Shenzhen Expressway Co Ltd (600548) Fair Value & Analysis
Industrials · CN · Market cap 21.2B CNY (≈ $3.2B) · ISIN CNE0000019G9
What is Shenzhen Expressway Co Ltd really worth?
A solid business, currently priced close to our fair value of ¥9.16.
Strengths
Risks
For context
Fair value as of: Aug 13, 2026
From 26 valuation models · updated 22 days ago
Fair value updated Aug 13, 2026, revised from ¥7.70 to ¥9.16 (+19.0%) since Aug 9, 2026. Share price −0.1% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- The price sits close to our fair value, market and models broadly agree here, little valuation tension.
- A fairly wide model range (¥5.46 to ¥11.89) leaves room in how you read the outcome.
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 ¥7.34 – ¥13.52 · fair‑value band ¥5.46 – ¥11.89 · the ¥8.47 price screens below the ¥9.16 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
Shenzhen Expressway Co Ltd (600548) currently trades at ¥8.47, while our model-based Fair Value estimate is ¥9.16, implying the stock looks roughly 7.5% fairly valued today. The Quality Score stands at 50/100 (solid quality), in the Industrials sector. Bull case: the Growth Earnings group reads highest at a median of ¥9.16 per share, and 9 of the 25 models we run sit above the ¥8.47 price. Bear case: the Dividend Discount group reads lowest at ¥3.93, and 16 of the 25 models stay below the price. Evidence for this calculation is high.
Over the trailing twelve months, Shenzhen Expressway Co Ltd generated revenue of 9.3B CNY at a net margin of 12.8%. Revenue declined 0.7% year over year. It earns a return on equity of 3.8%. Net debt stands at 31.3B CNY. Fundamentals as of Aug 13, 2026
Our scenario range runs from ¥5.46 (bear case) to ¥11.89 (bull case); at ¥8.47, 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 22% below its 52-week high, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at 6% fair-value upside, at 8%, 600548 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 ¥0.1196 per share, which is 1.3 % 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 26 models by family
Widest divergence: Growth Earnings (¥9.16) versus Economic Profit (¥0.8600). Highest evidence: Residual Income (75).
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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 47 · Market factors (momentum, volatility) 45
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
Shenzhen Expressway Corporation Limited, together with its subsidiaries, primarily invests in, constructs, operates, and manages toll highways and roads, as well as other urban and transportation infrastructure in the People's Republic of China. It operates through Toll Road, Environmental Protection, and Others segments.
Full company description
Shenzhen Expressway Corporation Limited, together with its subsidiaries, primarily invests in, constructs, operates, and manages toll highways and roads, as well as other urban and transportation infrastructure in the People's Republic of China. It operates through Toll Road, Environmental Protection, and Others segments. The company offers recovery and solid waste management; clean energy power generation; construction management and highways operation management services for government and other enterprises; project development, road operation and maintenance, and construction consulting; entrusted management, advertising, finance leasing, and construction services under franchised arrangement services; property development and management; and electronic toll collection and clearing systems and services. It also provides environmental protection and infrastructure construction; capital market; wind power; kitchen waste disposal; commercial factoring; environmental and ecological monitoring agricultural science research; health, elderly care, and nursing; engineering; business and office; information technology; environment and facility; real estate; science and technology promotion and application; and real estate brokerage services. In addition, the company is involved in the leasing and management of apartments; manufacturing equipment; asphalt building materials; and ecological protection and environmental management industries. The company was incorporated in 1996 and is headquartered in Shenzhen, the People's Republic of China.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Shenzhen Expressway Co Ltd reported revenue of 9.2B CNY in FY2025 versus 10.9B CNY in FY2021, a compound −4.0%/yr. Reported net income was 1.1B CNY in FY2025, compounding −18.6%/yr from FY2021.
of which total revenue +10.2 % · buybacks/dilution −1.2 %
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% |
| Jiangsu Expressway Company 600377 | ¥12.01 | ¥14.47 | +20% |
| 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% |
| 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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