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Beijing Enterprises Holdings
(0392)
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Rating:61Neutral
Price Target:
HK$33.00
â–²(10.59% Upside)
Action:Reiterated
Date:08/06/26
The score is held back primarily by weakening financial quality—margin compression, lower ROE, and especially volatile/weak free cash flow conversion—despite a workable balance sheet. Technicals are mostly neutral with modest near-term stabilization but lingering longer-term weakness versus the 200-day average. These risks are partly offset by clearly favorable valuation, driven by a low P/E and strong dividend yield.
Positive Factors
Regulated, contract-based recurring revenue
BEH's core revenue comes from regulated tariffs, municipal concessions and contract-based utility services, which create durable, recurring cash flows and lower demand cyclicality. That structure supports long-term planning, predictable revenue under negotiated terms, and steadier ability to service debt and fund ongoing infrastructure capex.
Negative Factors
Sustained margin compression
A multi-year erosion of gross, EBITDA and net margins signals structural pressure from higher input costs, tariff constraints, or weaker operating leverage. Persistently lower margins reduce internal funding for maintenance and growth, compress buffer for shocks, and can permanently lower return on invested capital unless pricing or efficiency improvements are enacted.
Read all positive and negative factors
Positive Factors
Negative Factors
Regulated, contract-based recurring revenue
BEH's core revenue comes from regulated tariffs, municipal concessions and contract-based utility services, which create durable, recurring cash flows and lower demand cyclicality. That structure supports long-term planning, predictable revenue under negotiated terms, and steadier ability to service debt and fund ongoing infrastructure capex.
Read all positive factors
Beijing Enterprises Holdings (0392) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$40.00B
Dividend Yield5.14%
Average Volume (3M)1.68M
Price to Earnings (P/E)6.7
Beta (1Y)0.60
Revenue Growth5.30%
EPS Growth0.81%
CountryHK
Employees34,000
SectorIndustrials
Sector Strength72
IndustryRegulated Gas
Share Statistics
EPS (TTM)4.67
Shares Outstanding1,258,003,300
10 Day Avg. Volume2,225,385
30 Day Avg. Volume1,679,335
Financial Highlights & Ratios
PEG Ratio2.20
Price to Book (P/B)0.40
Price to Sales (P/S)0.41
P/FCF Ratio21.54
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
HK$35.87Price Target Upside20.20% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
EPS Forecast (FY)4.11
Revenue Forecast (FY)HK$88.67B
Beijing Enterprises Holdings Business Overview & Revenue Model
Company Description
Beijing Enterprises Holdings Ltd. is an investment holding company, which engages in natural gas, beer, water-related services, water treatment and other-related businesses. It operates through the following segments: Gas Operation, Water Operatio...
How the Company Makes Money
The company makes money mainly by operating regulated or contract-based utility and environmental services and earning recurring fees from customers and municipal/industrial clients. Key revenue streams typically include: (1) City gas and natural ...
Beijing Enterprises Holdings Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
58
Neutral
Cash Flow
44
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 98.82B | 97.08B | 89.43B | 82.00B | 81.05B | 65.71B |
| Gross Profit | 13.85B | 13.27B | 12.16B | 10.69B | 9.52B | 9.04B |
| EBITDA | 8.54B | 7.28B | 10.19B | 8.76B | 8.89B | 10.10B |
| Net Income | 5.87B | 5.63B | 5.45B | 5.49B | 6.51B | 8.09B |
Balance Sheet | ||||||
| Total Assets | 253.66B | 239.32B | 223.19B | 204.10B | 194.12B | 181.83B |
| Cash, Cash Equivalents and Short-Term Investments | 33.91B | 34.87B | 32.94B | 28.75B | 27.68B | 27.15B |
| Total Debt | 92.33B | 88.69B | 84.60B | 76.59B | 68.70B | 59.54B |
| Total Liabilities | 131.83B | 124.89B | 119.32B | 110.99B | 103.64B | 92.83B |
| Stockholders Equity | 104.84B | 99.18B | 90.32B | 80.69B | 78.96B | 78.32B |
Cash Flow | ||||||
| Free Cash Flow | 3.95B | 1.86B | 600.16M | -520.97M | -3.99B | 39.32M |
| Operating Cash Flow | 7.97B | 8.24B | 7.14B | 8.31B | 7.80B | 9.43B |
| Investing Cash Flow | -4.61B | -2.95B | -7.11B | -10.63B | -12.60B | -9.25B |
| Financing Cash Flow | -3.10B | -6.22B | 465.89M | 3.29B | 2.07B | 1.48B |
Beijing Enterprises Holdings Technical Analysis
Positive
29.84
Price Trends
30.62
Positive
30.29
Positive
31.63
Negative
Market Momentum
0.26
Negative
55.53
Neutral
56.57
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:0392, the sentiment is Positive. The current price of 29.84 is below the 20-day moving average (MA) of 30.91, below the 50-day MA of 30.62, and below the 200-day MA of 31.63, indicating a neutral trend. The MACD of 0.26 indicates Negative momentum. The RSI at 55.53 is Neutral, neither overbought nor oversold. The STOCH value of 56.57 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for HK:0392.
Beijing Enterprises Holdings Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | HK$23.29B | 5.50 | 6.12% | 5.00% | 2.39% | 7.81% | |
64 Neutral | HK$15.13B | 7.43 | 4.00% | 6.45% | -28.06% | -23.13% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
61 Neutral | HK$40.00B | 6.75 | 5.76% | 5.41% | 5.30% | 0.81% | |
59 Neutral | HK$265.61B | 7.13 | 6.62% | 3.29% | -2.34% | 388.55% | |
55 Neutral | HK$41.43B | -1.60 | -23.63% | 0.39% | -1.33% | -409.12% | |
48 Neutral | HK$393.30B | 5.86 | 8.21% | 4.80% | 12.61% | 10.92% |
* Industrials Sector Average
HK:0392
Beijing Enterprises Holdings
29.96
-2.87
-8.75%
HK:0001
CK Hutchison Holdings
69.90
19.58
38.90%
HK:0267
CITIC
13.72
2.08
17.90%
HK:0656
Fosun International
5.15
-0.50
-8.85%
HK:0053
Guoco Group
71.00
-1.04
-1.44%
HK:0363
Shanghai Industrial Holdings
13.84
0.23
1.68%
Beijing Enterprises Holdings Corporate Events
Beijing Enterprises Sets EGM to Approve Caps on Group Deposit Services
Aug 4, 2026
Beijing Enterprises Holdings Limited, a Hong Kong-listed conglomerate operating across utilities, infrastructure and related services in mainland China and Hong Kong, relies on centralized financial arrangements within its corporate group. Its boa...
Beijing Enterprises Sets New Finance Company Deal, Triggers Major Transaction Review
Jul 14, 2026
Beijing Enterprises Holdings has agreed a new three-year financial services arrangement with Beijing Enterprises Group Finance Company Limited, effective from August 2026, covering deposit, loan and other financial services for the group. The agre...
Beijing Enterprises Wins Strong Shareholder Backing at 2026 AGM
May 28, 2026
Beijing Enterprises Holdings reported that all ordinary resolutions at its 2026 annual general meeting on 28 May were duly passed by wide margins, including approval of the 2025 audited financial statements and the declaration of a final dividend....
Beijing Enterprises Sets Final 2025 Dividend and RMB Option Details
May 28, 2026
Beijing Enterprises Holdings Limited has declared a final ordinary dividend of HKD 0.77 per share for the financial year ended 31 December 2025, payable in Hong Kong dollars by default or, at shareholders’ election, in renminbi at RMB 0.6712...
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.