Zhejiang Expressway Co., Ltd.

ZHEXF

ZHEXFZhejiang Expressway Co., Ltd. US flag

Other OTC

0.78

USD

- -

0.13EPS

6.00P/E

4.68BMarket Cap

Aug 20Next Earn

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ISIN

CNE1000004S4

Return %

Stock

S&P500

13.54

12.11

-6.82

52.58

5.41

103.52

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	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	TTM
Revenue per Share	1.47	1.67	2.01	2.28	2.07	2.05	2.38	2.55	2.65	3.46	3.37	3.67	- -	1.5
Basic EPS, GAAP	0.35	0.41	0.48	0.64	0.65	0.68	0.75	0.79	0.51	1.01	1.14	1.13	- -	0.43
Free Cash Flow per Basic Share	0.27	0.15	0.52	-0.64	0.9	-0.25	0.53	-0.14	-0.16	0.4	1.36	1.82	- -	0.28
Dividend per Share	0.29	0.28	0.29	0.3	0.26	0.33	0.34	0.35	0.33	0.33	0.36	0.36	- -	- -
Book Value per Share	1.61	1.61	1.73	1.61	1.88	1.79	2.15	1.25	1.43	1.46	2.21	3.12	- -	2.85
Tangible Book Value per Share	1.42	1.6	1.41	1.82	2.01	0.75	1.68	-0.07	2.3	2.78	5.53	8.41	- -	6.82
Basic Weighted Avg Shares	4,697	4,697	4,697	4,697	4,697	4,697	4,697	4,697	4,697	4,697	4,554	4,625	- -	5,994
Sales/Revenue/Turnover	6,927	7,851	9,460	10,725	9,735	9,626	11,192	11,955	12,452	16,263	15,332	16,965	18,065	8,964
Operating Margin (%)	32.73	35.8	36.54	49.96	51.95	50.61	47.01	43.15	34.72	40.7	38.25	41.69	39.64	40.9
Depreciation Expense	1,005	1,020	1,231	1,259	1,323	1,411	2,273	2,404	2,984	3,218	3,758	3,705	3,812	- -
Net Income, GAAP	1,649	1,907	2,265	2,990	3,037	3,202	3,515	3,711	2,416	4,762	5,179	5,224	5,502	2,561
Effective Tax Rate (%)	25.79	25.47	24.8	26.03	23.76	23	21.8	23.44	25.59	22.95	14.15	15.66	19.21	15.68
Profit Margin (%)	23.81	24.3	23.94	27.88	31.2	33.26	31.41	31.04	19.41	29.28	33.78	30.79	30.45	28.56
Working Capital	4,793	4,738	5,273	11,918	9,651	16,979	19,835	13,722	19,671	32,956	44,657	49,556	37,658	45,232
LT Debt	680	300	3,160	9,190	6,700	20,663	21,977	26,395	25,125	38,930	39,524	43,762	34,700	43,976
Total Equity	19,622	19,669	21,128	21,999	24,176	30,421	32,923	28,195	36,946	43,714	49,300	60,405	73,698	61,768
Return on Invested Capital (%)	7.5	9.49	9.35	10.38	8.42	6.54	5.85	4.91	3.52	4.47	3.87	4.37	3.89	3.11
Return on Capital (%)	11.3	12.55	10.64	8.47	7.76	6.22	7.15	6.33	3.98	5.05	5.22	4.95	4.36	3.72
Return on Common Equity (%)	21.93	25.2	28.88	38.06	37.05	37.18	37.96	46.41	38.4	70.29	61.23	42.64	34.67	23.87

Capital Structure

•

in mil. unless spec.

Working Capital

•

in mil. unless spec.

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)	10 years	5 years	1 year
Sales/Revenue/Turnover	7.23%	9.23%	6.48%
Net Income, GAAP	13.15%	15.43%	5.32%
Free Cash Flow	-109.21%	-12.4%	-2.9%
Total Cash Common Dividend	4.18%	3.72%	17.31%
Total Equity	14.04%	21.34%	22.01%

Growth Rates

•

in mil. unless spec.

Quarterly Revenue

•

in mil. unless spec.

Quarterly Earnings Per Share

•

in mil. unless spec.

Quarterly Dividends Per Share

•

in mil. unless spec.

Company Description

CEO: Mr. Wei Wu
Full Time Employees: 10,271
Sector: Industrials
Industry: Industrial - Infrastructure Operations
Address: No. 2 Mingzhu Intl. Business Ctr Hangzhou People's Republic of China 310020
IPO Date: Apr 5, 2010
Website: zjec.com.cn
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Business: Zhejiang Expressway Co., Ltd., an investment holding company, invests, develops, operates, maintains, and manages roads in the People's Republic of China. It operates through Toll Operation, Securities Operation, and Others segments. The Toll Operation segment operates and manages high grade roads; and collects expressway tolls. The Securities Operation segment offers securities and future broking, margin financing and securities lending, securities underwriting and sponsorship, asset management, advisory, and proprietary trading services. The Others segment engages in hotel operation, high grade road construction, investment in other financial institutions, and other ancillary activities. The company also offers vehicle towing, repair and emergency, and rescue services. Zhejiang Expressway Co., Ltd. was incorporated 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.

