Guangdong Provincial Expressway Development Co., Ltd.

SZSE

000429

Stock

Yield per half year: +13.47%
Dividend yield: 7.54%
Sector: Industrials

Reporting Guangdong Provincial Expressway Development Co., Ltd.

Capitalization

IFRS

Reporting Annual Quarterly

	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	LTM	Average for 5 years	CAGR 5
Capitalization, bln ¥					16.31						15.09	16.31	0.00
Revenue, bln ¥		2.66	2.83	3.09	3.22	3.06	3.79	5.29	4.17	4.88	4.26	4.24	9.78
Net profit, bln ¥		0.6961	1	1.51	1.68	1.26	0.8678	1.7	1.28	1.63	1.26	1.35	5.28
EV, bln ¥					19.66						17.65	19.66	0.00
EBIT, bln ¥		1.13	2.74	1.64	1.74	2.83	1.9	3.09	2.37			2.39	6.38
EBITDA, bln ¥				3	3.15	2.87	3.16	4.72	3.63		3.39	3.51	2.88
Book value, bln ¥	5.02	5.86	8.29	9.02	9.59	9.82	7.93	8.98	9.08	9.85		9.13	0.06
FCF, bln ¥				1.77	1.07	1.17	1.98	3.16	1.88	1.96		2.03	10.87
Operating Cash Flow, bln ¥	0.9672	1.71	1.92	2.19	1.92	3.22	2.64	3.67	2.75	3.83		3.22	3.53
Operating profit, bln ¥	0.3945	1.13	0.9764	1.39	1.53	1.29	1.91	3.11	2.37	2.93		2.32	17.83
Operating expenses, bln ¥		1.52	1.51	1.45	1.48	1.56	1.88	2.17	1.8	1.94		1.87	4.46
CAPEX, bln ¥	0.2345	0.1145	0.4873	0.429	0.8454	0.9393	0.66	0.5137	0.8752	1.4		0.8776	8.31

	2018Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	Average for 5 quarters	CAGR 5
Capitalization, bln ¥	15.94													15.94	0.00
Revenue, bln ¥				1.49	1.31	1.07	0.9913	1.23	0.8806	1.15	1.19	1.35	1.19	1.15	6.21
Net profit, bln ¥				0.5454	0.3062	0.431	0.3428	0.4179	0.0854	0.4098	0.4758	0.4706	0.2776	0.3438	26.59
EV, bln ¥	19.33													19.33	0.00
EBIT, bln ¥		0.7522	0.7414	0.9666	0.6345	0.6326	0.6326	0.7906	0.3119	0.7258	0.7833			0.6488	4.37
EBITDA, bln ¥		0.8244	0.879	1.06	0.6805	0.7857	0.6896	0.8452	0.2598	0.7954	0.877			0.6934	4.93
Book value, bln ¥				8.66	8.98	9.41	8.55	8.94	9.08	9.48	9.07	9.54	9.85	9.40	1.64
FCF, bln ¥				0.9731	0.6005	0.7092	0.5663	0.8964	-0.2951	0.8777	0.554	0.8258	0.0349	0.3995	-165.25
Operating Cash Flow, bln ¥		0.849	0.9663	1.07	0.7819	0.7218	0.7218	0.9393	0.3692	1.03	1.03			0.8181	7.37
Operating profit, bln ¥				0.9704	0.6379	0.6724	0.6009	0.7825	0.3119	0.7506	0.766	0.8834	0.534	0.6492	11.35
Operating expenses, bln ¥				0.515	0.6763	0.3937	0.3903	0.4482	0.5687	0.4039	0.4198	0.464	0.6572	0.5027	2.93
CAPEX, bln ¥				0.0995	0.1813	0.084	0.084	0.0429	0.6642	0.1031	0.4791	0.1534	0.8038	0.4407	3.89

