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Shenzhen Expressway

DB:SHZH
Snowflake Description

Undervalued established dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
SHZH
DB
HK$20B
Market Cap
  1. Home
  2. DE
  3. Transportation
Company description

Shenzhen Expressway Company 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 last earnings update was 13 days ago. More info.


Add to Portfolio Compare Print
  • Shenzhen Expressway has significant price volatility in the past 3 months.
SHZH Share Price and Events
7 Day Returns
3.2%
DB:SHZH
11.3%
DE Infrastructure
9.9%
DE Market
1 Year Returns
-7.5%
DB:SHZH
-43.8%
DE Infrastructure
-17.5%
DE Market
SHZH Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Shenzhen Expressway (SHZH) 3.2% -6.7% -22.2% -7.5% 11.4% 31.4%
DE Infrastructure 11.3% -34% -49.8% -43.8% -42.3% -21.2%
DE Market 9.9% -16.6% -24.8% -17.5% -24.5% -28.1%
1 Year Return vs Industry and Market
  • SHZH outperformed the Infrastructure industry which returned -43.8% over the past year.
  • SHZH outperformed the Market in Germany which returned -17.5% over the past year.
Price Volatility
SHZH
Industry
5yr Volatility vs Market

Value

 Is Shenzhen Expressway undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Shenzhen Expressway to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Shenzhen Expressway.

DB:SHZH Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 5 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 7%
Perpetual Growth Rate 10-Year DE Government Bond Rate -0.4%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for DB:SHZH
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate -0.4%
Equity Risk Premium S&P Global 6.3%
Infrastructure Unlevered Beta Simply Wall St/ S&P Global 0.73
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.728 (1 + (1- 25%) (94.04%))
1.162
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.16
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= -0.39% + (1.162 * 6.33%)
6.97%

Discounted Cash Flow Calculation for DB:SHZH using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Shenzhen Expressway is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Note: Free cash flow to equity valuations ignore the company's cash or debt.

DB:SHZH DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (CNY, Millions) Source Present Value
Discounted (@ 6.97%)
2020 864.00 Analyst x1 807.72
2021 3,161.50 Analyst x2 2,763.06
2022 3,785.50 Analyst x2 3,092.92
2023 3,107.00 Analyst x1 2,373.21
2024 3,470.00 Analyst x1 2,477.84
2025 3,483.70 Est @ 0.39% 2,325.59
2026 3,489.26 Est @ 0.16% 2,177.58
2027 3,489.07 Est @ -0.01% 2,035.63
2028 3,484.85 Est @ -0.12% 1,900.74
2029 3,477.83 Est @ -0.2% 1,773.35
Present value of next 10 years cash flows CN¥21,727.00
DB:SHZH DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= CN¥3,477.83 × (1 + -0.39%) ÷ (6.97% – -0.39%)
CN¥47,085.70
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= CN¥47,085.70 ÷ (1 + 6.97%)10
CN¥24,009.11
DB:SHZH Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= CN¥21,727.00 + CN¥24,009.11
CN¥45,736.11
Equity Value per Share
(CNY)
= Total value / Shares Outstanding
= CN¥45,736.11 / 2,180.77
CN¥20.97
DB:SHZH Discount to Share Price
Calculation Result
Exchange Rate CNY/HKD
(Reporting currency to currency of SEHK:548)
1.095
Value per Share
(HKD)
= Value per Share in CNY x Exchange Rate (CNY/HKD)
= CN¥20.97 x 1.095
HK$22.95
Non-primary Listing Adjustment Factor 1 share in DB:SHZH represents 0.12405x of SEHK:548
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.12405x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (HKD) x Listing Adjustment Factor
= HK$ 22.95 x 0.12405
€2.85
Value per share (EUR) From above. €2.85
Current discount Discount to share price of €0.98
= -1 x (€0.98 - €2.85) / €2.85
65.6%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Shenzhen Expressway is available for.
Intrinsic value
>50%
Share price is €0.98 vs Future cash flow value of €2.85
Current Discount Checks
For Shenzhen Expressway to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Shenzhen Expressway's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Shenzhen Expressway's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Shenzhen Expressway's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Shenzhen Expressway's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:SHZH PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-12-31) in CNY CN¥1.15
SEHK:548 Share Price ** SEHK (2020-03-31) in HKD HK$7.9
SEHK:548 Share Price converted to CNY reporting currency Exchange rate (HKD/ CNY) 0.914 CN¥7.22
Europe Infrastructure Industry PE Ratio Median Figure of 38 Publicly-Listed Infrastructure Companies 10.3x
Germany Market PE Ratio Median Figure of 399 Publicly-Listed Companies 16.31x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Shenzhen Expressway.