	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	TTM
Revenue per Share	1.47	1.67	2.01	2.28	2.07	2.05	2.38	2.55	2.65	3.46	3.37	3.67	- -	1.5
Basic EPS, GAAP	0.35	0.41	0.48	0.64	0.65	0.68	0.75	0.79	0.51	1.01	1.14	1.13	- -	0.43
Free Cash Flow per Basic Share	0.27	0.15	0.52	-0.64	0.9	-0.25	0.53	-0.14	-0.16	0.4	1.36	1.82	- -	0.28
Dividend per Share	0.29	0.28	0.29	0.3	0.26	0.33	0.34	0.35	0.33	0.33	0.36	0.36	- -	- -
Book Value per Share	1.61	1.61	1.73	1.61	1.88	1.79	2.15	1.25	1.43	1.46	2.21	3.12	- -	2.85
Tangible Book Value per Share	1.42	1.6	1.41	1.82	2.01	0.75	1.68	-0.07	2.3	2.78	5.53	8.41	- -	6.82
Basic Weighted Avg Shares	4,697	4,697	4,697	4,697	4,697	4,697	4,697	4,697	4,697	4,697	4,554	4,625	- -	5,994
Sales/Revenue/Turnover	6,927	7,851	9,460	10,725	9,735	9,626	11,192	11,955	12,452	16,263	15,332	16,965	18,065	8,964
Operating Margin (%)	32.73	35.8	36.54	49.96	51.95	50.61	47.01	43.15	34.72	40.7	38.25	41.69	39.64	40.9
Depreciation Expense	1,005	1,020	1,231	1,259	1,323	1,411	2,273	2,404	2,984	3,218	3,758	3,705	3,812	- -
Net Income, GAAP	1,649	1,907	2,265	2,990	3,037	3,202	3,515	3,711	2,416	4,762	5,179	5,224	5,502	2,561
Effective Tax Rate (%)	25.79	25.47	24.8	26.03	23.76	23	21.8	23.44	25.59	22.95	14.15	15.66	19.21	15.68
Profit Margin (%)	23.81	24.3	23.94	27.88	31.2	33.26	31.41	31.04	19.41	29.28	33.78	30.79	30.45	28.56
Working Capital	4,793	4,738	5,273	11,918	9,651	16,979	19,835	13,722	19,671	32,956	44,657	49,556	37,658	45,232
LT Debt	680	300	3,160	9,190	6,700	20,663	21,977	26,395	25,125	38,930	39,524	43,762	34,700	43,976
Total Equity	19,622	19,669	21,128	21,999	24,176	30,421	32,923	28,195	36,946	43,714	49,300	60,405	73,698	61,768
Return on Invested Capital (%)	7.5	9.49	9.35	10.38	8.42	6.54	5.85	4.91	3.52	4.47	3.87	4.37	3.89	3.11
Return on Capital (%)	11.3	12.55	10.64	8.47	7.76	6.22	7.15	6.33	3.98	5.05	5.22	4.95	4.36	3.72
Return on Common Equity (%)	21.93	25.2	28.88	38.06	37.05	37.18	37.96	46.41	38.4	70.29	61.23	42.64	34.67	23.87

	Dec'18	Mar'24	Jun'24
ST Debt	19,480	- -	32,002
LT Borrowings	21,977	- -	43,678
LT Finance Leases	- -	- -	297
Preferred Equity and Hybrid Capital	- -	- -	- -
Shares Outstanding	4,697	- -	5,993
Market Capitalization	17,074	24,814	27,889

	Dec'18	Mar'24	Jun'24
Total Current Assets	58,370	- -	136,508
Accounts Receivable, Net	245	- -	1,095
Cash, Cash Equivalents & STI	28,441	- -	58,855
Inventories	159	- -	1,171
Total Current Liabilities	38,535	- -	91,275
Payables & Accruals	- -	- -	- -
ST Debt	19,480	- -	32,002
Deferred Revenue	- -	- -	- -

Zhejiang Expressway Co., Ltd.

Growth Rates

(avg. rate of change)

Company Description

Growth Rates

(avg. rate of change)

Capital Structure

Working Capital

Quarterly Earnings Per Share

Year

Quarterly Dividends Per Share

Year

Quarterly Revenue

Year

Year	Q1	Q2	Q3	Q4	FY
2022	- -	4,268	3,603	- -	15,332
2023	- -	4,350	4,615	- -	16,965
2024	- -	- -	- -	- -	18,065