Stock 1193 CHINA RESOURCES GAS GROUP LIMITED
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Financials China Resources Gas Group Limited

Equities

1193

BMG2113B1081

Natural Gas Utilities

Market Closed - Hong Kong S.E.
Other stock markets
 04:08:20 2024-04-26 am EDT 		5-day change 1st Jan Change
24.7 HKD -0.80% Intraday chart for China Resources Gas Group Limited +4.44% -3.52%
Mar. 29 China Resources Gas Group Posts Higher Profit, Revenue in 2023 MT
Mar. 28 China Resources Gas Group Limited Proposes Final Dividend for the Year Ended December 31, 2023, Payable on July 17, 2024 CI

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023 2024 2025
Capitalization 1 68,944 95,188 95,453 101,932 67,801 57,156 57,156 -
Enterprise Value (EV) 1 67,262 90,174 90,712 100,864 79,080 71,984 71,069 72,326
P/E ratio 15.2 x 18.4 x 17.9 x 15.6 x 14 x 11.1 x 10.3 x 9.21 x
Yield 2.48% 2.03% 2.25% 2.88% 3.58% 4.52% 4.83% 5.45%
Capitalization / Revenue 1.35 x 1.7 x 1.71 x 1.3 x 0.72 x 0.58 x 0.54 x 0.51 x
EV / Revenue 1.31 x 1.62 x 1.62 x 1.29 x 0.84 x 0.71 x 0.68 x 0.64 x
EV / EBITDA 7.3 x 8.94 x 8.52 x 7.67 x 7.03 x 6.45 x 5.28 x 4.99 x
EV / FCF 23.4 x 19.7 x 21.5 x 37.3 x -41.9 x 113 x 21.7 x 20.1 x
FCF Yield 4.28% 5.07% 4.66% 2.68% -2.39% 0.88% 4.61% 4.98%
Price to Book 2.81 x 3.48 x 2.63 x 2.42 x 1.72 x 1.32 x 1.29 x 1.21 x
Nbr of stocks (in thousands) 2,224,013 2,224,013 2,314,013 2,314,013 2,314,013 2,314,013 2,314,013 -
Reference price 2 31.00 42.80 41.25 44.05 29.30 24.70 24.70 24.70
Announcement Date 3/22/19 3/27/20 3/26/21 3/18/22 3/31/23 3/28/24 - -
1HKD in Million2HKD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023 2024 2025
Net sales 1 51,165 55,835 55,864 78,175 94,338 101,272 104,903 112,278
EBITDA 1 9,212 10,091 10,643 13,144 11,255 11,163 13,464 14,495
EBIT 1 7,530 8,169 8,524 8,712 7,895 7,102 9,566 10,482
Operating Margin 14.72% 14.63% 15.26% 11.14% 8.37% 7.01% 9.12% 9.34%
Earnings before Tax (EBT) 1 7,877 8,391 8,990 11,184 8,616 8,909 9,616 10,580
Net income 1 4,450 5,043 5,151 6,395 4,733 5,224 5,554 6,204
Net margin 8.7% 9.03% 9.22% 8.18% 5.02% 5.16% 5.29% 5.53%
EPS 2 2.040 2.320 2.310 2.820 2.090 2.300 2.406 2.683
Free Cash Flow 1 2,879 4,571 4,227 2,707 -1,887 635.2 3,279 3,602
FCF margin 5.63% 8.19% 7.57% 3.46% -2% 0.66% 3.13% 3.21%
FCF Conversion (EBITDA) 31.25% 45.3% 39.72% 20.6% - 4.85% 24.35% 24.85%
FCF Conversion (Net income) 64.69% 90.64% 82.06% 42.33% - 11.06% 59.04% 58.06%
Dividend per Share 2 0.7700 0.8700 0.9300 1.270 1.050 1.157 1.192 1.346
Announcement Date 3/22/19 3/27/20 3/26/21 3/18/22 3/31/23 3/28/24 - -
1HKD in Million2HKD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2019 S1 2019 S2 2020 S1 2020 S2 2021 S1 2021 S2 2022 S1 2022 S2 2023 S1 2023 S2
Net sales 1 28,173 27,663 22,572 33,292 34,416 43,759 48,101 46,238 48,370 52,902
EBITDA - - - - - - - - - -
EBIT 1 4,449 3,720 3,735 4,790 5,273 4,121 4,790 3,106 - 2,713
Operating Margin 15.79% 13.45% 16.55% 14.39% 15.32% 9.42% 9.96% 6.72% - 5.13%
Earnings before Tax (EBT) 1 - - - 5,002 - - 5,147 - 5,592 3,317
Net income 1 2,928 2,115 2,396 2,755 3,250 - 3,045 1,688 3,545 1,678
Net margin 10.39% 7.65% 10.62% 8.27% 9.44% - 6.33% 3.65% 7.33% 3.17%
EPS 2 1.340 - - - 1.430 - - - - 0.7400
Dividend per Share 2 - - - - - - - - - 1.007
Announcement Date 8/23/19 3/27/20 8/25/20 3/26/21 8/20/21 3/18/22 8/26/22 3/31/23 8/25/23 3/28/24
1HKD in Million2HKD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023 2024 2025
Net Debt 1 - - - - 11,279 12,745 13,912 15,170
Net Cash position 1 1,683 5,013 4,741 1,068 - - - -
Leverage (Debt/EBITDA) - - - - 1.002 x 1.142 x 1.033 x 1.047 x
Free Cash Flow 1 2,879 4,571 4,227 2,707 -1,887 635 3,279 3,602
ROE (net income / shareholders' equity) 19.3% 19.8% 16.3% 16.5% 11.7% 13% 12.2% 12.5%
ROA (Net income/ Total Assets) 6.25% 6.52% 5.86% 6.4% 4.34% 4.18% 4.14% 4.34%
Assets 1 71,202 77,298 87,848 100,004 109,093 125,089 134,131 142,956
Book Value Per Share 2 11.00 12.30 15.70 18.20 17.00 18.70 19.20 20.40
Cash Flow per Share 2 3.830 3.900 3.860 3.700 1.920 4.480 4.800 5.340
Capex 1 5,463 3,920 4,389 5,683 6,239 7,740 6,860 7,296
Capex / Sales 10.68% 7.02% 7.86% 7.27% 6.61% 8.01% 6.54% 6.5%
Announcement Date 3/22/19 3/27/20 3/26/21 3/18/22 3/31/23 3/28/24 - -
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 China Resources Gas Group Limited

Trading Rating
Investor Rating
ESG Refinitiv
B
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
21
Last Close Price
24.7 HKD
Average target price
27.89 HKD
Spread / Average Target
+12.92%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Natural Gas Distribution

1st Jan change Capi.
CHINA RESOURCES GAS GROUP LIMITED Stock China Resources Gas Group Limited
-3.52% 7.3B
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SOUTHWEST GAS HOLDINGS, INC. Stock Southwest Gas Holdings, Inc.
+18.39% 5.37B
UGI CORPORATION Stock UGI Corporation
+3.17% 5.32B
GUJARAT GAS LIMITED Stock Gujarat Gas Limited
+19.48% 4.55B
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