DB:SHZH PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= SEHK:548 Share Price ÷ EPS (both in CNY)

= 7.22 ÷ 1.15

6.3x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Shenzhen Expressway is good value based on earnings compared to the Europe Infrastructure industry average.
  • Shenzhen Expressway is good value based on earnings compared to the Germany market.
Price based on expected Growth
Does Shenzhen Expressway's expected growth come at a high price?
Raw Data
DB:SHZH PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 6.3x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts
3.3%per year
Europe Infrastructure Industry PEG Ratio Median Figure of 18 Publicly-Listed Infrastructure Companies 1.17x
Germany Market PEG Ratio Median Figure of 255 Publicly-Listed Companies 1.18x

*Line of best fit is calculated by linear regression .

DB:SHZH PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 6.3x ÷ 3.3%

1.91x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Shenzhen Expressway is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Shenzhen Expressway's assets?
Raw Data
DB:SHZH PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-12-31) in CNY CN¥8.43
SEHK:548 Share Price * SEHK (2020-03-31) in HKD HK$7.9
SEHK:548 Share Price converted to CNY reporting currency Exchange rate (HKD/ CNY) 0.914 CN¥7.22
Germany Infrastructure Industry PB Ratio Median Figure of 5 Publicly-Listed Infrastructure Companies 0.9x
Germany Market PB Ratio Median Figure of 571 Publicly-Listed Companies 1.43x
DB:SHZH PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= SEHK:548 Share Price ÷ Book Value per Share (both in CNY)

= 7.22 ÷ 8.43

0.86x

* Primary Listing of Shenzhen Expressway.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Shenzhen Expressway is good value based on assets compared to the DE Infrastructure industry average.
X
Value checks
We assess Shenzhen Expressway's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Infrastructure industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Infrastructure industry average (and greater than 0)? (1 check)
  5. Shenzhen Expressway has a total score of 5/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Shenzhen Expressway expected to perform in the next 1 to 3 years based on estimates from 5 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
3.3%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Shenzhen Expressway expected to grow at an attractive rate?
  • Shenzhen Expressway's earnings growth is expected to exceed the low risk savings rate of -0.4%.
Growth vs Market Checks
  • Shenzhen Expressway's earnings growth is positive but not above the Germany market average.
  • Shenzhen Expressway's revenue growth is expected to exceed the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:SHZH Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:SHZH Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts 3.3%
DB:SHZH Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 5 Analysts 8.4%
Europe Infrastructure Industry Earnings Growth Rate Market Cap Weighted Average 4.4%
Europe Infrastructure Industry Revenue Growth Rate Market Cap Weighted Average 2%
Germany Market Earnings Growth Rate Market Cap Weighted Average 14.4%
Germany Market Revenue Growth Rate Market Cap Weighted Average 4.1%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
DB:SHZH Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below
All numbers in CNY Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:SHZH Future Estimates Data
Date (Data in CNY Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2024-12-31
2023-12-31
2022-12-31 7,685 4,419 2,608 3
2021-12-31 7,062 3,803 2,536 5
2020-12-31 5,296 1,863 1,521 4
2020-03-31
DB:SHZH Past Financials Data
Date (Data in CNY Millions) Revenue Cash Flow Net Income *
2019-12-31 6,186 822 2,499
2019-09-30 5,852 2,178 4,070
2019-06-30 5,829 2,414 4,048
2019-03-31 5,796 2,827 3,510
2018-12-31 5,807 3,222 3,440
2018-09-30 5,697 3,030 1,739
2018-06-30 5,598 3,255 1,648
2018-03-30 5,435 3,280 1,454
2017-12-31 5,210 2,975 1,384
2017-09-30 5,006 2,892 1,389
2017-06-30 4,759 2,538 1,259
2017-03-31 4,652 2,361 1,245