	Average for 5 quarters	CAGR 5

Cash flow Cash flow quarterly Assets

Balance sheet

IFRS

Reporting Annual Quarterly

	2000	2001	2002	2003	2004	2005	2007	2008	2009	2010	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	LTM	Average for 5 years	CAGR 5
Cash, bln ¥													1.2	2.6	2.36	2.12	2.82	2.85	2.96	4.29	4.72	5.32	3.53	10.85
Short-Term Investments ¥	0.1534	0.1284	0.1333	0.0491	0.0021	0.0014										2.05							0.4472	72.74
Long-Term Investments ¥													4.05	3.94	4.8	4.81							4.40	4.39
Accounts Receivable ¥												0.0925	0.0957	0.0658	0.1081	0.1076	0.2072	0.1689	0.1591	0.1084	0.1399		0.1567	-7.55
Total Current Assets ¥													1.3	2.67	2.48	2.23	3.47	3.09	3.14	4.44	4.96		3.82	7.41
Net assets, bln ¥											7.71	7.18	9.76	9.44	8.86	8.69	12.7	11.88	11	10.86			11.03	4.56
Assets, bln ¥												12.51	15.13	16.07	16.52	16.3	17.67	19.75	18.88	20.27	21.37		19.59	3.88
Short-Term Debt ¥													1.38	0.9579	1.22	2.5							1.51	16.02
Long-Term Debt ¥												5.39	4.83	5.4	4.74	2.98	5.32	6.4	6	6.99	6.69		6.28	4.69
Liabilities, bln ¥												6.64	8.01	7.23	7.07	6.25	7.42	9.52	7.55	8.9	8.96		8.47	3.84
Net debt, bln ¥															2.38	0.8585	2.5	3.76	3.04	3.13	2.09		2.90	-3.52
Debt, bln ¥													6.21	6.36	5.96	5.48						7.06	6.00	-3.08
Interest Income ¥														0.024	0.0337	0.0319	0.0287	0.0506	0.0642	0.0474	0.0941		0.0570	26.81
Interest Expense, bln ¥																0.2373	0.2363	0.2644	0.2827	0.2384	0.2143		0.2472	-1.94
Net interest income, bln ¥														-0.3403	-0.2488	-0.2102	-0.2121	-0.218	-0.2213	-0.1921	-0.1211		-0.1929	-10.60
Cost of production, bln ¥												0.2727	1.23	1.28	1.25	1.28	1.36	1.66	1.93	1.59	1.74		1.66	5.05
Inventory ¥							0.000141	0.000405	0.00022	0.00028			0.000801	0.000324		0.0001	0.000112	0.0001	0.00064				0.0003	14.58

	2018Q2	2018Q3	2018Q4	2019Q1	2019Q2	2019Q3	2019Q4	2020Q1	2020Q2	2020Q3	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	Average for 5 quarters	CAGR 5
Cash, bln ¥														2.96	2.96	3.46	4.04	3.3	4.29	5.32	5.28	5.1	4.72	4.94	1.93
Long-Term Investments ¥	4.83	4.93	4.81	4.96	4.93	5.03																		4.93	0.40
Accounts Receivable ¥														0.2589	0.1808	0.1346	0.1346	0.1453	0.1428	0.1469	0.1656	0.1375	0.1399	0.1465	-0.41
Total Current Assets ¥														3.24	3.14	4.21	4.21	3.5	4.44	5.48	5.46	5.26	4.96	5.12	2.24
Net assets, bln ¥												11.63	11.39	11.15	11	10.63	10.63	10.45	10.86	10.68	10.87			10.70	0.45
Assets, bln ¥														19.02	18.88	19.23	19.74	18.79	20.27	21.22	21.48	21.23	21.37	21.11	1.06
Short-Term Debt ¥	1.58	2.46	2.5	1.97	2.04	0.6794																		1.93	-22.69
Long-Term Debt ¥														6.64	6	5.97	5.96	5.91	6.99	6.66	6.62	6.59	6.69	6.71	-0.87
Liabilities, bln ¥														7.98	7.55	7.37	8.86	7.44	8.9	9.41	9.93	9.06	8.96	9.25	0.13
Net debt, bln ¥														3.68	3.04	2.54	2.24	3.04	3.13	1.74	1.33	1.49	2.09	1.96	-7.76
Debt, bln ¥	5.97	5.69	5.52	5.95	6	6.09																		5.85	1.37
Interest Income ¥														0.0197	0.0148	0.015	0.022	0.0151	0.0994	0.0075	0.0256	0.0135	0.1256	0.0543	4.79
Interest Expense, bln ¥														0.0702	0.0631	0.0612	0.0623	0.061	0.0539	0.0548	0.0544	0.053	0.0522	0.0537	-0.64
Net interest income, bln ¥														-0.052	-0.0485	-0.0466	-0.0407	-0.0461	-0.0587	-0.0473	-0.0439	-0.0409	0.011	-0.0360	-171.54
Cost of production, bln ¥														0.4681	0.5722	0.3449	0.3513	0.4004	0.4898	0.3642	0.3765	0.4207	0.5794	0.4461	3.42
Inventory ¥						0.00011	0.000112	0.000112	0.000112	0.0001	0.0001	0.000178	0.000375	0.0014	0.00064									0.0005	44.96

