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China Gas Holdings Ltd 00384

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Stock XHKG Rating as of
HK$5.51 +0.19 (3.47%)
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As of Delayed Price Closed

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Sector Downturn Continues to Pressure China Gas Holdings’ Earnings

Chokwai Lee

China Gas Holdings, or CGH, is involved in the wholesale and retail businesses of natural gas and liquefied petroleum gas, or LPG, in China. The firm benefits from exclusive city gas concession rights and efficient scale. In the past, CGH aggressively expanded into rural city gas projects, resulting in a stretched balance sheet compared with its peers. The firm now focuses on the asset-light value-added services, and integrated energy businesses.

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Price vs Fair Value

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00384 is trading at a LOCK|#bQPCR# premium.
Price
HK$5.51
Fair Value
r.&
Uncertainty
LOCK|rzC
1-Star Price
LOCK|.GFB
5-Star Price
LOCK|LWC
Economic Moat
LOCK|?qWR
Capital Allocation
LOCK|&qCK>NY

Bulls Say, Bears Say

Bulls

Biomass energy development and energy storage for industrial and commercial users could emerge as new growth drivers for CGH, supporting stronger earnings growth.

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
HK$5.33
Day Range
HK$5.27–5.51
52-Week Range
HK$5.17–8.85
Bid/Ask
HK$5.46 / HK$5.51
Shares Outstanding
5.45B
Market Cap
HK$30.02B
Volume/Avg
30M / 14M

Key Statistics

Price/Earnings (Normalized)
11.00
Price/Sales
0.40
Dividend Yield (Trailing)
6.35%
Dividend Yield (Forward)
6.35%
Dividend Payment Schedule
Feb, Oct
Total Yield
6.35%

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 2025 (ended March 31, 2025), the group had secured a total of 662 piped gas concessions and 488 compressed natural gas/liquefied natural gas refilling stations for vehicles in China. In total, CGH has connected 48.5 million residential households and achieved a penetration rate of 72.9%.
Sector
Utilities
Industry
Utilities - Regulated Gas
Stock Style Box
Mid Value
Total Number of Employees
70,000
Website
https://www.chinagasholdings.com.hk

Competitors

Valuation

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Metric
00384
02688
01193
Price/Earnings (Normalized)
 11.007.6410.60
Price/Book Value
 0.530.980.80
Price/Sales
 0.400.430.37
Price/Cash Flow
 5.124.745.35
Price/Earnings
00384
02688
01193

Financial Strength

Metric
00384
02688
01193
Quick Ratio
 0.690.460.51
Current Ratio
 0.910.560.62
Interest Coverage
 3.7415.4311.29
Quick Ratio
00384
02688
01193

Profitability

Metric
00384
02688
01193
Return on Assets (Normalized)
 1.87%6.49%3.71%
Return on Equity (Normalized)
 5.14%14.52%11.70%
Return on Invested Capital (Normalized)
 3.19%9.75%5.67%
Return on Assets
00384
02688
01193

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LOCK|?<C%?!SLOCK|$#pk$26B
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—LOCK|%#T$21B
 NiSource Inc
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LOCK|DZ!<sFLOCK|C&dh$19B
 Hong Kong and China Gas Co Ltd
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—LOCK|?XmJ$17B
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—LOCK|zK>x$17B
 New Jersey Resources Corp
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LOCK|T!wSxDLOCK|$PGPY$5B

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