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Shenzhen Expressway's earnings are expected to grow by 3.3% yearly, however this is not considered high growth (20% yearly).
  • Shenzhen Expressway's revenue is expected to grow by 8.4% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
DB:SHZH Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below

All data from Shenzhen Expressway Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:SHZH Future Estimates Data
Date (Data in CNY Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2024-12-31
2023-12-31
2022-12-31 1.20 1.22 1.17 3.00
2021-12-31 1.15 1.18 1.13 3.00
2020-12-31 0.59 0.87 0.38 3.00
2020-03-31
DB:SHZH Past Financials Data
Date (Data in CNY Millions) EPS *
2019-12-31 1.15
2019-09-30 1.87
2019-06-30 1.86
2019-03-31 1.61
2018-12-31 1.58
2018-09-30 0.80
2018-06-30 0.76
2018-03-30 0.67
2017-12-31 0.63
2017-09-30 0.64
2017-06-30 0.58
2017-03-31 0.57

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Shenzhen Expressway is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Shenzhen Expressway's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Europe market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Shenzhen Expressway has a total score of 2/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Shenzhen Expressway performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Shenzhen Expressway's growth in the last year to its industry (Infrastructure).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Shenzhen Expressway's year on year earnings growth rate has been positive over the past 5 years.
  • Shenzhen Expressway's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Shenzhen Expressway's 1-year earnings growth is negative, it can't be compared to the Europe Infrastructure industry average.
Earnings and Revenue History
Shenzhen Expressway's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Shenzhen Expressway Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:SHZH Past Revenue, Cash Flow and Net Income Data
Date (Data in CNY Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-12-31 6,185.83 2,499.48 376.91 18.47
2019-09-30 5,852.36 4,070.28 296.04 6.66
2019-06-30 5,828.78 4,048.22 273.84 2.98
2019-03-31 5,795.91 3,510.45 241.91
2018-12-31 5,807.11 3,440.05 228.83
2018-09-30 5,696.79 1,738.79 199.90
2018-06-30 5,597.63 1,647.76 204.77
2018-03-30 5,434.89 1,454.05 203.55
2017-12-31 5,210.40 1,383.99 204.25
2017-09-30 5,006.17 1,388.54 168.94
2017-06-30 4,759.37 1,259.33 157.21
2017-03-31 4,651.76 1,244.66 149.59
2016-12-31 4,532.21 1,169.35 157.17
2016-09-30 4,162.11 1,646.49 154.98
2016-06-30 3,984.09 1,628.60 159.59
2016-03-31 3,679.01 1,548.50 160.16
2015-12-31 3,420.58 1,552.66 148.11
2015-09-30 3,262.36 1,034.83 118.56
2015-06-30 3,191.93 1,028.51 98.53
2015-03-31 3,514.67 2,205.00 92.56
2014-12-31 3,620.36 2,186.88 93.27
2014-09-30 3,724.77 2,089.48 95.45
2014-06-30 3,718.28 2,031.48 93.83
2014-03-31 3,386.18 785.56 91.46
2013-12-31 3,279.28 719.69 87.72
2013-09-30 3,195.14 741.15 77.11
2013-06-30 3,063.04 651.25 79.92

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Shenzhen Expressway has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Shenzhen Expressway used its assets less efficiently than the Europe Infrastructure industry average last year based on Return on Assets.
  • Shenzhen Expressway's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Shenzhen Expressway's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Infrastructure industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Shenzhen Expressway has a total score of 1/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Shenzhen Expressway's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Shenzhen Expressway's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Shenzhen Expressway is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Shenzhen Expressway's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Shenzhen Expressway's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is not covered by short term assets, assets are 0.5x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Shenzhen Expressway Company Filings, last reported 3 months ago.

