Jiangsu Expressway Co Ltd (600377) Fair Value & Analysis
Industrials · CN · Market cap 59.7B CNY (≈ $8.9B) · ISIN CNE0000016S0
What is Jiangsu Expressway Co Ltd really worth?
Below-average quality, trading 14% below our fair value of ¥14.47.
Strengths
Risks
For context
Fair value as of: Aug 13, 2026
From 14 valuation models · updated 22 days ago
Fair value updated Aug 13, 2026, revised from ¥15.32 to ¥14.47 (−5.5%) since Aug 9, 2026. Share price +4.0% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- A fairly wide model range (¥9.59 to ¥19.36) leaves room in how you read the outcome.
- The price sits in the lower half of our model range, the side with the larger margin of safety.
- Read the verdict with care: some models are missing inputs, so the estimate scatters more than usual.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.
How to read this chart
60‑month range ¥6.14 – ¥15.20 · fair‑value band ¥9.59 – ¥19.36 · the ¥12.42 price screens below the ¥14.47 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 13, 2026.
Analysis
Jiangsu Expressway Co Ltd (600377) currently trades at ¥12.42, while our model-based Fair Value estimate is ¥14.47, implying the stock looks roughly 14.2% undervalued today. The Quality Score stands at 41/100 (below-average quality), in the Industrials sector. Bull case: the Growth Earnings group reads highest at a median of ¥15.32 per share, and 6 of the 14 models we run sit above the ¥12.42 price. Bear case: the Economic Profit group reads lowest at ¥5.28, and 8 of the 14 models stay below the price. Evidence for this calculation is medium.
Over the trailing twelve months, Jiangsu Expressway Co Ltd generated revenue of 20.0B CNY at a net margin of 23.7%. Revenue declined 5.3% year over year. It earns a return on equity of 9.2%. Net debt stands at 25.5B CNY. Fundamentals as of Aug 13, 2026
Our scenario range runs from ¥9.59 (bear case) to ¥19.36 (bull case); at ¥12.42, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 20% below its 52-week high and 8% above its 52-week low, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at 6% fair-value upside, at 17%, 600377 screens cheaper than that median.
Fair Value models
This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly ¥0.3045 per share, which is 2.1 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.
All 14 models by family
Widest divergence: Growth Earnings (¥15.32) versus Economic Profit (¥5.28). Highest evidence: EPV (72).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 39 · Market factors (momentum, volatility) 56
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
Jiangsu Expressway Company Limited, together with its subsidiaries, engages in the investment, construction, operation, and management of toll roads and bridges in China. The company develops and provides highway ancillary services, including gas stations, catering, and retail businesses in expressway service areas.
Full company description
Jiangsu Expressway Company Limited, together with its subsidiaries, engages in the investment, construction, operation, and management of toll roads and bridges in China. The company develops and provides highway ancillary services, including gas stations, catering, and retail businesses in expressway service areas. It is also involved in investment services; real estate development and management; sale of electricity; advertising; service area operation; clean energy power generation; and agriculture business. The company was incorporated in 1992 and is headquartered in Nanjing, China. Jiangsu Expressway Company Limited operates as a subsidiary of Jiangsu Communications Holding Co., Ltd.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Jiangsu Expressway Co Ltd reported revenue of 20.3B CNY in FY2025 versus 14.3B CNY in FY2021, a compound +9.2%/yr. Reported net income was 4.6B CNY in FY2025, compounding +1.8%/yr from FY2021.
of which total revenue +8.3 % · buybacks/dilution +1.0 %
Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).
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Peer Group
Infrastructure Operations · 64 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Infrastructure Operations median · lower = cheaper
Strength profile in five axes (Snowflake)
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Infrastructure Operations stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| China Merchants Expressway Network & Technology Holdings 001965 | ¥9.36 | ¥10.25 | +10% |
| Shandong Hi-speed Company 600350 | ¥10.90 | ¥8.68 | −20% |
| Zhejiang Expressway Co 0576 | HK$6.31 | HK$18.50 | +193% |
| Guangdong Provincial Expressway Development Co 000429 | ¥13.04 | ¥13.79 | +6% |
| Anhui Expressway Company 600012 | ¥16.15 | ¥14.90 | −8% |
| Shenzhen Expressway Corporation 600548 | ¥8.37 | ¥9.16 | +9% |
| IRB Infrastructure Developers Limited IRB | ₹18.95 | ₹14.79 | −22% |
| Sichuan Expressway Company 601107 | ¥5.53 | ¥5.73 | +4% |
| CUBEINVIT CUBEINVIT | ₹159.18 | ₹33.83 | −79% |
| PT Jasa Marga (Persero) Tbk JSMR | 2,740 IDR | 7,830 IDR | +186% |
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