TL Natural Gas Holdings Limited (8536) AI Stock Analysis

TL Natural Gas Holdings Limited

(HKEX:8536)

Select Model

Rating:43Neutral

Price Target:HKD 0.23▲(1.81% Upside)

Action:reiterated

Date:09/08/26

The overall score is held down primarily by structurally weak fundamentals, including persistent losses, falling margins, shrinking equity, and a shift to sustained negative operating and free cash flow. Technicals contribute modestly with a mixed, slightly oversold configuration that lacks clear positive momentum, while the valuation remains unappealing due to a negative P/E and no dividend, indicating that a successful operational turnaround is needed before the stock’s risk-reward profile improves meaningfully.

Positive Factors

Conservative LeverageVery low leverage limits interest burden and near-term refinancing pressure, giving the company more balance-sheet flexibility than a heavily indebted peer. This financial cushion could help it withstand operating volatility, although shrinking assets and equity reduce the strength of that advantage.

Negative Factors

Persistent LossesRecurring operating and net losses indicate the current business model is not yet producing sustainable profitability. Continued losses can erode equity, restrict reinvestment, and make future growth dependent on improving pricing, costs, or revenue quality rather than internally funded expansion.

TL Natural Gas Holdings Limited (8536) vs. iShares MSCI Hong Kong ETF (EWH)

Market Cap: HKD 46.96M
Dividend Yield: ―
Average Volume (3M): 246.64K
Price to Earnings (P/E): -2.9
Beta (1Y): 0.03
Revenue Growth: -7.84%
EPS Growth: -10.90%
Country: Hong Kong
Employees: 67
Sector: Consumer Cyclical
Sector Strength: 61
Industry: Regulated Gas

TL Natural Gas Holdings Limited Business Overview & Revenue Model

Company Description

TL Natural Gas Holdings Limited, an investment holding company, sells compressed natural gas (CNG) and liquefied natural gas in China. The company distributes CNG to retail customers, such as vehicular end-users; and wholesale customers, including ur...

How the Company Makes Money

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TL Natural Gas Holdings Limited Financial Statement Overview

Summary

Revenue has grown over time and leverage is low, but core operations remain loss-making, margins have compressed to very thin levels, assets and equity are shrinking, and cash flow has turned consistently negative, resulting in a weak and deteriorating financial profile.

Income Statement

38Negative

Balance Sheet

55Neutral

Cash Flow

32Negative

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	103.53M	86.59M	96.28M	77.95M	67.59M	46.44M
Gross Profit	6.88M	7.08M	8.12M	7.49M	16.27M	-988.00K
EBITDA	-5.12M	-3.70M	-5.97M	-1.72M	2.22M	-969.00K
Net Income	-12.13M	-7.75M	-9.68M	-23.02M	-3.07M	-8.48M
Balance Sheet
Total Assets	53.98M	60.38M	62.20M	69.16M	95.32M	97.61M
Cash, Cash Equivalents and Short-Term Investments	26.11M	31.01M	29.44M	34.17M	36.19M	29.65M
Total Debt	1.22M	1.32M	993.00K	1.80M	3.79M	3.75M
Total Liabilities	8.69M	9.78M	8.90M	9.88M	13.24M	13.34M
Stockholders Equity	45.29M	50.61M	53.30M	60.09M	82.65M	84.27M
Cash Flow
Free Cash Flow	-5.53M	-3.51M	-1.90M	-4.07M	4.63M	18.74M
Operating Cash Flow	-5.03M	-2.98M	-1.78M	-1.70M	8.28M	24.31M
Investing Cash Flow	-437.36K	-536.74K	120.00K	-1.99M	-3.65M	4.09M
Financing Cash Flow	-800.82K	4.75M	2.63M	-1.74M	-1.62M	-4.70M

TL Natural Gas Holdings Limited Technical Analysis

Technical Analysis SentimentNegative

Last Price0.22

Price Trends

50DMA0.23Negative

100DMA0.22Positive

200DMA0.23Negative

Market Momentum

MACD-0.00Positive

RSI41.23Neutral

STOCH-0.00Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:8536, the sentiment is Negative. The current price of 0.22 is below the 20-day moving average (MA) of 0.23, below the 50-day MA of 0.23, and below the 200-day MA of 0.23, indicating a bearish trend. The MACD of -0.00 indicates Positive momentum. The RSI at 41.23 is Neutral, neither overbought nor oversold. The STOCH value of -0.00 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:8536.

TL Natural Gas Holdings Limited Peers Comparison

Overall Rating

UnderperformOutperform

Sector (61)

Financial Indicators

HK:8536 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
HK:8536	43Neutral	HKD 46.96M	-2.92	-28.08%	―	-7.84%	-10.90%
HK:1759	42Neutral	HKD 147.96M	-5.45	-6.46%	―	-6.22%	-95.07%

* Consumer Cyclical Sector Average

Performance Comparison

HK:8536 and its peers over the selected period
Show on chart	Ticker	Company Name	Price	Change	% Change
	HK:8536	TL Natural Gas Holdings Limited	0.22	-0.03	-11.60%
	HK:1759	Sino Gas Holdings Group Limited	0.69	-0.39	-35.98%

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.

Date of analysis: Sep 08, 2026

TL Natural Gas Holdings Limited AI Stock Analysis