DB:SHZH Past Debt and Equity Data
Date (Data in CNY Millions) Total Equity Total Debt Cash & Short Term Investments
2019-12-31 20,723.27 16,619.87 4,886.07
2019-09-30 20,545.72 14,504.95 4,892.10
2019-06-30 19,983.69 13,752.87 4,696.54
2019-03-31 20,020.02 13,739.29 4,960.52
2018-12-31 19,539.75 13,922.65 4,435.95
2018-09-30 16,765.12 16,139.73 4,267.07
2018-06-30 16,163.08 15,709.23 4,549.74
2018-03-30 16,243.12 14,596.54 4,549.40
2017-12-31 15,789.50 15,848.42 4,259.70
2017-09-30 15,585.07 9,184.04 2,997.82
2017-06-30 15,151.01 10,301.04 2,954.28
2017-03-31 15,081.24 5,781.31 4,902.72
2016-12-31 14,711.36 6,644.41 6,288.89
2016-09-30 15,109.26 7,079.78 4,498.17
2016-06-30 14,830.20 6,123.59 4,360.41
2016-03-31 15,192.50 4,559.47 6,703.54
2015-12-31 14,961.08 6,661.46 6,422.38
2015-09-30 13,064.79 5,676.64 2,519.60
2015-06-30 12,673.57 8,824.63 1,200.49
2015-03-31 13,390.99 8,206.59 1,697.11
2014-12-31 13,120.17 8,048.61 1,634.30
2014-09-30 12,959.78 8,048.47 1,200.65
2014-06-30 12,676.01 9,736.88 2,269.69
2014-03-31 11,533.78 8,457.35 1,109.19
2013-12-31 11,238.99 9,322.24 1,094.80
2013-09-30 11,161.48 8,877.55 2,326.49
2013-06-30 10,914.23 9,994.18 1,403.73
  • Shenzhen Expressway's level of debt (80.2%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (61.3% vs 80.2% today).
  • Debt is not well covered by operating cash flow (4.9%, less than 20% of total debt).
  • Shenzhen Expressway earns more interest than it pays, coverage of interest payments is not a concern.
X
Financial health checks
We assess Shenzhen Expressway's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Shenzhen Expressway has a total score of 2/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Shenzhen Expressway's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
4.99%
Current annual income from Shenzhen Expressway dividends. Estimated to be 5.74% next year.
If you bought €2,000 of Shenzhen Expressway shares you are expected to receive €100 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Shenzhen Expressway's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.68%).
  • Shenzhen Expressway's dividend is above the markets top 25% of dividend payers in Germany (4.97%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
DB:SHZH Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below
Europe Infrastructure Industry Average Dividend Yield Market Cap Weighted Average of 31 Stocks 7.1%
Germany Market Average Dividend Yield Market Cap Weighted Average of 323 Stocks 3.8%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.9%
Germany Bottom 25% Dividend Yield 25th Percentile 1.7%
Germany Top 25% Dividend Yield 75th Percentile 5%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

DB:SHZH Future Dividends Estimate Data
Date (Data in CN¥) Dividend per Share (annual) Avg. No. Analysts
2024-12-31
2023-12-31
2022-12-31 0.52 3.00
2021-12-31 0.49 3.00
2020-12-31 0.23 3.00
2020-03-31
DB:SHZH Past Annualized Dividends Data
Date (Data in CN¥) Dividend per share (annual) Avg. Yield (%)
2019-05-29 0.360 4.082
2018-06-07 0.300 4.299
2017-06-01 0.220 3.426
2016-03-31 0.340 5.372
2015-05-18 0.450 9.185
2014-05-13 0.159 3.901
2014-03-19 0.160 5.592
2013-04-09 0.130 5.289
2013-03-22 0.130 5.539
2012-03-28 0.160 6.629
2011-10-27 0.160 5.944
2011-08-12 0.160 6.133
2011-05-30 0.160 4.501
2010-03-19 0.120 3.298
2009-08-28 0.120 3.489
2009-04-02 0.120 3.797

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Shenzhen Expressway's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (2.2x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (2.2x coverage).
X
Income/ dividend checks
We assess Shenzhen Expressway's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.9%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Shenzhen Expressway afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Shenzhen Expressway has a total score of 5/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Shenzhen Expressway's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Xiang Wen Liao
COMPENSATION CN¥1,665,100
AGE 51
TENURE AS CEO 1.4 years
CEO Bio

Mr. Xiang Wen Liao has been President of Shenzhen Expressway Co., Ltd. since September 10, 2018. Mr. Liao served as Vice President of Shenzhen Expressway Co., Ltd. since September 2009 until September 10, 2018 and had served as General Manager of Human Resource Department since November 2005. Mr. Liao has been an Executive Director of Shenzhen Expressway Co., Ltd. since November 23, 2016. He worked in communication department in government. He joined Shenzhen Expressway Co Ltd in 2004 and served as deputy manager of Public Relations Department, deputy manager of Human Resource Department and served concurrently as Secretariat Officer of the Board. He graduated from Southwest University of Political Science and Law and obtained a Doctor’s Degree in Law.

