Morningstar

China Gas Holdings Ltd 00384

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Stock XHKG Rating as of
HK$6.78 +0.31 (4.79%)
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As of Delayed Price Closed

Company Report

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China Gas Holdings Remains Undervalued; Underpinned by Attractive Dividend Yield

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 159% premium.
Price
HK$6.78
Fair Value
HK$49.70
Uncertainty
High
1-Star Price
HK$96.14
5-Star Price
HK$3.70
Economic Moat
Rlpwhm
Capital Allocation
Hdgfxjysf

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
HK$6.47
Day Range
HK$6.46–6.78
52-Week Range
HK$5.78–8.43
Bid/Ask
HK$6.77 / HK$6.78
Market Cap
HK$36.85 Bil
Volume/Avg
21.5 Mil / 8.0 Mil

Key Statistics

Price/Earnings (Normalized)
9.25
Price/Sales
0.45
Dividend Yield (Trailing)
7.37%
Dividend Yield (Forward)
7.37%
Total Yield
7.49%

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 2024 (ended March 31, 2024), the group had secured a total of 662 piped gas concessions, 516 compressed natural gas/liquefied natural gas refilling stations for vehicles, and 119 LPG distribution projects in China. In total, CGH has connected 47.1 million residential households and achieved a penetration rate of 70.9%.
Sector
Utilities
Industry
Utilities - Regulated Gas
Stock Style Box
Large Value
Total Number of Employees
70,000
Website
https://www.chinagasholdings.com.hk

Competitors

Valuation

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Metric
00384
01193
02688
Price/Earnings (Normalized)
 9.2516.239.02
Price/Book Value
 0.681.731.38
Price/Sales
 0.450.680.51
Price/Cash Flow
 7.018.057.30
Price/Earnings
00384
01193
02688

Financial Strength

Metric
00384
01193
02688
Quick Ratio
 0.650.660.65
Current Ratio
 0.900.690.72
Interest Coverage
 2.9910.0611.20
Quick Ratio
00384
01193
02688

Profitability

Metric
00384
01193
02688
Return on Assets (Normalized)
 2.61%4.87%6.73%
Return on Equity (Normalized)
 7.15%15.63%16.64%
Return on Invested Capital (Normalized)
 4.46%8.02%10.46%
Return on Assets
00384
01193
02688

Utilities - Regulated Gas Industry Comparables

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Morningstar Rating for Stocks
Capital Allocation
Economic Moat
Market Cap
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HOKCY
—Zdxjghn$15.5 Bil
 NiSource Inc
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KglwbljpZmfvy$15.3 Bil
 Tokyo Gas Co Ltd ADR
TKGSY
—Qrjgp$9.3 Bil
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XchrkwzMqrqsyd$4.7 Bil
 New Fortress Energy Inc Class A
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ChmdtdnfXmlgc$2.0 Bil

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