Jiangsu Expressway Co Ltd (600377) fair value: what the stock is really worth
We calculate from audited financials what Jiangsu Expressway Co Ltd is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 19, 2026.
How to read this chart
60‑month range ¥6.14 – ¥15.20 · fair‑value band ¥9.59 – ¥19.36 · the ¥12.66 price screens below the ¥14.47 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 19, 2026.
Jiangsu Expressway Company Limited, together with its subsidiaries, engages in the investment, construction, operation, and management of toll roads and bridges in China. The company develops and provides highway ancillary services, including gas stations, catering, and retail businesses in expressway service areas.
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Jiangsu Expressway Company Limited, together with its subsidiaries, engages in the investment, construction, operation, and management of toll roads and bridges in China. The company develops and provides highway ancillary services, including gas stations, catering, and retail businesses in expressway service areas. It is also involved in investment services; real estate development and management; sale of electricity; advertising; service area operation; clean energy power generation; and agriculture business. The company was incorporated in 1992 and is headquartered in Nanjing, China. Jiangsu Expressway Company Limited operates as a subsidiary of Jiangsu Communications Holding Co., Ltd.
Stock analysis
Jiangsu Expressway Co Ltd (600377) currently trades at ¥12.66, while our model-based Fair Value estimate is ¥14.47, implying the stock looks roughly 12.5% undervalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of ¥15.32 per share, and 6 of the 14 models we run sit above the ¥12.66 price.
Bear case: the Economic Profit group reads lowest at ¥5.28, and 8 of the 14 models stay below the price. Evidence for this calculation is medium.
Scenario range: ¥9.59 (bear) to ¥19.36 (bull), the price of ¥12.66 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 41/100 (below-average quality), in the Industrials sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Jiangsu Expressway Co Ltd reported revenue of 20.3B CNY in FY2025 versus 14.3B CNY in FY2021, a compound +9.2%/yr. Reported net income was 4.6B CNY in FY2025, compounding +1.8%/yr from FY2021.
Key figures
Market cap 63.8B CNY (≈ $9.5B) · P/E ratio 13.3 · P/S ratio 3.02 · EPS (TTM) ¥0.9400 · Dividend yield 3.9% · Net margin 22.6% · Return on equity 9.2% · Return on assets (EBIT) 6.9%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (medium confidence).
What moves the price
The share trades about 19% below its 52-week high and 10% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Industrials peers we cover trades at 10% fair-value upside, at 14%, 600377 screens cheaper than that median.
Fair Value models
Bear ¥9.59Fair Value ¥14.47Bull ¥19.36
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (¥0.3255 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.51/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
−12.5%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+15.2%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+20.4%
Revenue growth 28 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+12.6%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+5.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year+1.8%
Dividend (yield on the price)3.9%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.2% vs 6%, slowing
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.40% → 29%
Compare Jiangsu Expressway Co Ltd with another stock
Price, fair value, quality and upside side by side.
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Peer Groupⓘ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.Infrastructure Operations · 67 stocks
Beats the industry median on 6/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score41 · Bottom 25%
Fair Value upside+17% · Above median
Profitability
Return on equity (TTM)9% · Above median
Return on assets4% · Above median
Net margin (TTM)24% · Top 25%
Operating margin (TTM)35% · Above median
Growth and dividend
Revenue growth−5% · Below median
Dividend yield (TTM)3.9% · Below median
Balance sheet
Debt / equity0.62× · Below median
Valuation Multiplesvs Infrastructure Operations median · lower = cheaper
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Cite: Fair Value Calculator (2026). "Jiangsu Expressway Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/600377
Frequently asked questions
Is Jiangsu Expressway Co Ltd (600377) overvalued or undervalued?
As of Sep 19, 2026, our model estimates a fair value of ¥14.47 versus a price of ¥12.66, about +14% upside (undervalued).
What is the fair value of 600377?
Our model-based fair value for Jiangsu Expressway Co Ltd is ¥14.47 (as of Sep 19, 2026), built from audited fundamentals. The current price: ¥12.66.
What is the quality score of 600377?
Jiangsu Expressway Co Ltd has a Quality Score of 41/100. 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 price target for Jiangsu Expressway Co Ltd (600377)?
Our model-based price target is the fair value of ¥14.47 (as of Sep 19, 2026) from 14 valuation models. Cautious scenario ¥9.59, optimistic scenario ¥19.36. It is a calculation from audited fundamentals, not an analyst target.
What is the Jiangsu Expressway Co Ltd stock forecast for 2026?
Our models put fair value at ¥14.47, about +14% upside versus a price of ¥12.66 (undervalued). Cautious scenario ¥9.59, optimistic scenario ¥19.36. The calculation is refreshed regularly with new filings.
What is the revenue of Jiangsu Expressway Co Ltd (600377)?
Jiangsu Expressway Co Ltd reported trailing-twelve-month revenue of about 20.0B CNY (latest available figure, as of Sep 19, 2026).
Does Jiangsu Expressway Co Ltd pay a dividend?
Jiangsu Expressway Co Ltd currently shows a dividend yield of about 3.87% relative to its recent price (as of Sep 19, 2026).
What is the intrinsic value of Jiangsu Expressway Co Ltd (600377)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Jiangsu Expressway Co Ltd it is ¥14.47 per share (as of Sep 19, 2026), against a price of ¥12.66. It is the blended result of 14 valuation models (cash flow, earnings, asset, dividend).