CEO Compensation
  • Xiang Wen's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Xiang Wen's remuneration is lower than average for companies of similar size in Germany.
Management Team Tenure

Average tenure and age of the Shenzhen Expressway management team in years:

1.4
Average Tenure
48
Average Age
  • The average tenure for the Shenzhen Expressway management team is less than 2 years, this suggests a new team.
Management Team

Wei Hu

TITLE
Executive Chairman
COMPENSATION
CN¥2M
AGE
57

Xiang Wen Liao

TITLE
President & Executive Director
COMPENSATION
CN¥2M
AGE
51
TENURE
1.4 yrs

Zhao Gui ping

TITLE
Chief Financial Officer
COMPENSATION
CN¥1M
AGE
46

Bi Huang

TITLE
Deputy Administrative Officer & Vice President
COMPENSATION
CN¥1M
AGE
48
TENURE
11.7 yrs

Shou Chen

TITLE
Chief Engineer
COMPENSATION
CN¥1M
AGE
48
TENURE
1.4 yrs

Tao Tao Gong

TITLE
Joint Company Secretary
COMPENSATION
CN¥2M
AGE
46
TENURE
0.6 yrs

Liang Wen

TITLE
Financial Controller & Executive Director
COMPENSATION
CN¥1M
AGE
46

Ce Sun

TITLE
Vice President & GM of Engineering
COMPENSATION
CN¥1M
AGE
54
TENURE
8.7 yrs

Po Wen

TITLE
Vice President
COMPENSATION
CN¥2M
AGE
46
TENURE
4.4 yrs

Eva Lam

TITLE
Joint Company Secretary
AGE
53
TENURE
0.6 yrs
Board of Directors Tenure

Average tenure and age of the Shenzhen Expressway board of directors in years:

2.8
Average Tenure
54
Average Age
  • The average tenure for the Shenzhen Expressway board of directors is less than 3 years, this suggests a new board.
Board of Directors

Wei Hu

TITLE
Executive Chairman
COMPENSATION
CN¥2M
AGE
57
TENURE
5.2 yrs

Xiang Wen Liao

TITLE
President & Executive Director
COMPENSATION
CN¥2M
AGE
51
TENURE
3.3 yrs

Yuan Guo

TITLE
Chairman of Shenzhen International Holdings Limited
AGE
65
TENURE
13.6 yrs

Liang Wen

TITLE
Financial Controller & Executive Director
COMPENSATION
CN¥1M
AGE
46
TENURE
1 yrs

Cai Shu Guang

TITLE
Independent Non-Executive Director
COMPENSATION
CN¥227K
AGE
64
TENURE
2.8 yrs

Wilson Wan

TITLE
Independent Non-Executive Director
COMPENSATION
CN¥230K
AGE
58
TENURE
2.2 yrs

Hua Bai

TITLE
Independent Non-Executive Director
COMPENSATION
CN¥202K
AGE
50
TENURE
2 yrs

