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Toll-road operator managing expressways in Shenzhen and Guangdong province, China.
Toll-road operator managing expressways in Shenzhen and Guangdong province, China.
The Hong Kong line of the same company as the Shanghai-listed shares. Collects tolls under government concessions that last a fixed number of years, with income tied to traffic and approved toll rates. Property development adds a separate, irregular income.
In one line: China's regional toll-road utility.
Moat: wide (regulatory licence, installed base). Long-dated government toll concessions on key Shenzhen/Pearl River Delta expressways.
Headquarters: Shenzhen, China · Founded: 1996 · Employees: 6,955
Size Shenzhen Expressway (0548.HK) is a Hong Kong Industrials company (Other Transportation) with a market value of $2.91B, the 343rd largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$6.59 on 6 Nov 2026.
Performance Over six months the shares fell 11.7%, against -4.4% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 6th lowest of 21 in its peer set.
Growth Revenue fell 0.4% over the last twelve months (peer median +5.7%); the operating margin is 17.1% (peer median 10.7%).
Valuation It trades at 9.3× forward earnings against a peer median of 13.7× (5th cheapest of 19).
Price implies For today's price to make sense, revenue must grow about 0% a year for seven years (Req g). Recent delivered growth is +2%, so the hurdle is -2 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 1.0 points below its cost of capital (5.2% WACC).
Next results Next results expected around 19 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$10.2B | HK$10.0B | HK$10.00B | HK$10.2B | HK$10.9B |
| Revenue growth | — | 0% | -2% | -6% | — |
| Gross profit | HK$4.88B | HK$2.92B | HK$3.01B | HK$3.53B | HK$3.35B |
| EBITDA | n/a | HK$4.89B | HK$4.68B | HK$5.42B | HK$5.30B |
| Net income | HK$1.43B | HK$1.25B | HK$1.24B | HK$2.57B | HK$2.34B |
| Free cash flow | HK$3.32B | HK$2.23B | HK$2.48B | HK$3.06B | HK$2.74B |
| Capital expenditure | HK$2.22B | HK$3.56B | HK$2.23B | HK$2.32B | HK$2.43B |
| Total debt | HK$41.1B | HK$40.6B | HK$39.9B | HK$40.5B | HK$43.3B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Shenzhen Expressway 0548.HK | $2.91B | -12% | 0% | 17% | 9.3× | 0.0% |
| Zhejiang Expressway 0576.HK | $4.86B | -13% | +18% | 33% | 5.9× | n/a |
| Anhui Expressway 0995.HK | $4.18B | -3% | -17% | 45% | 10.5× | -5.8% |
| Sichuan Expressway 0107.HK | $2.84B | -11% | +8% | 26% | 8.0× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 0548.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +2.9% | 0.0% | 9th highest of 21 |
| 6-month return | -11.7% | -4.4% | 6th lowest of 21 |
| Distance from 52-week high | -18.8% | -18.1% | 11th highest of 21 |
| Revenue growth (TTM) | -0.4% | +5.7% | 6th lowest of 21 |
| Operating margin | 17.1% | 10.7% | 5th highest of 21 |
| Forward P/E | 9.3× | 13.7× | 5th cheapest of 19 |
| Growth the price implies (Req g, 7 yrs) | 0.0% | -2.8% | 6th most demanding of 15 |
| Growth delivered (Del g) | +2.2% | +9.1% | 3rd lowest of 15 |
| Hurdle (Req g minus delivered) | -2.1 pp | -9.7 pp | 2nd most demanding of 15 |
| ROIC minus cost of capital | -1.0 pp | +0.0 pp | 8th lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Shenzhen Expressway 0548.HK | Hong Kong | $2.91B | -12% | 0% | 17% | 9.3× | 0.0% | +2.2% |
| Sichuan Expressway 601107.SS | China | $2.89B | +16% | +7% | 27% | 13.2× | n/a | n/a |
| Xiamen Port Development 000905.SZ | China | $2.87B | -25% | +14% | 4% | n/a | 4.2% | +7.1% |
| Qinhuangdao Port 3369.HK | Hong Kong | $2.77B | +5% | +7% | 23% | 6.7× | -13.2% | +2.0% |
| Sankyu 9065.T | Japan | $2.76B | -9% | 0% | 7% | 12.2× | -1.1% | +3.4% |
| Kamigumi 9364.T | Japan | $2.71B | -12% | +5% | 12% | 15.5× | -3.2% | +1.9% |
| Beibu Gulf Port 000582.SZ | China | $3.14B | -25% | -1% | 21% | 18.6× | n/a | n/a |
| Guangzhou Baiyun International Airport 600004.SS | China | $3.18B | -6% | +9% | 11% | 25.2× | -12.5% | +8.8% |
| ENAV ENAV.MI | Italy | $3.19B | +8% | +3% | 9% | 26.9× | 13.8% | +6.0% |
| Xiamen Xiangyu 600057.SS | China | $2.59B | -14% | +9% | 1% | 8.7× | n/a | n/a |
| COSCO SHIPPING Ports 1199.HK | Hong Kong | $3.32B | +18% | +12% | 14% | 8.5× | 8.7% | +10.9% |
| SIA Engineering S59.SI | Singapore | $2.51B | -10% | -3% | 3% | 17.7× | 19.3% | +26.3% |
| Japan Airport Terminal 9706.T | Japan | $3.46B | +16% | +8% | 17% | 19.2× | -2.3% | +40.7% |
| Guangzhou Port 601228.SS | China | $3.54B | -3% | -18% | 11% | n/a | n/a | n/a |
| Nagoya Railroad 9048.T | Japan | $2.38B | +8% | -2% | 5% | 11.0× | n/a | n/a |
| Atlas Arteria ALX.AX | Australia | $3.78B | -21% | +2% | -20% | 20.6× | -3.5% | +8.9% |
| Comfortdelgro C52.SI | Singapore | $2.19B | -10% | +9% | 9% | 15.0× | -8.2% | +9.3% |
| Wilh. Wilhelmsen WWI.OL | Norway | $3.87B | +23% | -4% | 10% | 8.4× | 6.2% | +11.0% |
| Corporacion America Airports CAAP | United States | $4.00B | -3% | +16% | 23% | 9.6× | -6.3% | +26.4% |
| Shenzhen Airport 000089.SZ | China | $2.08B | -5% | +5% | 17% | 14.2× | -6.4% | +11.4% |
| NANKAI 9044.T | Japan | $2.03B | 0% | +7% | 15% | 13.1× | n/a | n/a |