Stock 3 THE HONG KONG AND CHINA GAS CO LTD
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Financials The Hong Kong and China Gas Co Ltd

Equities

3

HK0003000038

Natural Gas Utilities

Market Closed - Hong Kong S.E.
Other stock markets
 04:08:24 2024-06-06 am EDT 		5-day change 1st Jan Change
5.9 HKD -3.75% Intraday chart for The Hong Kong and China Gas Co Ltd -4.68% -1.34%
Jun. 05 Towngas Negotiating with Hong Kong Government for Tariff Increases MT
May. 09 I2Cool Limited announced that it has received HKD 100 million in funding from Futuretimes Technology India Private Limited, The Hong Kong and China Gas Company Limited, Trustar Capital and other investors CI

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 257,599 205,792 226,531 138,456 111,586 110,093 - -
Enterprise Value (EV) 1 287,687 241,170 271,085 184,519 158,039 161,416 166,057 163,493
P/E ratio 36.9 x 34.3 x 45.1 x 28.2 x 18.9 x 17.3 x 16.5 x 15.2 x
Yield 2.3% 3.02% 2.88% 4.72% 5.85% 5.94% 5.94% 6.02%
Capitalization / Revenue 6.34 x 5.03 x 4.23 x 2.27 x 1.96 x 1.88 x 1.75 x 1.72 x
EV / Revenue 7.08 x 5.89 x 5.06 x 3.03 x 2.77 x 2.75 x 2.63 x 2.55 x
EV / EBITDA 26.7 x 21.3 x 21.3 x 15.3 x 13.3 x 12.7 x 12.4 x 11.7 x
EV / FCF 91 x 89.6 x 130 x 139 x - 45.5 x 36.9 x 34.2 x
FCF Yield 1.1% 1.12% 0.77% 0.72% - 2.2% 2.71% 2.93%
Price to Book 4.01 x 2.98 x 3.24 x 2.18 x 1.86 x 1.79 x 1.79 x 1.78 x
Nbr of stocks (in thousands) 18,659,870 18,659,870 18,659,870 18,659,870 18,659,870 18,659,870 - -
Reference price 2 13.80 11.03 12.14 7.420 5.980 5.900 5.900 5.900
Announcement Date 3/19/20 3/19/21 3/21/22 3/17/23 3/20/24 - - -
1HKD in Million2HKD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 40,628 40,927 53,564 60,953 56,971 58,597 63,080 64,088
EBITDA 1 10,777 11,340 12,702 12,046 11,915 12,703 13,412 14,027
EBIT 1 8,024 8,400 9,462 8,600 8,137 8,871 9,528 10,053
Operating Margin 19.75% 20.52% 17.66% 14.11% 14.28% 15.14% 15.11% 15.69%
Earnings before Tax (EBT) 1 10,404 8,926 8,381 8,184 9,174 9,519 9,895 10,957
Net income 1 6,966 6,007 5,017 5,248 6,070 6,293 6,693 7,239
Net margin 17.15% 14.68% 9.37% 8.61% 10.65% 10.74% 10.61% 11.3%
EPS 2 0.3737 0.3219 0.2690 0.2630 0.3160 0.3414 0.3566 0.3887
Free Cash Flow 1 3,161 2,693 2,083 1,324 - 3,549 4,498 4,783
FCF margin 7.78% 6.58% 3.89% 2.17% - 6.06% 7.13% 7.46%
FCF Conversion (EBITDA) 29.33% 23.74% 16.4% 10.99% - 27.94% 33.54% 34.1%
FCF Conversion (Net income) 45.38% 44.82% 41.51% 25.22% - 56.4% 67.21% 66.08%
Dividend per Share 2 0.3175 0.3333 0.3500 0.3500 0.3500 0.3506 0.3506 0.3554
Announcement Date 3/19/20 3/19/21 3/21/22 3/17/23 3/20/24 - - -
1HKD in Million2HKD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2020 S1 2021 S1 2022 S1 2023 S1
Net sales 1 - - 29,721 29,178
EBITDA - - - -
EBIT - - - -
Operating Margin - - - -
Earnings before Tax (EBT) 1 - - 5,130 5,687
Net income 1 2,667 4,200 3,315 3,614
Net margin - - 11.15% 12.39%
EPS 0.1429 0.2250 - -
Dividend per Share - - - -
Announcement Date 9/1/20 8/20/21 8/19/22 8/15/23
1HKD in Million
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 30,087 35,378 44,554 46,063 46,453 51,322 55,964 53,399
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 2.792 x 3.12 x 3.508 x 3.824 x 3.899 x 4.04 x 4.173 x 3.807 x
Free Cash Flow 1 3,161 2,693 2,083 1,324 - 3,549 4,498 4,783
ROE (net income / shareholders' equity) 11% 9.17% 7.48% 7.87% 10% 10.7% 11.2% 12.3%
ROA (Net income/ Total Assets) 5.1% 4.13% 3.15% 3.12% 3.7% 3.87% 4.09% 4.29%
Assets 1 136,582 145,455 159,174 168,205 164,123 162,707 163,711 168,752
Book Value Per Share 2 3.440 3.710 3.740 3.410 3.210 3.290 3.300 3.310
Cash Flow per Share 2 0.5300 0.5300 0.5600 0.5200 - 0.4400 0.6000 0.5400
Capex 1 6,751 7,295 8,387 8,321 - 6,664 6,480 6,227
Capex / Sales 16.62% 17.82% 15.66% 13.65% - 11.37% 10.27% 9.72%
Announcement Date 3/19/20 3/19/21 3/21/22 3/17/23 3/20/24 - - -
1HKD in Million2HKD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for The Hong Kong and China Gas Co Ltd

Trading Rating
Investor Rating
ESG Refinitiv
A-
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
9
Last Close Price
5.9 HKD
Average target price
6.489 HKD
Spread / Average Target
+9.98%
Consensus

EPS Revisions

Estimates Revisions

Annual profits - Rate of surprise

Company calendar

Sector Natural Gas Distribution

1st Jan change Capi.
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SOUTHWEST GAS HOLDINGS, INC. Stock Southwest Gas Holdings, Inc.
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UGI CORPORATION Stock UGI Corporation
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BROOKFIELD INFRASTRUCTURE CORPORATION Stock Brookfield Infrastructure Corporation
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-37.26% 4.87B
GUJARAT GAS LIMITED Stock Gujarat Gas Limited
+23.75% 4.54B
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