Is Jiangsu Expressway Co Ltd stock overvalued or undervalued in 2026?
As of Sep 19, 2026, 600377 trades below its calculated fair value: price ¥12.66, fair value ¥14.47, a gap of about +14% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 600377?
No. The price is what the market pays today (¥12.66); the fair value is what the company's own numbers justify (¥14.47). For Jiangsu Expressway Co Ltd the two are ¥1.81 per share apart. That gap is exactly why we show both numbers side by side.
How much is Jiangsu Expressway Co Ltd worth?
The market values Jiangsu Expressway Co Ltd at about 63.8B CNY (market capitalisation, as of Sep 19, 2026). Per share that is ¥12.66; our models calculate a fair value of ¥14.47 per share.
What do the bullish and bearish scenarios say about 600377?
Our models span a range for Jiangsu Expressway Co Ltd: cautious scenario ¥9.59, base ¥14.47, optimistic ¥19.36 per share (as of Sep 19, 2026, price ¥12.66). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 600377?
Jiangsu Expressway Co Ltd trades at a price-to-earnings ratio of 13.3 (as of Sep 19, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ¥14.47 is built from several models across several years. Other multiples: PEG 3.8, P/B 1.4, P/S 3.0, EV/EBITDA 10.2.
What is the PEG ratio of 600377?
The PEG ratio of Jiangsu Expressway Co Ltd is 3.81 (P/E divided by earnings growth, as of Sep 19, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Jiangsu Expressway Co Ltd (600377)?
Balance-sheet figures for Jiangsu Expressway Co Ltd (as of Sep 19, 2026): return on equity 9.2%, debt of 0.62 per unit of equity. They feed the Quality Score of 41/100, which measures business quality independently of the share price.
How far is 600377 from its 52-week high?
Jiangsu Expressway Co Ltd trades at ¥12.66, about 19% below its 52-week high of ¥15.55 and 10% above the low of ¥11.47 (as of Sep 19, 2026). Distance from the high says nothing about value: that is what the fair value of ¥14.47 is for.
Which stocks are comparable to Jiangsu Expressway Co Ltd?
From the same area (Industrials) we also value Transurban Group, China Merchants Expressway Network & Technology Holdings, Shandong Hi-speed Company, Zhejiang Expressway Co, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Jiangsu Expressway Co Ltd stock attractive at the current price?
The data as of Sep 19, 2026: price ¥12.66, calculated fair value ¥14.47 (+14%), Quality Score 41/100, from 14 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 600377 calculated?
We run Jiangsu Expressway Co Ltd through 14 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of ¥14.47, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 16.1 % above its aggregate fair value. Jiangsu Expressway Co Ltd currently trades 14 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Jiangsu Expressway Co Ltd (600377)?
The closing price on Sep 18, 2026 was ¥12.66. Our model-based fair value is ¥14.47, about +14% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Jiangsu Expressway Co Ltd right now?
A fairly wide model range (¥9.59 to ¥19.36) leaves room in how you read the outcome. The price sits in the lower half of our model range, the side with the larger margin of safety. Read the verdict with care: some models are missing inputs, so the estimate scatters more than usual.
Where does the earnings growth of Jiangsu Expressway Co Ltd (600377) come from?
Earnings per share at Jiangsu Expressway Co Ltd grew +7.6 % a year from 2013 to 2024. Broken into its drivers: revenue per share +9.4 %, EBIT margin −2.5 %, tax rate +0.3 %, residual (interest, one-offs) +0.5 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Jiangsu Expressway Co Ltd
How large is the market capitalisation of Jiangsu Expressway Co Ltd (600377)?
The market capitalisation of Jiangsu Expressway Co Ltd is 63.8B CNY (≈ $9.5B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Jiangsu Expressway Co Ltd (600377)?
The price-to-sales ratio of Jiangsu Expressway Co Ltd is 3.02 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Jiangsu Expressway Co Ltd (600377)?
Earnings per share at Jiangsu Expressway Co Ltd are ¥0.9400 (price ÷ EPS = P/E 13.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Jiangsu Expressway Co Ltd (600377)?
The dividend yield of Jiangsu Expressway Co Ltd is 3.9% (payout 52.1%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Jiangsu Expressway Co Ltd (600377)?
The net margin of Jiangsu Expressway Co Ltd is 22.6% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Jiangsu Expressway Co Ltd (600377)?
The return on equity (ROE) of Jiangsu Expressway Co Ltd is 9.2% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Jiangsu Expressway Co Ltd (600377)?
On an EBIT basis the return on assets of Jiangsu Expressway Co Ltd is 6.9% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Jiangsu Expressway Co Ltd (600377)?
The operating margin of Jiangsu Expressway Co Ltd is 35.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Jiangsu Expressway Co Ltd (600377)?
Revenue at Jiangsu Expressway Co Ltd is growing −5.3% versus a year earlier (3y avg +15.2%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Jiangsu Expressway Co Ltd (600377)?
Earnings per share at Jiangsu Expressway Co Ltd are growing +12.8% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Jiangsu Expressway Co Ltd (600377) generate?
The free cash flow of Jiangsu Expressway Co Ltd is −865M CNY (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Jiangsu Expressway Co Ltd (600377) carry?
The net debt of Jiangsu Expressway Co Ltd is 25.5B CNY (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Sep 19, 2026