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China Resources Gas Group Ltd 01193

Morningstar Rating
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Stock XHKG Rating as of
HKD 27.50 +0.20 (0.73%)
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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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01193 is trading at a 56% premium.
Price
HKD 27.30
Fair Value
HKD 49.00
Uncertainty
High
1-Star Price
HKD 92.60
5-Star Price
HKD 97.00
Economic Moat
Qqyqbf
Capital Allocation
Zfqzhdndg

Bulls Say, Bears Say

Bulls

China’s policies to encourage the use of cleaner energy such as natural gas will continue to benefit leading city gas operators such as CRG.

Bears

CRG’s profitability will be negatively affected by the potential removal of the one-off connection fees from its city gas operations.

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Trading Information

Previous Close Price
HKD 27.30
Day Range
HKD 26.90–27.60
52-Week Range
HKD 19.50–29.70
Bid/Ask
HKD 27.45 / HKD 27.50
Market Cap
HKD 63.64 Bil
Volume/Avg
12.4 Mil / 4.7 Mil

Key Statistics

Price/Earnings (Normalized)
14.16
Price/Sales
0.61
Dividend Yield (Trailing)
3.82%
Dividend Yield (Forward)
3.82%
Total Yield
3.85%

Company Profile

China Resources Gas Group is a leading gas utilities group in China engaged in city gas distribution, including piped natural gas distribution and natural gas filling stations. At the end of 2023, CRG’s portfolio comprised 276 city gas projects in China. The firm achieved annual gas sales volume of 38.8 billion cubic meters and has connected 57.3 million residential customers, or a penetration rate of 59.3%.
Sector
Utilities
Industry
Utilities - Regulated Gas
Stock Style Box
Large Value
Total Number of Employees
58,608
Website
https://www.crcgas.com

Competitors

Valuation

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Metric
01193
00392
00384
Price/Earnings (Normalized)
 14.165.9411.70
Price/Book Value
 1.540.400.79
Price/Sales
 0.610.390.50
Price/Cash Flow
 7.0210.113.33
Price/Earnings
01193
00392
00384

Financial Strength

Metric
01193
00392
00384
Quick Ratio
 0.660.650.68
Current Ratio
 0.690.740.93
Interest Coverage
 10.063.412.46
Quick Ratio
01193
00392
00384

Profitability

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