Jun Ye

TITLE
Convener of the Supervisory Committee
AGE
45

Yuan Jun Chen

TITLE
Non-Executive Director
AGE
58
TENURE
3.3 yrs

Yan Chen

TITLE
Non-Executive Director
AGE
47
TENURE
2.2 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
04. Mar 20 Sell BlackRock, Inc. Company 28. Feb 20 28. Feb 20 -28,000 €1.10 €-30,936
04. Mar 20 Buy BlackRock, Inc. Company 28. Feb 20 28. Feb 20 1,620,000 €1.10 €1,789,890
10. Feb 20 Buy FMR LLC Company 05. Feb 20 05. Feb 20 350,000 €1.23 €430,076
24. Dec 19 Sell JPMorgan Chase & Co, Brokerage and Securities Investments Company 19. Dec 19 19. Dec 19 -180,000 €1.33 €-239,513
24. Dec 19 Sell JPMorgan Chase & Co, Private Banking and Investment Banking Investments Company 19. Dec 19 19. Dec 19 -2,678,464 €1.33 €-3,564,040
24. Dec 19 Buy JPMorgan Chase & Co, Private Banking and Investment Banking Investments Company 19. Dec 19 19. Dec 19 2,600,752 €1.33 €3,460,635
06. Dec 19 Sell JPMorgan Chase & Co, Private Banking and Investment Banking Investments Company 03. Dec 19 03. Dec 19 -1,240,423 €1.21 €-1,500,477
04. Dec 19 Sell JPMorgan Chase & Co, Brokerage and Securities Investments Company 29. Nov 19 29. Nov 19 -3,463,576 €1.22 €-4,215,763
04. Dec 19 Buy JPMorgan Chase & Co, Private Banking and Investment Banking Investments Company 29. Nov 19 29. Nov 19 4,942,000 €1.22 €6,015,257
29. Nov 19 Sell Citigroup Inc.,Banking and Securities Investments Company 26. Nov 19 26. Nov 19 -1,533,565 €1.24 €-1,903,281
29. Nov 19 Sell UBS Asset Management Company 26. Nov 19 26. Nov 19 -23,132,000 €1.24 €-28,699,605
03. Dec 19 Sell JPMorgan Chase & Co, Brokerage and Securities Investments Company 28. Nov 19 28. Nov 19 -11,541,960 €1.23 €-14,225,044
29. Nov 19 Buy JPMorgan Chase & Co, Private Banking and Investment Banking Investments Company 26. Nov 19 26. Nov 19 9,573,998 €1.24 €11,881,121
28. Nov 19 Buy BlackRock, Inc. Company 26. Nov 19 26. Nov 19 33,184,000 €1.24 €41,246,798
27. Nov 19 Buy UBS Asset Management Company 22. Nov 19 22. Nov 19 14,187,243 €1.21 €17,128,515
22. Nov 19 Sell JPMorgan Chase & Co, Brokerage and Securities Investments Company 19. Nov 19 19. Nov 19 -2,474,000 €1.22 €-3,009,783
20. Nov 19 Buy JPMorgan Chase & Co, Brokerage and Securities Investments Company 15. Nov 19 15. Nov 19 1,326,828 €1.19 €1,577,780
20. Nov 19 Sell JPMorgan Chase & Co, Private Banking and Investment Banking Investments Company 15. Nov 19 15. Nov 19 22,000 €1.19 €26,161
19. Nov 19 Buy JPMorgan Chase & Co, Brokerage and Securities Investments Company 14. Nov 19 14. Nov 19 755,403 €1.20 €907,031
18. Nov 19 Buy UBS Asset Management Company 13. Nov 19 13. Nov 19 1,092,000 €1.22 €1,331,623
18. Nov 19 Buy JPMorgan Chase & Co, Brokerage and Securities Investments Company 13. Nov 19 13. Nov 19 886,000 €1.22 €1,079,843
23. Oct 19 Buy JPMorgan Chase & Co, Brokerage and Securities Investments Company 18. Oct 19 18. Oct 19 2,006,000 €1.20 €2,400,291
22. Oct 19 Sell JPMorgan Chase & Co, Private Banking and Investment Banking Investments Company 17. Oct 19 17. Oct 19 -422,000 €1.19 €-501,784
15. Oct 19 Buy JPMorgan Chase & Co, Private Banking and Investment Banking Investments Company 10. Oct 19 10. Oct 19 999,086 €1.19 €1,189,133
11. Oct 19 Sell JPMorgan Chase & Co, Private Banking and Investment Banking Investments Company 08. Oct 19 08. Oct 19 -148,000 €1.21 €-178,423
01. Oct 19 Buy JPMorgan Chase & Co, Brokerage and Securities Investments Company 26. Sep 19 26. Sep 19 20,000 €1.24 €24,784
01. Oct 19 Sell JPMorgan Chase & Co, Private Banking and Investment Banking Investments Company 26. Sep 19 26. Sep 19 -276,000 €1.24 €-342,018
30. Sep 19 Sell JPMorgan Chase & Co, Private Banking and Investment Banking Investments Company 25. Sep 19 25. Sep 19 -117,038 €1.21 €-141,418
18. Sep 19 Sell JPMorgan Chase & Co, Brokerage and Securities Investments Company 13. Sep 19 13. Sep 19 -40,000 €1.17 €-46,650
18. Sep 19 Buy JPMorgan Chase & Co, Private Banking and Investment Banking Investments Company 13. Sep 19 13. Sep 19 2,000 €1.17 €2,333
19. Sep 19 Buy JPMorgan Chase & Co, Brokerage and Securities Investments Company 16. Sep 19 16. Sep 19 20,000 €1.21 €24,208
19. Sep 19 Buy JPMorgan Chase & Co, Private Banking and Investment Banking Investments Company 16. Sep 19 16. Sep 19 16,000 €1.21 €19,366
17. Sep 19 Buy JPMorgan Chase & Co, Private Banking and Investment Banking Investments Company 12. Sep 19 12. Sep 19 54,000 €1.16 €62,741
04. Jun 19 Sell JPMorgan Chase & Co, Private Banking and Investment Banking Investments Company 31. May 19 31. May 19 -1,652,000 €1.03 €-1,700,318
31. May 19 Sell JPMorgan Chase & Co, Private Banking and Investment Banking Investments Company 28. May 19 28. May 19 -4,882,000 €1.09 €-5,298,174
16. May 19 Sell FMR LLC Company 10. May 19 10. May 19 -11,796,000 €1.06 €-12,529,858
X
Management checks
We assess Shenzhen Expressway's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Shenzhen Expressway has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Company Info

