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Jiangxi Ganyue Expressway CO.,LTD., (600269) Fair Value & Analysis

Industrials · CN · Market cap 9.2B CNY

JG Jiangxi Ganyue Expressway CO.,LTD., 600269 · SHG
Price¥3.90
Fair Value¥5.89
Upside+51.1%
Quality55/100
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Expensive Growth
Solidly profitable · 18.1% net margin
Low debt · generates free cash flow
8.46% dividend yield
Ranks above peers (12/15)
Moderate moat 62/100
Evidence: Medium Range ¥4.50 – ¥9.05 Share as image

Fair value as of: Aug 7, 2026

From 26 valuation models · updated 3 days ago

Fair value updated Aug 7, 2026, revised from ¥10.36 to ¥5.89 (−43.1%) since Jul 24, 2026. Share price −5.1% over the past month.

A solid business, screening 51% undervalued on our models.

What matters now

  • The price is below even our cautious bear case (¥4.50). The market is more pessimistic than our downside scenario.
  • Solid quality (55/100) at a price below fair value, the discount is the argument here, not the business quality.
  • A fairly wide model range (¥4.50 to ¥9.05) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

¥5.69 ¥3.09 Fair Value ¥5.89 Mar 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 7, 2026.

How to read this chart

60‑month range ¥3.09 – ¥5.69 · fair‑value band ¥4.50 – ¥9.05 · the ¥3.90 price screens below the ¥5.89 fair value. Dashed = 300-day average. As of Aug 7, 2026.

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Analysis

Jiangxi Ganyue Expressway CO.,LTD., (600269) currently trades at ¥3.90, while our model-based Fair Value estimate is ¥5.89, implying the stock looks roughly 51.1% undervalued today. The Quality Score stands at 55/100 (solid quality), in the Industrials sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: medium), always confirm before acting.

Over the trailing twelve months, Jiangxi Ganyue Expressway CO.,LTD., generated revenue of 6.2B CNY at a net margin of 18.1%. Revenue declined 4.0% year over year. It earns a return on equity of 5.7%. Net debt stands at 3.8B CNY. Fundamentals as of Aug 7, 2026

Our scenario range runs from ¥4.50 (bear case) to ¥9.05 (bull case); at ¥3.90, the current price sits below that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 30% below its 52-week high, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at 25% fair-value upside, at 51%, 600269 screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model BearBaseBull Evidence
Highest evidence
Growth DCF ¥4.55 ¥7.58 ¥11.84 80
Residual Income ¥7.29 ¥7.51 ¥7.51 76
Rev-Margin DCF ¥2.65 ¥4.90 ¥7.58 74
All 26 models by family
DCF Models
FCF DCF ¥4.49 ¥8.01 ¥13.32 38
Owner Earnings ¥2.24 ¥4.47 ¥7.82 31
5Y Revenue Exit ¥2.65 ¥4.86 ¥7.65 39
5Y EBITDA Exit ¥8.10 ¥15.28 ¥23.84 41
5Y P/E Exit ¥5.69 ¥10.67 ¥16.00 38
10Y Revenue Exit ¥3.17 ¥5.35 ¥8.26 36
10Y EBITDA Exit ¥6.70 ¥12.51 ¥20.59 37
10Y P/E Exit ¥5.18 ¥9.34 ¥14.62 35
Earnings-Based
Graham-Dodd ¥3.84 ¥13.28 ¥17.84 54
Lynch FV ¥3.07 ¥4.39 ¥5.71 50
PEG = 1.0 ¥3.07 ¥4.39 ¥5.71 46
EPV ¥3.61 ¥4.44 ¥5.15 59
Dividend Discount
Gordon GGM ¥2.28 ¥4.55 ¥6.89 70
DDM Multi-Stage ¥2.28 ¥3.89 ¥4.80 61
Multiples
P/E Multiple ¥8.90 ¥11.87 ¥14.84 63
P/S Multiple ¥4.04 ¥5.39 ¥6.74 58
P/B Multiple ¥7.21 ¥9.61 ¥12.01 55
EV/EBIT ¥9.03 ¥12.58 ¥16.13 53
EV/EBITDA ¥11.46 ¥15.82 ¥20.18 54
EV/Revenue ¥1.78 ¥3.24 ¥4.69 43
Asset-Based
NCAV (Graham) ¥4.67 ¥6.26 ¥9.34 50
Growth DCF
Growth DCF ¥4.55 ¥7.58 ¥11.84 80
Rev-Margin DCF ¥2.65 ¥4.90 ¥7.58 74
Economic Profit
Residual Income ¥7.29 ¥7.51 ¥7.51 76
ROIC Compounder ¥3.61 ¥4.44 ¥5.15 72
Growth Earnings
Growth-Adj P/E ¥7.64 ¥10.92 ¥14.19 68

Widest divergence: Growth Earnings (¥10.92) versus Dividend Discount (¥3.89). Highest evidence: Growth DCF (80).

