001965.SHE Merchant Express Class A
- Market cap
- CNY 69.6B
- P/E
- 15.5x
- P/B
- 0.90x
- ROE
- 6.9%
- Dividend yield
- 6.45%
- Fundamental score
- -
Ratios use the latest price and the current fiscal year annualized from 3 quarters up to Sep 2026.
Is 001965.SHE undervalued?
Graham number001965.SHE trades 21.4% below its Graham number.
Graham number = √(22.5 × EPS × book value per share): the most a defensive investor should pay according to Benjamin Graham. An estimate, not a recommendation to buy or sell. How is it calculated?
Merchant Express Class A fundamental analysis
No fundamental analysis for Merchant Express Class A yet.
Merchant Express Class A stock price
Prices on the chart can differ slightly from the closing prices StockSummer uses for its ratios.
About Merchant Express Class A
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. The company also offers full-process consulting and engineering technical services; and general contracting of engineering, design and construction, and project management services. In addition…
Full company profileMerchant Express Class A financial statements
2026 annualized: Fiscal year 2026 is not finished. Income statement and cash flow are annualized from 3 quarters up to Sep 30, 2026, the balance sheet is the latest quarter. Figures change when the annual report is published.
Merchant Express Class A annual financial statements (CNY; K = thousand, M = million, B = billion, T = trillion)
| Item | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 Anlz |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||
| Revenue | 5.05B | 5.34B | 6.76B | 8.29B | 7.07B | 8.63B | 8.30B | 9.73B | 12.7B | 13.4B | 14.6B |
| Gross Profit | 2.23B | 2.33B | 3.04B | 3.55B | 2.47B | 3.57B | 2.91B | 3.58B | 4.33B | 3.99B | 3.59B |
| Operating Income | 4.00B | 4.41B | 4.84B | 5.37B | 2.77B | 5.83B | 4.97B | 7.57B | 6.38B | 2.94B | 2.66B |
| EBITDA | 2.52B | 2.77B | 3.70B | 4.39B | 3.50B | 4.58B | 3.83B | 4.93B | 7.06B | 11.1B | 7.85B |
| Net Income | 2.94B | 3.37B | 3.91B | 4.35B | 2.22B | 4.97B | 4.86B | 6.77B | 5.32B | 4.61B | 5.35B |
| EPS | 0.67 | 0.60 | 0.63 | 0.70 | 0.33 | 0.72 | 0.71 | 0.99 | 0.76 | 0.68 | 0.79 |
| Balance Sheet | |||||||||||
| Total Assets | 55.4B | 65.2B | 84.1B | 91.0B | 94.0B | 98.3B | 115B | 157B | 159B | 162B | 165B |
| Total Liabilities | 12.1B | 18.8B | 34.3B | 37.0B | 34.3B | 35.0B | 47.3B | 75.3B | 70.4B | 70.8B | 70.5B |
| Shareholders' Equity | 37.3B | 43.3B | 45.5B | 49.4B | 55.0B | 58.3B | 60.5B | 65.1B | 71.2B | 74.3B | 77.3B |
| Cash & Short-term Investments | 3.22B | 7.07B | 7.08B | 6.65B | 6.80B | 6.39B | 4.38B | 8.93B | 9.25B | 10.1B | 10.1B |
| Total Debt | 5.71B | 10.2B | 25.6B | 25.7B | 26.1B | 26.2B | 36.8B | 61.8B | 58.0B | - | - |
| Cash Flow | |||||||||||
| Operating Cash Flow | 2.31B | 2.98B | 3.68B | 4.32B | 3.22B | 4.62B | 3.88B | 4.44B | 7.12B | 6.51B | - |
| Capital Expenditure | 620M | 577M | 760M | 836M | 1.49B | 768M | 748M | 539M | 1.25B | 1.16B | 2.40B |
| Free Cash Flow | 1.69B | 2.40B | 2.92B | 3.48B | 1.73B | 3.85B | 3.13B | 3.90B | 5.87B | 5.35B | 3.93B |
| Ratios | |||||||||||
| ROE | 7.9% | 7.8% | 8.6% | 8.8% | 4.0% | 8.5% | 8.0% | 10.4% | 7.5% | 6.2% | 6.9% |
| ROA | 5.3% | 5.2% | 4.7% | 4.8% | 2.4% | 5.1% | 4.2% | 4.3% | 3.3% | 2.8% | 3.2% |
| Net Profit Margin | 58.2% | 63.1% | 57.8% | 52.4% | 31.4% | 57.6% | 58.6% | 69.5% | 41.9% | 34.5% | 36.7% |
| Debt to Equity | 0.15x | 0.23x | 0.56x | 0.52x | 0.47x | 0.45x | 0.61x | 0.95x | 0.81x | - | - |
What these items mean
- Revenue
- Total sales of goods and services in the period.
