China Merchants Expressway Network & Technology Holdings Co.,Ltd.

¥10.37As of Sun 8 Nov 2026, 12:00 UTC

SZSE:001965Industrials

Country China

PE (Fwd) •••

TSR 9Y CAGR 0.37%

Div yield 3.60%

ROE 5.59%

Infrastructure Operations

Beta (5Y) (0.07)

PE TTM 15.73

TSR TTM 4.72%

Mkt cap ¥70.47B

ROIC 1.68%

SE Grade™

Value

Quality

Moat

Consensus

Reference

¥13

20.58%

(24.69%)

Hold 12|6|8|10|1

TTM

FYE 31 Dec CNY

FY2016

FY2017

FY2018

FY2019

FY2020

FY2021

FY2022

FY2023

FY2024

FY2025

FY2026E

Trend

10Y

Peers

6.217

Revenue¥B

7.542

8.158

8.865

9.504

10.20

10.87

11.59

12.53

13.76

14.60

6.342

7.44%

7.51%

16.46

Revenue growth%

8.70

9.33

6.59

4.95

6.00

8.35

9.12

11.58

9.69

11.43

16.61

9.69

8.91

13.16

Gross margin%

24.31

25.63

25.43

24.38

25.83

23.39

22.59

23.84

22.36

21.86

12.99

22.59

24.08

5.62

Operating margin%

25.99

23.51

24.43

25.68

27.66

27.42

28.29

25.64

27.47

25.76

3.08

27.42

25.88

17.23

Net margin%

8.10

7.75

5.60

6.28

4.11

4.50

6.38

4.95

2.66

1.06

14.90

4.50

5.28

30.40

P/E ratio (avg)x

10.19

10.35

12.28

14.31

14.17

14.79

14.32

15.95

16.08

17.95

24.77

15.95

14.32

26.72

EV/EBITx

8.302

7.522

6.677

6.223

6.177

6.130

6.103

5.215

4.954

4.639

28.49

5.215

6.153

11.46

FCF yield (avg)%

20.65

23.36

25.12

25.60

23.92

23.63

22.92

21.68

19.32

21.00

29.44

21.68

23.14

2.73

FCF margin%

3.57

3.67

5.38

3.71

3.94

2.48

4.32

2.10

0.40

2.21

5.90

2.21

3.62

1.689

FCF / Net incomex

1.158

1.153

1.226

1.172

1.056

1.048

1.053

1.040

0.936

1.010

1.491

1.040

1.054

22.68

ROIC%

19.29

21.48

21.03

22.10

22.92

25.39

26.72

29.22

27.67

29.98

17.91

27.67

24.16

25.43

Return on equity%

2.62

2.99

3.69

1.68

3.88

3.15

2.71

5.24

5.58

5.77

24.16

5.24

3.42

6.32

Return on assets%

27.98

28.79

26.18

26.13

28.05

28.50

26.68

24.81

26.37

23.63

26.94

26.37

26.52

1.92

EPS¥

1.85

2.21

2.20

2.12

2.46

2.73

2.82

3.14

3.08

3.29

2.06

6.03%

5.77%

—

6.42

EPS growth%

14.40

16.85

15.73

14.11

14.84

17.74

18.31

18.88

15.93

14.15

28.73

17.74

15.83

0.72

Bookvalue per sh¥

0.81

0.90

1.01

0.94

0.98

1.09

1.18

1.29

1.40

1.55

1.77

9.72%

5.95%

—

1.75

FCF per share¥

2.19

2.24

2.59

2.79

2.76

3.17

3.35

3.38

3.40

3.93

0.63

7.28%

7.89%

—

1.08

Dividend per sh¥

1.32

1.46

1.55

1.62

1.72

1.77

1.99

2.27

2.38

2.65

1.09

9.04%

7.21%

—

14.27

Div yield (avg)%

5.38

5.53

5.76

7.12

6.91

7.94

6.28

7.39

7.81

8.35

11.69

7.81

7.02

17.83

Payout ratio%

18.33

18.77

16.03

14.25

12.45

14.79

14.94

17.03

14.95

14.80

5.27

14.94

14.95

6.840

Shares (diluted)B

6.864

6.901

7.454

6.388

6.086

5.256

5.155

5.515

5.610

5.272

6.658

(2.83%)

(1.92%)

5.74

Buyback yield%

24.22

21.29

21.96

20.01

18.32

19.31

21.70

21.06

22.46

24.24

3.40

21.70

21.49

1.138

D/E ratiox

1.123

1.224

1.335

1.231

1.286

1.177

1.155

1.110

1.001

1.416

1.155

1.166

5.213

Enterprise value¥B

10.04

10.87

10.77

10.86

10.15

9.563

8.678

9.495

8.787

9.010

13.06

(2.35%)

(1.39%)

2.362

LT debt¥B

4.828

4.384

4.634

4.637

4.915

5.178

5.511

5.314

6.067

5.520

6.384

2.35%

0.41%

Peers (US$10.56B)

Cap (US$)

Jiangsu Expressway…

9.696B

10.57x

Shandong Hi-speed…

8.052B

22.18x

Zhejiang Expressway…

4.860B

6.297x

Promotora y Operadora…

6.774B

14.82x

Capital

TTM

10Y

Leveragex

0.132

0.589

0.562

EBIT/Intx

0.141

0.225

0.231

Own earn%

2.97

48.72

72.95

Sh yield%

20.01

28.45

27.85

Owners

Insiders/Inst%

8.69

29.98

Short interest%

2.67

SBC / revenue%

5.11

Record

10Y

Profitable years

10/10

Revenue growth years

10/10

EPS growth years

10/10

Dividend streakyrs

Op margin range%

24–28

$1 testx

0.2

Incr. ROIC%

China Merchants Expressway Network & Technology Holdings Co.,Ltd. operates as a highway investment and operation service provider in the People’s Republic of China. It operates through Investment Operation, Transportation Technology, Smart Transportation, and Traffic Ecology segments.

Growth vs revenue

Latest

Trend

10Y CAGR

Rel growth

Revenue

¥14.60B

7.51%

1.00×

Cost of revenue

¥10.22B

7.73%

1.02×

Operating expenses

¥2.737B

7.16%

0.97×