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Hokkaido Gas Co., Ltd.
(9534)
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Rating:73Outperform
Price Target:
¥1,021.00
▲(49.71% Upside)
Action:Reiterated
Date:07/31/26
The score is driven primarily by solid underlying financial performance (improving margins and reduced leverage) and very attractive valuation (low P/E and a ~3.16% dividend). These positives are tempered by a sharp TTM revenue decline and mixed cash flow consistency, while technicals indicate only mild near-term strength with a softer medium-term trend.
Positive Factors
Margin Expansion
The substantial gross-margin improvement indicates stronger profitability than in earlier years and provides a buffer against demand or cost pressure. If maintained, healthier margins can support operating resilience, internal funding, and continued investment in the regulated gas network.
Negative Factors
Revenue Contraction
The sharp trailing-twelve-month revenue decline signals a meaningful top-line headwind despite resilient margins. Prolonged weakness in gas sales revenue could constrain operating leverage, reduce funds available for investment, and make future earnings growth more dependent on efficiency rather than expanding demand.
Read all positive and negative factors
Positive Factors
Negative Factors
Margin Expansion
The substantial gross-margin improvement indicates stronger profitability than in earlier years and provides a buffer against demand or cost pressure. If maintained, healthier margins can support operating resilience, internal funding, and continued investment in the regulated gas network.
Read all positive factors
Hokkaido Gas Co., Ltd. (9534) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥81.12B
Dividend Yield2.67%
Average Volume (3M)193.20K
Price to Earnings (P/E)8.3
Beta (1Y)0.58
Revenue Growth1.28%
EPS Growth-11.88%
CountryJP
Employees1,641
SectorUtilities
Sector Strength65
IndustryRegulated Gas
Share Statistics
EPS (TTM)110.34
Shares Outstanding88,689,030
10 Day Avg. Volume277,670
30 Day Avg. Volume193,196
Financial Highlights & Ratios
PEG Ratio0.63
Price to Book (P/B)0.79
Price to Sales (P/S)0.44
P/FCF Ratio6.09
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)N/A
Revenue Forecast (FY)N/A
Hokkaido Gas Co., Ltd. Business Overview & Revenue Model
Company Description
Hokkaido Gas Co., Ltd. operates as an energy provider in Japan, primarily focusing on the supply of gas, heating, and electricity. Beyond these core offerings, the company also refines and markets gas by-products, manufactures and distributes gas-...
How the Company Makes Money
Hokkaido Gas primarily makes money by selling city gas to end users under regulated and/or retail energy arrangements. Its core revenue stream is gas sales volume multiplied by customer tariffs/unit prices, with earnings influenced by customer mix...
Hokkaido Gas Co., Ltd. Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
70
Positive
Cash Flow
67
Positive
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 174.26B | 174.52B | 170.29B | 173.88B | 174.84B | 126.96B |
| Gross Profit | 53.98B | 55.01B | 50.37B | 49.09B | 44.94B | 37.00B |
| EBITDA | 30.28B | 32.38B | 29.81B | 30.28B | 27.77B | 21.25B |
| Net Income | 9.74B | 11.53B | 10.40B | 11.63B | 9.96B | 5.24B |
Balance Sheet | ||||||
| Total Assets | 184.13B | 198.20B | 197.84B | 188.36B | 185.37B | 161.88B |
| Cash, Cash Equivalents and Short-Term Investments | 3.33B | 9.80B | 11.32B | 9.47B | 2.72B | 9.57B |
| Total Debt | 51.94B | 52.61B | 51.66B | 62.73B | 68.09B | 58.81B |
| Total Liabilities | 82.97B | 98.49B | 109.35B | 109.35B | 117.37B | 102.68B |
| Stockholders Equity | 98.86B | 97.42B | 86.35B | 76.89B | 65.89B | 57.12B |
Cash Flow | ||||||
| Free Cash Flow | 13.80B | 12.62B | 14.73B | 15.86B | -14.60B | 8.22B |
| Operating Cash Flow | 28.14B | 27.03B | 29.83B | 31.68B | 6.70B | 19.71B |
| Investing Cash Flow | -17.16B | -16.53B | -20.06B | -16.75B | -22.56B | -11.11B |
| Financing Cash Flow | -10.30B | -12.03B | -7.92B | -8.17B | 9.03B | -5.18B |
Hokkaido Gas Co., Ltd. Technical Analysis
Positive
682.00
Price Trends
792.14
Positive
797.45
Positive
802.52
Positive
Market Momentum
35.39
Negative
75.39
Negative
88.64
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:9534, the sentiment is Positive. The current price of 682 is below the 20-day moving average (MA) of 826.45, below the 50-day MA of 792.14, and below the 200-day MA of 802.52, indicating a bullish trend. The MACD of 35.39 indicates Negative momentum. The RSI at 75.39 is Negative, neither overbought nor oversold. The STOCH value of 88.64 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:9534.
