CHINA GAS HOLDINGS LIMITED |
Delayed
Other stock markets
|
5-day change | 1st Jan Change | ||
| 7.3 HKD | +1.81% |
|
+4.29% | -5.32% |
| Jun. 24 | China Gas' Profit Down 26% in Fiscal Year 2024 | MT |
| Jun. 24 | China Gas Holdings Limited Proposes Final Dividend for the Year Ended 31 March 2024, Payable on 4 October 2024 | CI |
Valuation
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 144,032 | 140,901 | 166,014 | 54,622 | 60,170 | 38,973 | - | - |
| Enterprise Value (EV) 1 | 168,692 | 173,770 | 208,425 | 102,206 | 111,118 | 38,375 | 91,034 | 89,254 |
| P/E ratio | 16.9 x | 15.3 x | 15.8 x | 7.22 x | 13.8 x | 12 x | 8.79 x | 7.83 x |
| Yield | 1.59% | 1.85% | 1.73% | 5.48% | 4.97% | 6.78% | 7.1% | 7.27% |
| Capitalization / Revenue | 2.43 x | 2.37 x | 2.37 x | 0.62 x | 0.65 x | 0.47 x | 0.46 x | 0.43 x |
| EV / Revenue | 2.84 x | 2.92 x | 2.98 x | 1.16 x | 1.21 x | 0.47 x | 1.08 x | 0.99 x |
| EV / EBITDA | 13.9 x | 11.7 x | 13.8 x | 7.63 x | 10.6 x | 4.29 x | 8.87 x | 7.98 x |
| EV / FCF | 111 x | -341 x | 1,366 x | 95.9 x | 26.8 x | 17.6 x | 27.6 x | 24 x |
| FCF Yield | 0.9% | -0.29% | 0.07% | 1.04% | 3.73% | 5.68% | 3.62% | 4.18% |
| Price to Book | 3.95 x | 3.56 x | 3.2 x | 0.87 x | 1.04 x | 0.65 x | 0.66 x | 0.64 x |
| Nbr of stocks (in thousands) | 5,218,563 | 5,218,563 | 5,212,369 | 5,440,436 | 5,440,336 | 5,435,573 | - | - |
| Reference price 2 | 27.60 | 27.00 | 31.85 | 10.04 | 11.06 | 7.170 | 7.170 | 7.170 |
| Announcement Date | 6/20/19 | 6/26/20 | 6/28/21 | 6/24/22 | 6/26/23 | 6/24/24 | - | - |
1HKD in Million2HKD
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 59,386 | 59,540 | 69,975 | 88,225 | 91,988 | 81,410 | 84,514 | 90,494 |
| EBITDA 1 | 12,142 | 14,901 | 15,052 | 13,401 | 10,462 | 8,949 | 10,266 | 11,189 |
| EBIT 1 | 10,816 | 13,137 | 12,913 | 10,809 | 7,650 | 6,039 | 7,263 | 8,030 |
| Operating Margin | 18.21% | 22.06% | 18.45% | 12.25% | 8.32% | 7.42% | 8.59% | 8.87% |
| Earnings before Tax (EBT) 1 | 11,183 | 12,725 | 14,090 | 10,787 | 6,038 | 4,612 | 6,165 | 7,098 |
| Net income 1 | 8,224 | 9,188 | 10,479 | 7,662 | 4,293 | 3,185 | 4,387 | 4,946 |
| Net margin | 13.85% | 15.43% | 14.97% | 8.68% | 4.67% | 3.91% | 5.19% | 5.47% |
| EPS 2 | 1.630 | 1.760 | 2.010 | 1.390 | 0.8000 | 0.5900 | 0.8160 | 0.9160 |
| Free Cash Flow 1 | 1,514 | -509.4 | 152.5 | 1,066 | 4,149 | 5,048 | 3,296 | 3,727 |
| FCF margin | 2.55% | -0.86% | 0.22% | 1.21% | 4.51% | 5.74% | 3.9% | 4.12% |
| FCF Conversion (EBITDA) | 12.47% | - | 1.01% | 7.95% | 39.66% | 49.49% | 32.11% | 33.31% |
| FCF Conversion (Net income) | 18.41% | - | 1.46% | 13.91% | 96.63% | 118.27% | 75.12% | 75.35% |
| Dividend per Share 2 | 0.4400 | 0.5000 | 0.5500 | 0.5500 | 0.5500 | 0.4860 | 0.5090 | 0.5216 |
| Announcement Date | 6/20/19 | 6/26/20 | 6/28/21 | 6/24/22 | 6/26/23 | 6/24/24 | - | - |
1HKD in Million2HKD
