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Toll-road operator managing expressways in Anhui province, China.
Toll-road operator managing expressways in Anhui province, China.
Earns tolls charged on traffic through its concessions on Anhui's expressways, so growth follows vehicle counts, truck traffic and any tariff change the province approves. Anhui's state-owned transport group is the controlling holder, and this Hong Kong line is the same company that is also quoted in Shanghai as 600012.
In one line: China's regional toll-road utility.
Moat: wide (regulatory licence, installed base). Long-dated, government-granted toll concessions on key Anhui expressways provide monopoly-like, stable cash flows.
Headquarters: Hefei, Anhui, China · Founded: 1996 · Employees: 2,085
Size Anhui Expressway (0995.HK) is a Hong Kong Industrials company (Other Transportation) with a market value of $4.18B, the 287th largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$15.04 on 6 Nov 2026.
Performance Over six months the shares fell 2.9%, against -2.9% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 11th highest of 21 in its peer set.
Growth Revenue fell 17.4% over the last twelve months (peer median +5.6%); the operating margin is 44.5% (peer median 16.7%).
Valuation It trades at 10.5× forward earnings against a peer median of 15.5× (5th cheapest of 19).
Price implies For today's price to make sense, revenue must grow about -6% a year for seven years (Req g). Recent delivered growth is +17%, so the hurdle is -22 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 3.4 points above its cost of capital (5.1% WACC).
Next results Next results expected around 1 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$6.94B | HK$7.29B | HK$8.35B | HK$7.33B | HK$6.05B |
| Revenue growth | — | -13% | +14% | +21% | — |
| Gross profit | HK$3.34B | HK$3.19B | HK$2.97B | HK$2.87B | HK$2.58B |
| EBITDA | HK$4.60B | HK$4.44B | HK$3.91B | HK$3.68B | HK$3.49B |
| Net income | HK$2.15B | HK$2.04B | HK$2.07B | HK$1.83B | HK$1.68B |
| Free cash flow | HK$4.00B | HK$2.50B | HK$2.97B | HK$2.55B | HK$1.85B |
| Capital expenditure | HK$1.56B | HK$2.39B | HK$2.57B | HK$2.34B | HK$1.53B |
| Total debt | n/a | HK$16.2B | HK$8.75B | HK$7.22B | HK$7.57B |
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 |
|---|---|---|---|---|---|---|
| Anhui Expressway 0995.HK | $4.18B | -3% | -17% | 45% | 10.5× | -5.8% |
| Zhejiang Expressway 0576.HK | $4.86B | -13% | +18% | 33% | 5.9× | n/a |
| Shenzhen Expressway 0548.HK | $2.91B | -12% | 0% | 17% | 9.3× | 0.0% |
| 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 | 0995.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -1.7% | +2.5% | 4th lowest of 21 |
| 6-month return | -2.9% | -2.9% | 11th highest of 21 |
| Distance from 52-week high | -17.8% | -17.2% | 10th lowest of 21 |
| Revenue growth (TTM) | -17.4% | +5.6% | 2nd lowest of 21 |
| Operating margin | 44.5% | 16.7% | 2nd highest of 21 |
| Forward P/E | 10.5× | 15.5× | 5th cheapest of 19 |
| Growth the price implies (Req g, 7 yrs) | -5.8% | -1.2% | 5th least demanding of 15 |
| Growth delivered (Del g) | +16.6% | +8.8% | 5th highest of 15 |
| Hurdle (Req g minus delivered) | -22.3 pp | -6.5 pp | 5th least demanding of 15 |
| ROIC minus cost of capital | +3.4 pp | +0.0 pp | 6th highest of 21 |
| EV / EBITDA | 10.3× | 10.1× | 4th most expensive of 10 |
| Net debt / EBITDA | 2.8× | 3.0× | 6th least indebted of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Anhui Expressway 0995.HK | Hong Kong | $4.18B | -3% | -17% | 45% | 10.5× | -5.8% | +16.6% |
| Kintetsu 9041.T | Japan | $4.23B | +5% | +2% | 5% | 13.5× | n/a | n/a |
| Tangshan Port 601000.SS | China | $4.27B | +3% | +10% | 39% | 13.9× | -11.0% | -6.2% |
| SATS S58.SI | Singapore | $4.34B | +15% | +9% | 9% | 17.6× | -0.2% | +45.6% |
| Taiwan High Speed Rail 2633.TW | Taiwan | $4.36B | -3% | +4% | 39% | 19.2× | 0.8% | +6.9% |
| Corporacion America Airports CAAP | United States | $4.00B | -3% | +16% | 23% | 9.6× | -6.3% | +26.4% |
| Wilh. Wilhelmsen WWI.OL | Norway | $3.87B | +23% | -4% | 10% | 8.4× | 6.2% | +11.0% |
| Liaoning Port 2880.HK | Hong Kong | $4.53B | -26% | +1% | 21% | n/a | -9.0% | -2.0% |
| Hainan Airport Infrastructure 600515.SS | China | $4.56B | -26% | +25% | -5% | 133.0× | n/a | n/a |
| Atlas Arteria ALX.AX | Australia | $3.78B | -21% | +2% | -20% | 20.6× | -3.5% | +8.9% |
| Zhejiang Expressway 0576.HK | Hong Kong | $4.86B | -13% | +18% | 33% | 5.9× | n/a | n/a |
| Guangzhou Port 601228.SS | China | $3.54B | -3% | -18% | 11% | n/a | n/a | n/a |
| Japan Airport Terminal 9706.T | Japan | $3.46B | +16% | +8% | 17% | 19.2× | -2.3% | +40.7% |
| Grupo Aeroportuario del Centro Norte SAB de CV Sponsored ADR OMAB | United States | $5.21B | +2% | +21% | 53% | 13.2× | -5.1% | +27.2% |
| COSCO SHIPPING Ports 1199.HK | Hong Kong | $3.32B | +18% | +12% | 14% | 8.5× | 8.7% | +10.9% |
| Tokyo Metro 9023.T | Japan | $5.31B | -8% | +3% | 21% | 16.5× | 4.8% | +7.4% |
| ENAV ENAV.MI | Italy | $3.19B | +8% | +3% | 9% | 26.9× | 13.8% | +6.0% |
| Guangzhou Baiyun International Airport 600004.SS | China | $3.18B | -6% | +9% | 11% | 25.2× | -12.5% | +8.8% |
| Beibu Gulf Port 000582.SZ | China | $3.14B | -25% | -1% | 21% | 18.6× | n/a | n/a |
| Shenzhen Expressway 600548.SS | China | $2.99B | -4% | -5% | 17% | 14.4× | 0.6% | +2.9% |
| Sichuan Expressway 601107.SS | China | $2.89B | +16% | +7% | 27% | 13.2× | n/a | n/a |