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Incheon City Gas Co., Ltd.
(034590)
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Rating:70Outperform
Price Target:
₩28,050.00
Action:N/A
Date:10/28/26
The score is driven primarily by strong financial stability (low leverage and solid ROE) and highly attractive valuation (low P/E and high dividend yield). These positives are tempered by mixed near-term fundamentals—especially weaker TTM cash flow conversion and a recent revenue pullback—and bearish technicals with the stock trading below major moving averages.
Positive Factors
Conservative Balance Sheet
Very low leverage and steadily growing equity give the utility a strong financial foundation. This reduces balance-sheet risk, preserves flexibility for network investment, and improves resilience if operating conditions weaken over the next several quarters.
Negative Factors
Recent Revenue Contraction
The latest revenue pullback indicates that recent top-line momentum has weakened after stronger expansion from 2022 through 2025. If this slowdown persists, it could limit operating leverage, reduce reinvestment capacity, and make stable earnings harder to maintain.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative Balance Sheet
Very low leverage and steadily growing equity give the utility a strong financial foundation. This reduces balance-sheet risk, preserves flexibility for network investment, and improves resilience if operating conditions weaken over the next several quarters.
Read all positive factors
Incheon City Gas Co., Ltd. (034590) vs. SPDR S&P 500 ETF (SPY)
Market Cap
₩105.11B
Dividend Yield5.39%
Average Volume (3M)895.00
Price to Earnings (P/E)5.3
Beta (1Y)0.04
Revenue Growth-11.65%
EPS Growth1.48%
CountryKR
Employees201
SectorGeneral
Sector StrengthN/A
IndustryRegulated Gas
Share Statistics
EPS (TTM)4766.76
Shares Outstanding4,374,754
10 Day Avg. Volume1,307
30 Day Avg. Volume895
Financial Highlights & Ratios
PEG Ratio-6.28
Price to Book (P/B)0.44
Price to Sales (P/S)0.11
P/FCF Ratio4.47
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
Incheon City Gas Co., Ltd. Business Overview & Revenue Model
Company Description
Incheon City Gas Co., Ltd. is a South Korean utility provider primarily focused on the distribution of natural gas. Its operations are supported by an extensive 1,534-kilometer pipeline infrastructure. In addition to gas, the company also supplies...
Incheon City Gas Co., Ltd. Financial Statement Overview
Summary
Income Statement
66
Positive
Balance Sheet
82
Very Positive
Cash Flow
54
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 906.28B | 962.99B | 943.61B | 781.34B | 728.49B | 504.21B |
| Gross Profit | 79.69B | 86.85B | 83.24B | 78.03B | 68.41B | 61.91B |
| EBITDA | 16.75B | 35.69B | 41.39B | 38.63B | 31.17B | 21.33B |
| Net Income | 19.65B | 19.17B | 19.27B | 17.52B | 12.18B | 3.71B |
Balance Sheet | ||||||
| Total Assets | 488.72B | 448.50B | 454.68B | 443.89B | 423.14B | 360.58B |
| Cash, Cash Equivalents and Short-Term Investments | 189.99B | 89.06B | 74.22B | 61.82B | 55.26B | 56.66B |
| Total Debt | 17.10B | 18.08B | 18.38B | 18.31B | 20.36B | 21.12B |
| Total Liabilities | 245.53B | 210.39B | 230.71B | 232.33B | 223.14B | 169.18B |
| Stockholders Equity | 243.19B | 238.11B | 223.97B | 211.56B | 200.00B | 191.40B |
Cash Flow | ||||||
| Free Cash Flow | 10.26B | 23.46B | 19.30B | 15.07B | 1.23B | 24.74B |
| Operating Cash Flow | 27.12B | 39.09B | 36.04B | 38.86B | 14.74B | 40.15B |
| Investing Cash Flow | -18.27B | -20.10B | -17.32B | -34.36B | -39.62B | -15.61B |
| Financing Cash Flow | -6.91B | -6.51B | -6.92B | -7.29B | -7.12B | -17.23B |
Incheon City Gas Co., Ltd. Technical Analysis
Negative
―
Price Trends
26376.00
Negative
26257.00
Negative
26345.00
Negative
Market Momentum
-240.35
Positive
30.90
Neutral
11.11
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For KR:034590, the sentiment is Negative. The current price of undefined is equal to the 20-day moving average (MA) of 26032.50, equal to the 50-day MA of 26376.00, and equal to the 200-day MA of 26345.00, indicating a bearish trend. The MACD of -240.35 indicates Positive momentum. The RSI at 30.90 is Neutral, neither overbought nor oversold. The STOCH value of 11.11 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for KR:034590.
Incheon City Gas Co., Ltd. Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | ₩121.05B | 3.30 | ― | 4.26% | -5.10% | 27.80% | |
70 Outperform | ₩105.11B | 5.35 | ― | 5.39% | -11.65% | 1.48% | |
66 Neutral | ₩189.55B | 7.83 | ― | 3.59% | -6.14% | -7.46% | |
63 Neutral | ₩198.16B | 9.69 | ― | 5.32% | -1.87% | -41.52% | |
63 Neutral | ₩3.17T | 5.45 | ― | 3.13% | -9.84% | -41.12% | |
59 Neutral | ₩108.92B | 4.41 | ― | 3.68% | -6.48% | 4.91% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
KR:034590
Incheon City Gas Co., Ltd.
25,500.00
445.27
1.78%
KR:016710
DAESUNG HOLDINGS Co., Ltd.
6,790.00
-1,314.67
-16.22%
KR:017390
SEOUL CITY GAS CO., LTD.
51,700.00
-9,383.71
-15.36%
KR:036460
Korea Gas Corporation
36,900.00
-3,743.16
-9.21%
KR:117580
Daesung Energy Co. Ltd.
6,970.00
-1,037.25
-12.95%
KR:267290
KyungDong City Gas Co. Ltd.
20,550.00
692.44
3.49%
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.