Hsin Kao Gas Co., Ltd. AI Stock Analysis
Hsin Kao Gas Co., Ltd. (9931) AI Stock Analysis
Hsin Kao Gas Co., Ltd.
(TWSE:9931)
Hsin Kao Gas scores as a stable, defensive income stock. Its financial foundation is the main support: minimal leverage, steadily rising equity and consistently positive free cash flow that self-funds pipeline investment. Valuation adds to the appeal, with a low 11.8x P/E and a 5.3% dividend yield. The score is held back by a roughly 19% revenue decline, meaningfully compressed operating margins and a sub-9% return on equity, alongside flat technicals — the price is pinned to all of its major moving averages with a neutral RSI, signalling no directional momentum. The result is a solid but unexciting profile: low risk and attractive income, with limited growth catalysts.
Hsin Kao Gas Co., Ltd. (9931) vs. SPDR S&P 500 ETF (SPY)
- Market Cap
- TWD 4.12B
- Dividend Yield
- 5.26%
- Average Volume (3M)
- 22.39K
- Price to Earnings (P/E)
- 11.8
- Beta (1Y)
- -0.13
- Revenue Growth
- 13.67%
- EPS Growth
- 6.38%
- Country
- TW
- Employees
- 108
- Sector
- General
- Sector Strength
- 55
- Industry
- Regulated Gas
Hsin Kao Gas Co., Ltd. Business Overview & Revenue Model
Company Description
Hsin Kao Gas Co.,Ltd. is a Taiwanese enterprise that supplies natural gas to residential and commercial clients across the nation. Its operations also encompass the creation, procurement, and distribution of natural gas appliances and related equipme...
Hsin Kao Gas Co., Ltd. Financial Statement Overview
Summary
A conservatively run regulated utility with a standout balance sheet (debt-to-equity of just 0.10, equity funding roughly half of assets) and reliable cash generation — operating cash flow of NT$682.9 million exceeded net income, with a sixth consecutive year of positive free cash flow (NT$374.4 million). Offsetting these strengths, revenue fell about 19% to NT$1.57 billion after an outsized 2024, operating margin compressed from 18.6% to 12.5%, and net profit increasingly relies on non-operating income. Return on equity of 8.9% is modest and declining. Overall: low financial risk and dependable cash flow, but softening core operating profitability.
Income Statement
63PositiveBalance Sheet
76PositiveCash Flow
73Positive| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.63B | 1.57B | 1.95B | 1.23B | 1.25B | 1.19B |
| Gross Profit | 268.38M | 285.05M | 420.13M | 232.69M | 226.34M | 232.34M |
| EBITDA | 364.22M | 438.58M | 598.06M | 443.52M | 448.12M | 471.37M |
| Net Income | 344.99M | 294.55M | 344.13M | 173.22M | 173.28M | 237.36M |
Balance Sheet | ||||||
| Total Assets | 7.64B | 6.71B | 6.29B | 6.10B | 5.50B | 5.21B |
| Cash, Cash Equivalents and Short-Term Investments | 2.32B | 1.52B | 1.25B | 1.02B | 775.38M | 890.70M |
| Total Debt | 343.95M | 327.93M | 240.25M | 719.03M | 543.42M | 281.28M |
| Total Liabilities | 3.64B | 3.28B | 3.17B | 3.41B | 3.10B | 2.75B |
| Stockholders Equity | 3.88B | 3.31B | 3.05B | 2.64B | 2.36B | 2.41B |
Cash Flow | ||||||
| Free Cash Flow | 349.71M | 374.40M | 677.52M | 86.83M | 134.73M | 99.37M |
| Operating Cash Flow | 656.23M | 682.89M | 962.92M | 320.81M | 339.15M | 361.78M |
| Investing Cash Flow | -444.75M | -522.13M | -309.45M | -363.08M | -457.17M | -450.57M |
| Financing Cash Flow | -115.23M | -138.55M | -595.75M | 129.05M | 102.63M | -25.08M |
Hsin Kao Gas Co., Ltd. Peers Comparison
Overall Rating
- TW:993169Neutral
TW:458063Neutral
TW:161154Neutral
TW:993443Neutral
Financial Indicators
| Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
| TW:9931 | 69Neutral | TWD 4.10B | 11.81 | ― | 5.26% | 13.67% | 6.38% |
| TW:4580 | 63Neutral | TWD 3.77B | 13.24 | ― | 4.99% | -2.83% | 2.78% |
| Sector * | 55Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
| TW:1611 | 54Neutral | TWD 3.79B | 41.91 | ― | 6.90% | -9.42% | 64.46% |
| TW:9934 | 43Neutral | TWD 3.85B | 13.36 | ― | 1.08% | 2.25% | 309.21% |
* General Sector Average
Performance Comparison
| Show on chart | Ticker | Company Name | Price | Change | % Change |
|---|---|---|---|---|---|
| TW:9931 | Hsin Kao Gas Co., Ltd. | 34.25 | 2.18 | 6.81% | |
| TW:1611 | China Electric MFG Corp. | 11.60 | -0.10 | -0.86% | |
| TW:4580 | Value Valves Co., Ltd. | 80.20 | 1.61 | 2.05% | |
| TW:6987 | Ina Energy Corporation | 19.65 | -3.84 | -16.33% | |
| TW:7897 | Whole Sun Green Power Co., Ltd. | 27.35 | -43.13 | -61.20% | |
| TW:9934 | Globe Union Industrial Corp. | 9.28 | -0.62 | -6.27% |
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: Nov 09, 2026