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China Gas Holdings
(0384)
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Rating:55Neutral
Price Target:
HK$6.50
â–²(14.44% Upside)
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
Stable, recurring business model
China Gas operates regulated city gas networks with recurring retail supply, connection and service revenues. The utility-like economics and broad end-user mix (residential, commercial, industrial) create durable cash flows, predictable demand seasonality, and a structural revenue base supportive of multi-month resilience.
Negative Factors
Multi-year revenue decline
Sustained top-line contraction over several years signals structural pressure on demand, pricing or market share. Continued revenue declines reduce operating leverage, limit reinvestment capacity, and make future margin recovery harder, weakening medium-term growth prospects and strategic flexibility.
Read all positive and negative factors
Positive Factors
Negative Factors
Stable, recurring business model
China Gas operates regulated city gas networks with recurring retail supply, connection and service revenues. The utility-like economics and broad end-user mix (residential, commercial, industrial) create durable cash flows, predictable demand seasonality, and a structural revenue base supportive of multi-month resilience.
Read all positive factors
China Gas Holdings (0384) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$30.73B
Dividend Yield6.09%
Average Volume (3M)12.91M
Price to Earnings (P/E)11.3
Beta (1Y)0.77
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. Volume14,361,973
30 Day Avg. Volume12,905,596
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 Target
HK$6.87Price Target Upside20.95% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering4
EPS Forecast (FY)0.52
Revenue Forecast (FY)HK$75.61B
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
Positive
5.68
Price Trends
5.56
Positive
6.16
Negative
6.87
Negative
Market Momentum
<0.01
Negative
56.53
Neutral
56.99
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:0384, the sentiment is Positive. The current price of 5.68 is above the 20-day moving average (MA) of 5.59, above the 50-day MA of 5.56, and below the 200-day MA of 6.87, indicating a neutral trend. The MACD of <0.01 indicates Negative momentum. The RSI at 56.53 is Neutral, neither overbought nor oversold. The STOCH value of 56.99 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
67 Neutral | HK$55.92B | 7.97 | 12.80% | 5.84% | 5.69% | 8.67% | |
66 Neutral | $17.65B | 18.10 | 5.60% | 3.62% | 6.62% | 11.55% | |
61 Neutral | HK$37.79B | 11.22 | 7.90% | 5.48% | 0.94% | 17.12% | |
60 Neutral | HK$11.46B | 7.36 | 5.79% | 6.14% | 2.60% | -11.05% | |
59 Neutral | HK$133.98B | 20.86 | 10.65% | 4.79% | 1.53% | 12.95% | |
55 Neutral | HK$30.73B | 11.26 | 4.80% | 6.09% | -7.13% | -16.53% | |
48 Neutral | HK$14.54B | 42.62 | 3.71% | 2.47% | 6.15% | -21.68% |
* Utilities Sector Average
HK:0384
China Gas Holdings
5.75
-1.59
-21.73%
HK:1193
China Resources Gas Group
17.51
-1.78
-9.24%
HK:0003
Hong Kong & China Gas Co
7.30
0.63
9.53%
HK:1083
Towngas China Co
3.09
-0.60
-16.19%
HK:2688
ENN Energy Holdings
51.40
-10.22
-16.59%
HK:1635
Shanghai Dazhong Public Utilities (Group) Co., Ltd. Class H
2.33
-0.09
-3.64%
China Gas Holdings Corporate Events
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 ...
China Gas Sets August AGM, Proposes Dividend and Share Buyback Mandate
Jul 27, 2026
China Gas Holdings has called an annual general meeting for 21 August 2026 in Shenzhen, where shareholders will review and approve the audited financial statements for the year ended 31 March 2026 and vote on a proposed final dividend of HK20 cent...
China Gas Expands Biomass Gas Push with New Connected Framework Deals
Jul 23, 2026
China Gas Holdings has entered into two framework agreements through its non-wholly owned subsidiary China Gas Biomass Asia to support the development and operation of biomass gas projects in Yichun. The first agreement appoints Yichun Operations ...
China Gas Profit Falls on Lower Revenue Despite Surge in Comprehensive Income
Jun 26, 2026
China Gas Holdings reported a decline in annual revenue to HK$73.6 billion for the year ended 31 March 2026 from HK$79.3 billion a year earlier, reflecting softer top-line performance despite its broad footprint in China’s city gas market. T...
China Gas Declares HKD 0.20 Final Dividend for FY2026
Jun 26, 2026
China Gas Holdings Limited has declared a final ordinary cash dividend of HKD 0.20 per share for the financial year ended 31 March 2026, underscoring its intention to return capital to shareholders. The proposed payout remains subject to sharehold...
China Gas Wins Shareholder Approval for 2026 Share Award Scheme and Director Grants
Jun 24, 2026
China Gas Holdings said shareholders approved all resolutions at a special general meeting on June 24, 2026, including the adoption of a new 2026 Share Award Scheme and related mandate limits. The scheme is designed to issue share-based incentives...
China Gas Sets June Board Meeting to Approve Annual Results and Consider Dividend
Jun 10, 2026
China Gas Holdings has scheduled a board meeting for 26 June 2026 to review and approve the annual results for the year ended 31 March 2026, ahead of their release to the market. The board will also consider whether to recommend a final dividend, ...
China Gas Calls 2026 Share Award Scheme Vote, Seeks Approval for Major Director Grants
Jun 4, 2026
China Gas Holdings has called a special general meeting for 24 June 2026 in Shenzhen to seek shareholder approval for a new 2026 Share Award Scheme and related authorisations. The scheme, subject to stock exchange listing approval, would allow the...
China Gas Raises Performance Hurdles for 2026 Director Share Awards
May 10, 2026
China Gas Holdings has tightened performance conditions for its 2026 Share Award Scheme linked to directors’ conditional grants, raising the annual vesting target from at least a 12% to a 15% year-on-year increase and lifting the cumulative ...
China Gas Subsidiary Zhongran Investment Posts Solid 2025 Results on RMB5 Billion Onshore Debt
Apr 30, 2026
China Gas Holdings has disclosed financial information for its wholly owned subsidiary Zhongran Investment Limited Company, which acts as an onshore financing platform issuing RMB5 billion of notes and bonds in China. The figures, prepared under P...
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.