Key figures & financial health

Revenue (TTM) 6.2B CNY
Revenue growth (YoY) -4.0%
Net margin 18.1%
Return on equity 5.7%
Free cash flow 1.3B CNY FY2025
P/E ratio 8.6
More key figures
Operating margin 44.3%
EPS (TTM) ¥0.4900
Dividend yield 8.5%
EPS growth (YoY) -33.3%
Net debt 3.8B CNY FY2025

Figures from reported company fundamentals · as of Aug 7, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 55/100

Of which business quality 54 · Market factors (momentum, volatility) 38

Profitability 33
Margins and returns on capital today
Quality Growth 28
Are margins and returns improving?
Cashflow 75
Earnings quality: real cash, not paper profit
Fin. Strength 57
Balance sheet, leverage, solvency risk
Investment 47
Disciplined investing over empire-building
Low Volatility 96
Calm price path (market factor)
Momentum 18
Price trend over the last 3–12 months (market factor)
52W Momentum 5
Distance to the 52-week high (market factor)
Net Issuance 84
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Jiangxi Ganyue Expressway CO.,LTD., together with its subsidiaries, engages in highway operations, smart transportation, and industrial and financial investment in China. It operates through Expressway Toll Service, Engineering Construction, Refined Oil Sales, Property Development, and Other Operations segments.

Full company description

Jiangxi Ganyue Expressway CO.,LTD., together with its subsidiaries, engages in highway operations, smart transportation, and industrial and financial investment in China. It operates through Expressway Toll Service, Engineering Construction, Refined Oil Sales, Property Development, and Other Operations segments. The company operates eight expressways, including Changjiu Expressway, Changzhang Expressway, Changtai Expressway, Jiujing Expressway, Wenhou Expressway, Penghu Expressway, Changfeng Expressway, and Fengtong Expressway with a main line mileage of approximately 800 kilometers. It also engages in information, intelligent control, satellite technology comprehensive application, and artificial intelligence industry application system integration; electromechanical maintenance; production of high-grade highway communication, monitoring, and toll collection systems and their equipment; general parts and components; software application; software and technology development; consulting; building intelligent, fire protection facility, and electronic engineering; big data; data processing and storage support; and investment management activities. In addition, the company is involved in the sale of software, and building and decoration materials; landscaping; real estate agency; property; tourist development; resort accommodation; and catering services. Jiangxi Ganyue Expressway CO.,LTD. was incorporated in 1998 and is headquartered in Nanchang, China.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Jiangxi Ganyue Expressway CO.,LTD., reported revenue of ¥6.3B in FY2025 versus ¥6.4B in FY2021, a compound −0.5%/yr. Reported net income was ¥1.3B in FY2025, compounding +10.3%/yr from FY2021.

Growth Quality 62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
6.3B CNY
Latest YoY
+5.1%
Avg. growth/yr (3Y)
−2.4%
Avg. growth/yr (5Y)
+4.4%
Avg. growth/yr (28Y)
+13.2%
Revenue −0.5%/yr
FY21 ¥6.4B
FY22 ¥6.8B
FY23 ¥7.5B
FY24 ¥6.0B
FY25 ¥6.3B
Net income +10.3%/yr
FY21 ¥892M
FY22 ¥696M
FY23 ¥1.2B
FY24 ¥1.3B
FY25 ¥1.3B

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Cite: Fair Value Calculator (2026). "Jiangxi Ganyue Expressway CO.,LTD., Fair Value". https://www.fairvalue-calculator.com/stock/600269

Peer Group

Infrastructure Operations · 65 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 55 · Above median
Fair Value upside +51% · Above median
Return on equity (TTM) 6% · Below median
Return on assets 3% · Above median
Net margin (TTM) 18% · Above median
Operating margin (TTM) 44% · Above median
Revenue growth -4% · Below median
Dividend yield (TTM) 8.5% · Top 25%
Debt / equity 0.30× · Lower than median

Valuation Multiples vs Infrastructure Operations median · lower = cheaper

P/E (TTM) 8.1× · Cheaper than 75% of peers
P/B 0.42× · Cheaper than 75% of peers
P/S (TTM) 1.48× · Cheaper than median
P/FCF 1.1× · Cheaper than median
EV/EBITDA 4.4× · Cheaper than 75% of peers
PEG 2.47× · Pricier than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 100 · sector 54
FUTURE 0 · sector 13
PAST 23 · sector 25
HEALTH 85 · sector 69
DIVIDEND 100 · sector 79

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Infrastructure Operations stocks, each showing price versus our Fair Value estimate (as of Aug 7, 2026).

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Frequently asked questions

Is Jiangxi Ganyue Expressway CO.,LTD., (600269) overvalued or undervalued?
As of Aug 7, 2026, our model estimates a fair value of ¥5.89 versus a price of ¥3.90, about +51% (undervalued).
What is the fair value of 600269?
Our model-based fair value for Jiangxi Ganyue Expressway CO.,LTD., is ¥5.89 (as of Aug 7, 2026), built from audited fundamentals. The current price is ¥3.90.
What is the quality score of 600269?
Jiangxi Ganyue Expressway CO.,LTD., has a Quality Score of 55/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Jiangxi Ganyue Expressway CO.,LTD., (600269)?
Jiangxi Ganyue Expressway CO.,LTD., reported trailing-twelve-month revenue of about 6.2B CNY (latest available figure, as of Aug 7, 2026).
What is the net profit margin of 600269?
The net profit margin of Jiangxi Ganyue Expressway CO.,LTD., is about 18.1%, meaning it keeps roughly 18.1% of revenue as net income. Based on the latest reported figures.
Does Jiangxi Ganyue Expressway CO.,LTD., pay a dividend?
Jiangxi Ganyue Expressway CO.,LTD., currently shows a dividend yield of about 8.46% relative to its recent price (as of Aug 7, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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