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: March | 2020 S1 | 2020 S2 | 2021 S1 | 2021 S2 | 2022 S1 | 2022 S2 | 2023 S1 | 2023 S2 | 2024 S1 | 2024 S2 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 27,926 | 31,614 | 27,165 | 42,810 | 38,947 | 49,278 | 42,976 | 49,012 | 36,049 | 45,361 |
| EBITDA | - | - | - | - | - | - | - | - | - | - |
| EBIT 1 | 6,376 | 6,761 | 6,790 | 6,480 | 5,255 | 4,967 | 4,171 | - | 2,475 | 2,902 |
| Operating Margin | 22.83% | 21.39% | 25% | 15.14% | 13.49% | 10.08% | 9.7% | - | 6.87% | 6.4% |
| Earnings before Tax (EBT) 1 | - | 6,135 | 5,638 | 7,207 | - | - | 4,384 | 1,654 | - | 2,093 |
| Net income 1 | 4,910 | 4,279 | 5,090 | 5,389 | 4,105 | - | 3,260 | 1,033 | 1,830 | 1,355 |
| Net margin | 17.58% | 13.53% | 18.74% | 12.59% | 10.54% | - | 7.59% | 2.11% | 5.08% | 2.99% |
| EPS | 0.9408 | - | 0.9753 | 1.035 | 0.7435 | 0.6465 | 0.5992 | 0.2008 | - | - |
| Dividend per Share | - | - | - | 0.4500 | - | 0.4500 | - | 0.4500 | - | - |
| Announcement Date | 11/25/19 | 6/26/20 | 11/27/20 | 6/28/21 | 11/29/21 | 6/24/22 | 11/25/22 | 6/26/23 | 11/27/23 | 6/24/24 |
1HKD in Million
Estimates
Balance Sheet Analysis
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 24,660 | 32,869 | 42,411 | 47,584 | 50,948 | 49,865 | 52,061 | 50,281 |
| Net Cash position 1 | - | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 2.031 x | 2.206 x | 2.818 x | 3.551 x | 4.87 x | 4.889 x | 5.071 x | 4.494 x |
| Free Cash Flow 1 | 1,514 | -509 | 153 | 1,066 | 4,149 | 5,048 | 3,296 | 3,727 |
| ROE (net income / shareholders' equity) | 25.8% | 24.5% | 22.9% | 13.9% | 7.07% | 7.37% | 7.83% | 8.23% |
| ROA (Net income/ Total Assets) | 8.57% | 8.28% | 8.29% | 5.3% | 2.68% | 2.85% | 3.11% | 3.26% |
| Assets 1 | 95,969 | 110,983 | 126,417 | 144,569 | 160,217 | 149,947 | 141,240 | 151,578 |
| Book Value Per Share 2 | 6.990 | 7.590 | 9.960 | 11.60 | 10.60 | 11.00 | 10.80 | 11.20 |
| Cash Flow per Share 2 | 2.000 | 1.240 | 1.590 | 1.800 | 1.860 | 1.720 | 1.640 | 1.610 |
| Capex 1 | 8,603 | 6,995 | 7,085 | 8,656 | 5,879 | 6,646 | 6,367 | 5,848 |
| Capex / Sales | 14.49% | 11.75% | 10.13% | 9.81% | 6.39% | 7.56% | 7.53% | 6.46% |
| Announcement Date | 6/20/19 | 6/26/20 | 6/28/21 | 6/24/22 | 6/26/23 | 6/24/24 | - | - |
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
Trading Rating
Investor Rating
ESG Refinitiv
B+
Sell
Buy
Mean consensus
OUTPERFORM
Number of Analysts
20
Last Close Price
7.17
HKD
Average target price
8.154
HKD
Spread / Average Target
+13.72%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| -5.32% | 4.99B | |
| -23.56% | 21.13B | |
| +36.62% | 17.46B | |
| +0.53% | 17.58B | |
| -8.59% | 11.92B | |
| +17.35% | 8.86B | |
| +6.55% | 8.49B | |
| +1.84% | 7.43B | |
| -7.49% | 6.79B | |
| +11.83% | 6.74B |
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