Description

Shenzhen Expressway Company 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. It provides construction management and highways operation management services for government and other enterprises, as well as project development and management, advertising, construction consulting, inter-network toll collection, and financial services; and billboard leasing, advertising agency, and design production and related services. The company also invests in industries and project construction; and offers property management, real estate brokerage, and engineering consulting services. In addition, it provides infrastructure construction, environment protection construction, capital market, apartment rental and management, environmental technique development consultation, and land development services. As of December 31, 2018, Shenzhen Expressway Company Limited operated and invested in 16 toll highway projects. The company was founded in 1996 and is headquartered in Shenzhen, the People’s Republic of China. Shenzhen Expressway Company Limited is a subsidiary of Shenzhen International Holdings Limited.

Details
Name: Shenzhen Expressway Company Limited
SHZH
Exchange: DB
Founded: 1996
HK$2,291,842,531
2,180,770,326
Website: http://www.sz-expressway.com
Address: Shenzhen Expressway Company Limited
Jiangsu Building,
2-4 Floor,
Shenzhen,
Guangdong Province, 518026,
China
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SEHK 548 Foreign Shares-Foreign Listed The Stock Exchange of Hong Kong Ltd. HK HKD 13. Mar 1997
OTCPK SHZN.F Foreign Shares-Foreign Listed Pink Sheets LLC US USD 13. Mar 1997
DB SHZH Foreign Shares-Foreign Listed Deutsche Boerse AG DE EUR 13. Mar 1997
SHSC 548 Foreign Shares-Foreign Listed Stock Exchange of Hong Kong Limited - Shanghai - Hong Kong Stock Connect HK HKD 13. Mar 1997
SZSC 548 Foreign Shares-Foreign Listed The Stock Exchange of Hong Kong - Shenzhen - Hong Kong Stock Connect HK HKD 13. Mar 1997
OTCPK SHZN.Y UNSPONSORED ADR Pink Sheets LLC US USD 14. Dec 2011
SHSE 600548 Domestic Shares Shanghai Stock Exchange CN CNY 25. Dec 2001
XSSC 600548 Domestic Shares Shanghai Stock Exchange - Shanghai - Hong Kong Stock Connect CN CNY 25. Dec 2001
Number of employees
Current staff
Staff numbers
0
Shenzhen Expressway employees.
Industry
Highways and Railtracks
Transportation
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/03/31 22:09
End of day share price update: 2020/03/31 00:00
Last estimates confirmation: 2020/03/29
Last earnings filing: 2020/03/18
Last earnings reported: 2019/12/31
Last annual earnings reported: 2019/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.