Shenzhen's expressways.