- Gross Profit
- Revenue minus the direct cost of producing what was sold.
- Operating Income
- Profit from the core business after operating expenses.
- EBITDA
- Earnings before interest, taxes, depreciation and amortization.
- Net Income
- Profit left for shareholders after all expenses, interest and taxes.
- EPS
- Net income divided by shares outstanding.
- Total Assets
- Everything the company owns.
- Total Liabilities
- Everything the company owes.
- Shareholders' Equity
- Assets minus liabilities: the book value that belongs to shareholders.
- Cash & Short-term Investments
- Cash and investments that can be turned into cash quickly.
- Total Debt
- Short and long-term borrowings.
- Operating Cash Flow
- Cash generated by the core business.
- Capital Expenditure
- Cash spent on property, plant and equipment.
- Free Cash Flow
- Operating cash flow minus capital expenditure: cash left for dividends, buybacks or debt repayment.
- ROE
- Return on equity: net income divided by shareholders' equity.
- ROA
- Return on assets: net income divided by total assets.
- Net Profit Margin
- Net income as a share of revenue.
- Debt to Equity
- Total debt divided by shareholders' equity.
Merchant Express Class A dividends
- Dividend yield
- 6.45%
- Forward dividend
- 0.37 CNY
- Payout ratio
- 97.4%
- Ex-dividend date
- Jul 31, 2026
| Fiscal year | Dividends paid | Per share | Payout ratio |
|---|---|---|---|
| 2025 | CNY 4.49B | 0.66 | 97.4% |
| 2024 | CNY 5.56B | 0.79 | 104.5% |
| 2023 | CNY 3.93B | 0.58 | 58.1% |
| 2022 | CNY 3.45B | 0.50 | 71.0% |
| 2021 | CNY 2.17B | 0.32 | 43.6% |
| 2020 | CNY 2.85B | 0.42 | 128.2% |
| 2019 | CNY 1.57B | 0.25 | 36.2% |
| 2018 | CNY 2.30B | 0.37 | 58.7% |
| 2017 | CNY 1.53B | 0.27 | 45.4% |
From the cash flow statement: dividends paid in the fiscal year, divided by that year's shares outstanding. Payout ratio = dividends paid / net income.
Who owns Merchant Express Class A
- Insiders 72.96%
- Institutions 13.58%
- Public & others 13.46%
- Shares outstanding 6.80B
- Free float 1.90B
Merchant Express Class A company profile
- Company name
- Merchant Express Class A
- Ticker
- 001965.SHE
- ISIN
- CNE1000032B1
- Exchange
- Shenzhen Stock Exchange
- Sector
- Industrials
- Industry
- Transportation Infrastructure
- Employees
- 7,836
- Fiscal year end
- December
- Address
- Huafeng Building, Building 1, Beijing, China, 100029
- Phone
- 86 10 5652 9000
- Website
- cmexpressway.com
About Merchant Express Class A
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. The company also offers full-process consulting and engineering technical services; and general contracting of engineering, design and construction, and project management services. In addition, it engages in technical service development; traffic information services; intelligent transportation product design; technology research and development; software development and computer network system engineering; technology transfer; business management; engineering consulting management; fund management; photovoltaic power generation; agricultural planting; highway engineering; scientific research and design; engineering supervision; production and installation; development and management of construction facilities; hotels; pipeline corridor leasing; ecological and environmental protection technology-related activities; highway engineering inspection; highway information technology development; water transport project supervision; and other technology promotion services. The company was formerly known as China Merchants Huajian Highway Investment Co.,Ltd. and changed its name to China Merchants Expressway Network & Technology Holdings Co.,Ltd. in September 2016. The company was founded in 1993 and is based in Beijing, the People's Republic of China. China Merchants Expressway Network & Technology Holdings Co.,Ltd. operates as a subsidiary of China Merchants Group Limited.
Merchant Express Class A management
6- Mr. Xudong YangNon-Independent Director & GM · born 1973
- Mr. Shaojun YangChief Financial Officer · born 1975
- Mr. Ping LiDeputy General Manager · born 1978
- Mr. Quan ChenDeputy General Manager · born 1975
- Mr. Xiao Qiang FuGeneral Counsel & Chief Compliance Officer · born 1976
- Gang LiuBoard Secretary