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PetroChina's listed gas arm, distributing natural gas and operating LNG terminals and pipelines in China.
PetroChina's listed gas arm, distributing natural gas and operating LNG terminals and pipelines in China.
Earns a margin buying pipeline gas, largely from PetroChina, and selling it to homes and industry in city-gas concessions, with fee income from LNG receiving terminals and pipelines. PetroChina is the controlling shareholder, supplier and a customer, so intra-group terms matter.
In one line: PetroChina's midstream gas-distribution subsidiary.
Moat: narrow (regulatory licence, installed base, scale). Long-term city-gas concessions and PetroChina parent support secure supply and distribution rights.
Headquarters: Beijing, China · Founded: 1996 · Employees: 22,331
Size KunLun Energy (0135.HK) is a Hong Kong Utilities company (Gas Distributors) with a market value of $8.35B, the 187th largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$7.59 on 6 Nov 2026.
Performance Over six months the shares gained 1.3%, against +2.6% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 10th lowest of 21 in its peer set.
Growth Revenue grew 6.2% over the last twelve months (peer median +1.8%); the operating margin is 4.9% (peer median 21.1%).
Valuation It trades at 9.5× forward earnings against a peer median of 16.6× (3rd cheapest of 21).
Price implies For today's price to make sense, revenue must grow about -13% a year for seven years (Req g). Recent delivered growth is +11%, so the hurdle is -24 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 1.7 points above its cost of capital (6.9% WACC).
Next results Next results expected around 30 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$220B | HK$210B | HK$203B | HK$196B | HK$200B |
| Revenue growth | — | +4% | +3% | -2% | — |
| Gross profit | HK$15.4B | HK$15.0B | HK$15.6B | HK$16.9B | HK$17.7B |
| EBITDA | HK$16.6B | HK$16.5B | HK$16.9B | HK$17.8B | HK$18.3B |
| Net income | HK$6.16B | HK$5.80B | HK$6.46B | HK$6.28B | HK$6.08B |
| Free cash flow | HK$10.8B | HK$8.23B | HK$8.04B | HK$11.2B | HK$11.4B |
| Capital expenditure | HK$6.34B | HK$6.38B | HK$6.61B | HK$5.72B | HK$6.65B |
| Total debt | n/a | HK$23.9B | HK$25.8B | HK$27.7B | HK$29.0B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| KunLun Energy 0135.HK | $8.35B | +1% | +6% | 5% | 9.5× | -13.0% |
| Enn Energy 2688.HK | $7.02B | -17% | +6% | 7% | 7.6× | -3.4% |
| HK & China Gas 0003.HK | $17.6B | +3% | +2% | 14% | 21.6× | 8.7% |
| China Resources Gas 1193.HK | $4.77B | -13% | +1% | 6% | 10.7× | 1.8% |
| China Gas 0384.HK | $3.52B | -31% | -7% | 8% | 9.9× | 3.8% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 0135.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +3.0% | +5.4% | 7th lowest of 21 |
| 6-month return | +1.3% | +2.6% | 10th lowest of 21 |
| Distance from 52-week high | -14.0% | -12.0% | 10th lowest of 21 |
| Revenue growth (TTM) | +6.2% | +1.8% | 5th highest of 21 |
| Operating margin | 4.9% | 21.1% | 3rd lowest of 20 |
| Forward P/E | 9.5× | 16.6× | 3rd cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | -13.0% | 5.6% | least demanding of 13 |
| Growth delivered (Del g) | +11.4% | +8.3% | 3rd highest of 13 |
| Hurdle (Req g minus delivered) | -24.4 pp | -4.8 pp | least demanding of 13 |
| ROIC minus cost of capital | +1.7 pp | -0.9 pp | 4th highest of 20 |
| EV / EBITDA | 3.8× | 11.9× | 2nd cheapest of 18 |
| Net debt / EBITDA | -1.9× | 5.1× | least indebted of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| KunLun Energy 0135.HK | Hong Kong | $8.35B | +1% | +6% | 5% | 9.5× | -13.0% | +11.4% |
| Centrica CNA.L | United Kingdom | $9.23B | -25% | 0% | 23% | 13.1× | n/a | n/a |
| DCC Energy DCC.L | United Kingdom | $7.41B | +13% | -14% | 3% | 12.7× | 7.1% | +2.9% |
| ENN Natural Gas 600803.SS | China | $9.83B | +5% | -1% | n/a | 11.8× | -6.1% | +8.4% |
| Enn Energy 2688.HK | Hong Kong | $7.02B | -17% | +6% | 7% | 7.6× | -3.4% | +8.6% |
| Canadian Utilities CU.TO | Canada | $10.1B | +9% | +1% | 16% | 18.9× | 20.1% | +2.7% |
| APA APA.AX | Australia | $10.4B | +7% | -6% | 38% | 49.3× | 12.5% | +3.1% |
| Italgas IG.MI | Italy | $10.4B | -12% | +9% | 49% | 12.3× | 2.4% | +11.3% |
| Southwest Gas SWX | United States | $6.62B | +2% | -57% | 29% | 18.9× | n/a | n/a |
| Black Hills BKH | United States | $6.47B | +13% | +3% | 24% | 18.2× | n/a | n/a |
| AltaGas ALA.TO | Canada | $11.8B | +4% | +18% | 9% | 22.5× | n/a | n/a |
| New Jersey Resources NJR | United States | $5.51B | -2% | +7% | 24% | 16.6× | n/a | n/a |
| Tokyo Gas 9531.T | Japan | $13.1B | -7% | +4% | 7% | 16.3× | -1.8% | +9.9% |
| Spire SR | United States | $5.25B | +4% | +4% | 20% | 17.9× | n/a | n/a |
| Osaka Gas 9532.T | Japan | $13.3B | -2% | +1% | 7% | 14.6× | 4.0% | +8.3% |
| Enagas ENG.MC | Spain | $5.22B | +7% | -2% | 21% | 19.4× | 15.0% | -2.2% |
| ONE Gas OGS | United States | $5.09B | -5% | -2% | 21% | 16.6× | n/a | n/a |
| Beijing Enterprises 0392.HK | Hong Kong | $4.93B | -3% | +5% | 4% | 6.3× | 7.7% | +6.7% |
| Brookfield Infrastructure BIPC.TO | Canada | $4.91B | +5% | +6% | 60% | 22.0× | n/a | n/a |
| China Resources Gas 1193.HK | Hong Kong | $4.77B | -13% | +1% | 6% | 10.7× | 1.8% | +11.8% |
| Excelerate Energy EE | United States | $4.17B | +9% | +49% | 22% | 18.6× | 18.1% | +23.3% |