Share

IFRS

Reporting Annual Quarterly

	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	LTM	Average for 5 years	CAGR 5
EPS	0.1017	0.2535	0.3734	0.5281	0.7221	0.8021			1.59	0.61	0.6263		0.6	0.8701	-2.81
Share price				6.84	8.11	8.39	8.26	6.05	7.4	7.82	8.46	11.12	11.12	8.17	12.95
Number of shares, mln						2091.22								2091.22	0.00
FCF/share						0.512								0.5120	0.00

	2018Q4	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	Average for 5 quarters	CAGR 5
EPS		0.26	0.15	0.21	0.16	0.2	0.04	0.0408	0.2276	0.2251	0.1328	0.1333	27.12
Share price		7.04	7.12	7.58	8.09	7.43	7.43	7.79	7.91	7.75	8.29	7.83	2.21
Number of shares, mln	2091.22											2091.22	0.00

	Average for 5 quarters	CAGR 5

Efficiency

IFRS

Reporting Annual Quarterly

	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	Average for 5 years	CAGR 5
ROE, %		11.89	12.08	16.73	17.49	12.81	10.94	18.93	14.07	16.59			15.38	11.78	14.67	5.31
ROA, %	2.55	4.6	6.23	9.14	10.29	7.12	4.39	9.01	6.3	7.65				2.71	6.89	1.45
ROIC, %		10.7	10.66	16.72	20.02										14.52	16.96
ROS, %				48.88	52.1	41.16	22.9	32.16	30.64	33.49	29.58	29.58	29.58	14.71	31.09	-1.66
ROCE, %		15.93	30.98	17.3	17.32	27.61	18.59	27.34	20.83			0	0	0.00	22.34	3.76
EBIT margin												0	0	0.00
EBITDA margin				97.08	97.72	93.76	83.27	89.27	87.13			79.58	79.58	22.18	86.60	-3.23
Net margin		26.19	35.44	48.88	52.1	41.16	22.9	32.16	30.64	33.49			29.52	14.73	32.07	-4.04
Operational efficiency, %				45.11	47.68	42.1	50.48	58.87	56.8	60.14	0	0	0	0.00	53.68	7.39
FCF yield, %					6.57										6.57	0.00

	2018Q2	2018Q3	2018Q4	2019Q1	2019Q2	2019Q3	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2025Q2	2025Q3	Industry average	Average for 5 quarters	CAGR 5
ROE, %									6.29	3.41	4.58	4.01	4.67	0.9404	4.32	5.24	4.93	2.82			11.78	3.65	24.56
ROA, %									2.87	1.62	2.24	1.74	2.22	0.4211	1.93	2.22	2.22	1.3			2.71	1.62	25.29
ROIC, %	10.6	4.89	3.45	2.62	10.66	4.19																5.16	-3.04
ROS, %											40.42	34.58	33.96	9.69	35.5	40.12	34.93	23.3	29.58	29.58	14.71	31.50	-5.91
ROCE, %							7.01	7.08	8.75	5.6	5.34	5.82	6.97	2.74	6.15	6.79					0.00	5.69	3.13
EBITDA margin									71.43	51.78	73.69	69.57	68.68	29.51	68.89	73.96			79.58	79.58	22.18	66.30	21.95
Net margin									36.72	23.3	40.42	34.58	33.96	9.69	35.5	40.12	34.93	23.3			14.73	28.71	19.18
Operational efficiency, %									65.33	48.54	63.07	60.62	63.58	35.42	65.01	64.6	65.56	44.83			0.00	55.08	4.82