Hokkaido Gas Co., Ltd. Peers Comparison
UnderperformOutperform
Sector (66)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | ¥20.61B | 6.21 | ― | 1.86% | 1.67% | 34.46% | |
73 Outperform | ¥81.12B | 8.30 | ― | 2.67% | 1.28% | -11.88% | |
73 Outperform | ¥98.19B | 10.13 | 7.33% | 3.36% | 0.10% | 40.92% | |
66 Neutral | ¥92.68B | 10.29 | 7.73% | 2.80% | -3.23% | 12.39% | |
66 Neutral | $17.65B | 18.10 | 5.60% | 3.62% | 6.62% | 11.55% | |
62 Neutral | ¥43.81B | 10.56 | ― | 1.93% | -0.15% | 21.66% | |
59 Neutral | ¥456.55B | 18.82 | 5.13% | 1.81% | -5.50% | -8.68% |
* Utilities Sector Average
JP:9534
Hokkaido Gas Co., Ltd.
928.00
272.92
41.66%
JP:9533
TOHO GAS Co
1,265.00
167.50
15.26%
JP:9536
SAIBU GAS HOLDINGS CO. LTD.
2,500.00
562.64
29.04%
JP:9543
SHIZUOKA GAS CO. LTD.
1,322.00
215.61
19.49%
JP:9537
Hokuriku Gas Co., Ltd.
4,310.00
620.09
16.81%
JP:9539
Keiyo Gas Co., Ltd.
1,372.00
236.00
20.77%
Hokkaido Gas Co., Ltd. Corporate Events
Hokkaido Gas Reports Progress on Share Buyback Program
Sep 3, 2026
Hokkaido Gas Co., Ltd. has disclosed progress on its board-approved share buyback program, reporting the acquisition of 536,100 common shares for a total of ¥427.7 million between August 1 and August 31, 2026, through market purchases on the ...
Hokkaido Gas Profit Slides Despite Stronger Balance Sheet and Higher Dividend Plan
Aug 7, 2026
Hokkaido Gas reported consolidated net sales of ¥38.0 billion for the three months ended June 30, 2026, nearly flat year on year, but saw operating profit drop 41% to ¥3.4 billion and profit attributable to owners of parent fall 41.5% to...
Hokkaido Gas Launches Share Buyback to Support Compensation and Strategy
Jul 30, 2026
Hokkaido Gas Co., Ltd. has approved a program to acquire up to 1.3 million of its common shares, equivalent to about 1.47% of its outstanding shares excluding treasury stock, at a total cost of up to 1 billion yen through market purchases on the T...
Hokkaido Gas Profits Slide Despite Steady Sales, Dividend Raised
Jul 30, 2026
Hokkaido Gas reported consolidated net sales of ¥38.0 billion for the three months ended June 30, 2026, almost flat year on year, but operating profit fell 41% to ¥3.4 billion and profit attributable to owners of parent dropped 41.5% to ...
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.