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China Gas Holdings
(0384)
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Rating:55Neutral
Price Target:
HK$5.00
â–¼(-11.97% Downside)
Action:Reiterated
Date:07/31/26
Overall score reflects mid-range fundamentals with deteriorating profitability and higher leverage as the primary drag, alongside a weaker longer-term technical trend (price below 100/200-day averages). These negatives are partly offset by a comparatively attractive valuation and high dividend yield.
Positive Factors
Recurring and diversified revenue model
The combination of recurring gas supply revenue and project- or service-based income gives China Gas multiple ways to monetize its distribution footprint. A large installed customer base can support cross-selling, while new connections and network expansion provide additional avenues for sustained revenue generation.
Negative Factors
Multi-year revenue contraction
Revenue declining across three consecutive annual periods signals weaker top-line momentum rather than a single temporary fluctuation. Sustained contraction can reduce operating leverage, limit reinvestment capacity, and make it harder for the company to grow earnings through customer additions or higher network utilization.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring and diversified revenue model
The combination of recurring gas supply revenue and project- or service-based income gives China Gas multiple ways to monetize its distribution footprint. A large installed customer base can support cross-selling, while new connections and network expansion provide additional avenues for sustained revenue generation.
Read all positive factors
China Gas Holdings (0384) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$27.02B
Dividend Yield7.05%
Average Volume (3M)13.12M
Price to Earnings (P/E)9.7
Beta (1Y)0.60
Revenue Growth-7.13%
EPS Growth-16.53%
CountryHK
Employees70,000
SectorUtilities
Sector Strength65
IndustryRegulated Gas
Share Statistics
EPS (TTM)0.51
Shares Outstanding5,448,153,000
10 Day Avg. Volume17,181,214
30 Day Avg. Volume13,119,224
Financial Highlights & Ratios
PEG Ratio-0.86
Price to Book (P/B)0.67
Price to Sales (P/S)0.52
P/FCF Ratio28.32
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)0.52
Revenue Forecast (FY)HK$74.99B
China Gas Holdings Business Overview & Revenue Model
Company Description
China Gas Holdings Limited operates as a leading gas utility and service provider across the People's Republic of China. The company's core activities involve the investment, construction, operation, and maintenance of comprehensive urban and regi...
How the Company Makes Money
China Gas Holdings primarily makes money through a mix of recurring energy supply revenue and project/service-based income tied to network expansion and customer additions.
1) Gas sales (recurring supply revenue): The core revenue stream is selli...
China Gas Holdings Financial Statement Overview
Summary
Income Statement
52
Neutral
Balance Sheet
57
Neutral
Cash Flow
54
Neutral
| Breakdown | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 73.60B | 79.26B | 81.41B | 91.99B | 88.23B |
| Gross Profit | 10.88B | 11.26B | 11.30B | 12.03B | 15.74B |
| EBITDA | 8.86B | 10.00B | 9.64B | 10.71B | 12.39B |
| Net Income | 2.72B | 3.25B | 3.18B | 4.29B | 7.66B |
Balance Sheet | |||||
| Total Assets | 157.73B | 148.22B | 148.70B | 157.29B | 163.15B |
| Cash, Cash Equivalents and Short-Term Investments | 12.45B | 8.89B | 8.12B | 10.72B | 10.29B |
| Total Debt | 66.54B | 60.42B | 59.24B | 61.39B | 57.70B |
| Total Liabilities | 92.95B | 87.49B | 87.95B | 92.50B | 91.08B |
| Stockholders Equity | 57.17B | 53.86B | 53.93B | 57.90B | 63.58B |
Cash Flow | |||||
| Free Cash Flow | 1.36B | 1.77B | 5.28B | 2.30B | -673.72M |
| Operating Cash Flow | 5.84B | 6.44B | 11.34B | 8.26B | 8.34B |
| Investing Cash Flow | -2.96B | -1.78B | -7.05B | -10.08B | -15.86B |
| Financing Cash Flow | -521.20M | -3.81B | -5.86B | 2.95B | 8.78B |
China Gas Holdings Technical Analysis
Negative
5.68
Price Trends
5.36
Negative
5.52
Negative
6.42
Negative
Market Momentum
-0.14
Positive
39.92
Neutral
22.13
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:0384, the sentiment is Negative. The current price of 5.68 is above the 20-day moving average (MA) of 5.11, above the 50-day MA of 5.36, and below the 200-day MA of 6.42, indicating a bearish trend. The MACD of -0.14 indicates Positive momentum. The RSI at 39.92 is Neutral, neither overbought nor oversold. The STOCH value of 22.13 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:0384.