Coefficients

IFRS

Reporting Annual Quarterly

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	Average for 5 years	CAGR 5
P/E				9.72								12.6	36.50	9.72	0.00
P/BV				1.7								1.67	3.82	1.70	0.00
P/S				5.07								3.72	4.47	5.07	0.00
P/FCF				15.23					0	0	0	0	0.00	15.23	0.00
E/P				0.1028					0.0835	0.0835	0.0835	0.0835	0.05	0.0883	-5.07
EV/EBIT										0	0	0	0.00
EV/EBITDA				6.25								6.81	28.06	6.25	0.00
EV/S				6.11					4.14	4.14	4.14	4.14	5.16	4.63	-9.27
EV/FCF				18.37						0	0	0	0.00	18.37	0.00
Debt/EBITDA			1.99	1.74					2.08	2.08	2.08	2.08	4.31	1.99	0.89
Netdebt/Ebitda			0.794	0.273	0.8721	1.19	0.6447	0.863	0	0	0	0	0.00	0.7686	25.88
Debt/Ratio	0.4105	0.3957	0.3609	0.3364					0	0	0	0	0.00	0.3759	-4.86
Debt/Equity	1.06	0.7674	0.6608	0.5718					0	0	0	0	0.00	0.7650	-14.30
Debt/Net Income	8.92	6.35	3.95	3.27					5.6	5.6	5.6	5.6	8.12	4.80	7.23
PEG											9.05	9.05	-20.27	9.05	0.00
Beta									0	0.1825	0	0	0.00	0.1825	0.00
Altman Index				8.25					0	0	0	0	0.00	8.25	0.00

	2018Q2	2018Q3	2018Q4	2019Q1	2019Q2	2019Q3	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2025Q1	2025Q2	2025Q3	Industry average	Average for 5 quarters	CAGR 5
P/E			34.9																	36.50	34.90	0.00
P/BV			1.66																	3.82	1.66	0.00
P/S			19.16																	4.47	19.16	0.00
E/P			0.0286															0.0835	0.0835	0.05	0.0652	42.92
EV/S			23.24															4.14	4.14	5.16	10.51	-43.73
Debt/EBITDA																		2.08	2.08	4.31	2.08	0.00
Netdebt/Ebitda							5.47	4.48	3.47	4.47	3.23	3.25	3.6	12.07	2.19	1.52				0.00	4.53	-14.10
Debt/Ratio	0.3765	0.3554	0.3386	0.3446	0.3658	0.3585														0.00	0.3526	0.17
Debt/Equity	0.6888	0.6197	0.5755	0.5934	0.6528	0.6348														0.00	0.6152	0.48
Debt/Net Income	13.66	12.89	12.08	16.8	15.69	16.4												5.6	5.6	8.12	12.02	-19.73
PEG																		9.05	9.05	-20.27	9.05	0.00
Beta																	0	0		0.00
Altman Index																	0	0		0.00

Dividends

IFRS

Reporting Annual Quarterly

	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	LTM	Industry average	Average for 5 years	CAGR 5
Div. payout, bln	0.4869	0.5948	0.5602	0.9953	1.34	1.64	1.21	0.9115	1.44	1.16			1.27	-6.69
Dividend		0.1	0.15	0.336	0.506	0.562	0.422	0.291	0.57	0.428	0.57		0.4546	-5.30
Dividend yield, %		1.64	2.48	4.12	6.49	6.84	5.96	4.17	7.47	5.4	7.54	2.43	5.97	-4.62
Dividends / profit, %		85.44	55.95	65.92	79.91	130.32	139.13	53.61	112.51	70.78	95	44.54	101.27	-11.49

	2014Q2	2015Q2	2016Q2	2017Q2	2018Q2	2019Q2	2020Q3	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	Industry average	Average for 5 quarters	CAGR 5
Div. payout, bln								0.2492	0.0528	0.0742	0.0742	1.24	0.0509	0.0555	0.0555	0.9459	0.0521		0.2320	0.47
Dividend	0.05	0.1	0.15	0.336	0.506	0.562	0.422	0.291				0.57				0.428			0.4546	-5.30
Dividend yield, %	1.7	1.54	2.73	3.96	6.31	6.57	5.99	4.14				7.67				5.53		2.43	5.98	-3.39
Dividends / profit, %								45.69	17.24	17.22	21.64	296.1	59.63	13.55	11.67	201	18.76	44.54	60.92	-20.65

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Other

IFRS

Reporting Annual

	2023	2024	CAGR 5
Staff, people	3 082	3 006	-1.24

	CAGR 5

	CAGR 5