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China Gas Holdings Ltd 00384

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Stock XHKG Rating as of
HKD 7.23 +0.11 (1.54%)
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Company Report

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China Gas Holdings: Lowering Earnings Estimates on Weaker Industry Trends

Chokwai Lee

As we saw weaker 2024 new residential connections guidance from both narrow-moat ENN Energy and China Resources Gas, we decided to fine-tune our earnings forecasts for narrow-moat China Gas Holdings, or CGH, to incorporate the latest trend. This leads to CGH’s fiscal (ending March) 2024-26 earnings estimates being lowered by 1%-2%, and our fair value estimate is slightly reduced to HKD 12.50 per share from HKD 12.60.

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Price vs Fair Value

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00384 is trading at a 44% discount.
Price
HKD 7.00
Fair Value
HKD 56.60
Uncertainty
High
1-Star Price
HKD 36.76
5-Star Price
HKD 1.70
Economic Moat
Lyvbf
Capital Allocation
Wkbgmgbp

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 7.12
Day Range
HKD 7.06–7.26
52-Week Range
HKD 6.35–11.00
Bid/Ask
HKD 7.22 / HKD 7.23
Market Cap
HKD 39.30 Bil
Volume/Avg
5.0 Mil / 8.4 Mil

Key Statistics

Price/Earnings (Normalized)
10.26
Price/Sales
0.44
Dividend Yield (Trailing)
7.66%
Dividend Yield (Forward)
7.66%
Total Yield
7.72%

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)
 10.264.419.53
Price/Book Value
 0.700.391.41
Price/Sales
 0.440.380.56
Price/Cash Flow
 2.9211.846.19
Price/Earnings
00384
00392
01193

Financial Strength

Metric
00384
00392
01193
Quick Ratio
 0.680.860.82
Current Ratio
 0.930.970.85
Interest Coverage
 2.464.3612.14
Quick Ratio
00384
00392
01193

Profitability

Metric
00384
00392
01193
Return on Assets (Normalized)
 2.28%3.35%5.33%
Return on Equity (Normalized)
 6.19%8.13%16.05%
Return on Invested Capital (Normalized)
 3.40%4.94%8.51%
Return on Assets
00384
00392
01193
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