A-Share Listed Expressway Companies - Profiles and Financial Data
Regulation on the Administration of Toll Roads became effective in 2004. Over 95% of all of China's expressways were constructed with the funds raised in accordance with toll road policies. To repay loans with tolls expanded financing and investment channels in the early stages of China's expressway development. From 2011 to 2015, Ministry of Transport made several amendments to Regulation on the Administration of Toll Roads to eliminate unreasonable tolls. Most expressways in China are toll roads.
According to CRI, the total length of expressways in China reached 10,000 km at the end of 1999 and 29,000 km at the end of 2003, ranking the second in the world. It reached 110,000 km at the end of 2014, ranking the world's No.1. By the end of 2016, the length of expressways was over 130,000 km. In 2015, total investment in road was CNY 1,651.33 billion, increasing by 6.8% over 2014. This included CNY 794.997 billion in expressways, increasing by 1.7%.
In June 2013, National Development and Reform Commission and Ministry of Transport jointly issued Plan of the National Road Network (2013-2030) which stated that in the following more than 10 years, China would invest CNY 4.7 trillion to extend the total length of the road network to 401,000 km, including 118,000 km expressways. China is still in the stage of fast industrialization and the road industry required large amounts of investment. The expressway industry will need vast investments in the future.
In this report, CRI analyzes 19 expressway enterprises listed in A-share market in China.
The report is composed of two parts: the first part is enterprise profiles and the second part is the operation status of these enterprises in the recent decade (presently 2006 to 2016, we will update it to the latest as time goes by).
The operation status is demonstrated from the following perspectives: (1) financial indexes, such as earnings per share, book value per share (BPS), sales per share, net cash flow per share, return on net worth and debt to asset ratio; (2) indexes on the income statement, such as revenue, operating profit, net profit and EBIT; (3) indexes on the income statement, such as revenue, operating profit, net profit and EBIT; (4) indexes on the balance sheet, such as liquid asset, fixed asset, current liability, non-current liability, capital reserve and shareholders' equity.
(1) Financial Indexes
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