China Gas Holdings Peers Comparison
UnderperformOutperform
Sector (66)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | HK$55.06B | 7.50 | 12.80% | 6.21% | 5.69% | 8.67% | |
66 Neutral | $17.65B | 18.10 | 5.60% | 3.62% | 6.62% | 11.55% | |
61 Neutral | HK$37.02B | 10.46 | 7.90% | 5.82% | 0.94% | 17.12% | |
60 Neutral | HK$11.14B | 7.01 | 5.79% | 6.44% | 2.60% | -11.05% | |
59 Neutral | HK$135.66B | 20.77 | 10.65% | 4.81% | 1.53% | 12.95% | |
55 Neutral | HK$27.02B | 9.73 | 4.80% | 7.05% | -7.13% | -16.53% | |
48 Neutral | HK$12.31B | 35.41 | 3.71% | 3.18% | 6.15% | -21.68% |
* Utilities Sector Average
HK:0384
China Gas Holdings
4.96
-2.61
-34.45%
HK:1193
China Resources Gas Group
16.32
-3.92
-19.38%
HK:0003
Hong Kong & China Gas Co
7.27
0.39
5.61%
HK:1083
Towngas China Co
2.95
-0.73
-19.93%
HK:2688
ENN Energy Holdings
48.76
-15.08
-23.62%
HK:1635
Shanghai Dazhong Public Utilities (Group) Co., Ltd. Class H
1.81
-2.49
-57.91%
China Gas Holdings Corporate Events
China Gas Unit Zhongran Investment Posts Strong Nine-Month Unaudited Results
Oct 30, 2026
China Gas Holdings Limited has disclosed unaudited nine-month financial data for its wholly owned subsidiary Zhongran Investment Limited Company, a key financing arm in the mainland China market. Zhongran Investment had total assets of RMB61.1 bil...
China Gas reshapes board as Beijing Gas veteran joins leadership
Oct 20, 2026
China Gas Holdings has announced a boardroom reshuffle, with executive director Zhao Kun stepping down from the board and the executive committee effective 20 October 2026 to focus on other business commitments. The company said Zhao has no disagr...
China Gas Updates Board and Committee Line-Up to Strengthen Governance
Oct 20, 2026
China Gas Holdings Limited has updated the composition of its board of directors and board committees, effective 20 October 2026, detailing the roles of its executive, non-executive and independent non-executive directors. The announcement clarifi...
China Gas Unit Zhongran Posts Interim Profit as Bond Market Disclosure Rises
Aug 28, 2026
China Gas Holdings has disclosed interim financial information for its wholly owned unit Zhongran Investment, which has RMB5 billion of outstanding notes and bonds in China, to comply with mainland regulatory requirements. The subsidiary reported ...
China Gas Shareholders Approve All AGM Resolutions, Back Dividend and Board Mandates
Aug 21, 2026
China Gas Holdings Limited reported that all resolutions put to shareholders at its 21 August 2026 annual general meeting were approved by poll, underscoring strong support for the company’s current governance and strategic direction. Invest...
China Gas Updates Bermuda Registered Office, Keeps Hong Kong Share Registrar Unchanged
Jul 31, 2026
China Gas Holdings Limited announced that its registered office address in Bermuda will be changed to Richmond House, 12 Par-la-Ville Road, Hamilton HM 08, effective 3 August 2026. The move reflects an administrative update to the company’s ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.