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China Gas Holdings Ltd 00384

Morningstar Rating
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Stock XHKG Rating as of
HKD 7.98 +0.14 (1.79%)
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As of Delayed Price Closed
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Company Report

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ENN Energy’s Operating Statistics Reaffirm Recovery Outlook for China Gas Utilities in 2024

Chokwai Lee

We think the China city gas sector is currently undervalued, but our preferred pick is ENN Energy, given its well-diversified earnings supported by its integrated energy, or IE, segment and value-added business, or VAB. Following the in-line first-quarter operating data from ENN, we keep its fair value estimate at HKD 88 per share. We believe the data supports our view of a gradual recovery for the industry and should be a positive read across for China Gas Holdings, or CGH, and China Resources Gas, or CRG, where we maintain our fair value estimates of HKD 12.50 and HKD 30.00 per share, respectively.

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Price vs Fair Value

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00384 is trading at a 511% premium.
Price
HKD 7.98
Fair Value
HKD 76.70
Uncertainty
High
1-Star Price
HKD 99.42
5-Star Price
HKD 2.80
Economic Moat
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Capital Allocation
Bkvfvvvm

Bulls Say, Bears Say

Bulls

CGH is the main beneficiary of supportive policies from the government, which will encourage the usage of cleaner energy such as natural gas.

Bears

The Shiyan gas accident has negatively affected CGH’s city gas operation and the firm will grow more slowly than peers.

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Trading Information

Previous Close Price
HKD 7.84
Day Range
HKD 7.78–8.07
52-Week Range
HKD 6.35–10.62
Bid/Ask
HKD 7.97 / HKD 7.98
Market Cap
HKD 43.38 Bil
Volume/Avg
25.4 Mil / 10.6 Mil

Key Statistics

Price/Earnings (Normalized)
11.70
Price/Sales
0.50
Dividend Yield (Trailing)
6.89%
Dividend Yield (Forward)
6.89%
Total Yield
6.89%

Company Profile

China Gas Holdings is involved in the wholesale and retail businesses of natural gas and liquefied petroleum gas in China. As of fiscal 2023 (ended March 31, 2023), the group had secured a total of 661 piped gas concessions, 533 compressed natural gas/liquefied natural gas refilling stations for vehicles, and 106 LPG distribution projects in China. In total, CGH has connected 45.4 million residential households and achieved a penetration rate of 68.6%.
Sector
Utilities
Industry
Utilities - Regulated Gas
Stock Style Box
Large Value
Total Number of Employees
70,000
Website
http://www.chinagasholdings.com.hk

Competitors

Valuation

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Metric
00384
00392
01193
Price/Earnings (Normalized)
 11.705.9414.26
Price/Book Value
 0.790.401.55
Price/Sales
 0.500.390.62
Price/Cash Flow
 3.3310.117.07
Price/Earnings
00384
00392
01193

Financial Strength

Metric
00384
00392
01193
Quick Ratio
 0.680.650.66
Current Ratio
 0.930.740.69
Interest Coverage
 2.463.4110.06
Quick Ratio
00384
00392
01193

Profitability

Metric
00384
00392
01193
Return on Assets (Normalized)
 2.28%2.88%4.87%
Return on Equity (Normalized)
 6.19%7.19%15.63%
Return on Invested Capital (Normalized)
 3.40%4.40%8.02%
Return on Assets
00384
00392
01193
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