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SK Group's LPG importer and distributor, also generating power from LNG/LPG-fired plants.
SK Group's LPG importer and distributor, also generating power from LNG/LPG-fired plants.
Buys LPG, mainly propane and butane, from overseas producers and resells it to distributors, industry and petrochemical plants, earning the margin between import and sale price, so cargo and shipping costs matter. Gas-fired power generation is its second pillar.
Moat: narrow (scale, regulatory licence). One of Korea's two dominant LPG importers with established storage/distribution infrastructure.
Headquarters: Seoul, South Korea · Founded: 1985 · Employees: 662
Size SK Gas (018670.KS) is a South Korea Utilities company (Gas Distributors) with a market value of $1.55B, the 162nd largest of 495 South Korea companies the cockpit tracks. Shares closed at ₩234,000 on 6 Nov 2026.
Performance Over six months the shares fell 19.0%, against -8.8% for the median peer and -24.5% for the South Korea market (cap-weighted) — 5th lowest of 21 in its peer set.
Growth Revenue grew 26.6% over the last twelve months (peer median 0.0%); the operating margin is 3.8% (peer median 6.6%).
Valuation It trades at 7.1× forward earnings against a peer median of 13.4× (3rd cheapest of 15).
Price implies For today's price to make sense, revenue must grow about -17% a year for seven years (Req g). Recent delivered growth is +12%, so the hurdle is -29 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 3.6 points above its cost of capital (5.0% WACC).
Next results Next results expected around 9 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₩9.68T | ₩7.68T | ₩7.10T | ₩6.99T | ₩8.07T |
| Revenue growth | — | +8% | +1% | -13% | — |
| Gross profit | n/a | ₩733B | ₩565B | ₩581B | ₩644B |
| EBITDA | n/a | ₩705B | ₩450B | ₩411B | ₩499B |
| Net income | ₩436B | ₩235B | ₩194B | ₩316B | ₩257B |
| Free cash flow | n/a | ₩236B | -₩97.6B | -₩54.7B | -₩418B |
| Capital expenditure | n/a | ₩300B | ₩358B | ₩576B | ₩513B |
| Total debt | n/a | ₩3.99T | ₩3.83T | ₩2.84T | ₩2.73T |
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 |
|---|---|---|---|---|---|---|
| SK Gas 018670.KS | $1.55B | -19% | +27% | 4% | 7.1× | -17.3% |
| E1 Corporation 017940.KS | $339M | -27% | +24% | 0% | 2.2× | n/a |
| Kogas 036460.KS | $2.31B | -7% | -10% | 7% | 2.9× | -1.5% |
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 | 018670.KS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -13.5% | -2.1% | 3rd lowest of 21 |
| 6-month return | -19.0% | -8.8% | 5th lowest of 21 |
| Distance from 52-week high | -22.5% | -28.2% | 9th highest of 21 |
| Revenue growth (TTM) | +26.6% | 0.0% | highest of 21 |
| Operating margin | 3.8% | 6.6% | 5th lowest of 21 |
| Forward P/E | 7.1× | 13.4× | 3rd cheapest of 15 |
| Growth the price implies (Req g, 7 yrs) | -17.3% | -2.2% | least demanding of 15 |
| Growth delivered (Del g) | +11.7% | +8.7% | 4th highest of 15 |
| Hurdle (Req g minus delivered) | -29.1 pp | -8.1 pp | 2nd least demanding of 15 |
| ROIC minus cost of capital | +3.6 pp | -0.8 pp | 5th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| SK Gas 018670.KS | South Korea | $1.55B | -19% | +27% | 4% | 7.1× | -17.3% | +11.7% |
| Xinjiang Xintai Natural Gas 603393.SS | China | $1.55B | -22% | +4% | 22% | 11.1× | -8.4% | +12.3% |
| Shanghai Dazhong Public Utilities (Group) 1635.HK | Hong Kong | $1.59B | -41% | +6% | 1% | n/a | n/a | n/a |
| Towngas Smart Energy 1083.HK | Hong Kong | $1.46B | -15% | +3% | 6% | 7.5× | 6.3% | +10.3% |
| NIPPON GAS 8174.T | Japan | $1.69B | +1% | +8% | 9% | 17.7× | -2.9% | +7.8% |
| Centuri CTRI | United States | $2.06B | -41% | +25% | 3% | 27.4× | n/a | n/a |
| Shaanxi Provincial Natural Gas 002267.SZ | China | $1.17B | -11% | +2% | 8% | 12.5× | -5.1% | +1.0% |
| Northwest Natural NWN | United States | $2.18B | +3% | +4% | 36% | 16.6× | n/a | n/a |
| Chengdu Gas 603053.SS | China | $1.09B | -16% | -1% | 6% | n/a | -10.0% | +5.1% |
| Chongqing Gas 600917.SS | China | $1.07B | -12% | -4% | 0% | n/a | 15.0% | +8.6% |
| Foran Energy 002911.SZ | China | $2.27B | -5% | -10% | 4% | 12.3× | -6.9% | +34.8% |
| Kogas 036460.KS | South Korea | $2.31B | -7% | -10% | 7% | 2.9× | -1.5% | +11.4% |
| Keppel Infrastructure Trust A7RU.SI | Singapore | $2.34B | -8% | +4% | 10% | 23.5× | 8.7% | +8.7% |
| Guizhou Gas (Group) 600903.SS | China | $1.02B | -9% | -6% | 4% | n/a | 8.0% | +9.4% |
| Tokai 3167.T | Japan | $1.02B | +9% | +1% | 8% | 14.4× | -5.6% | +4.5% |
| Delong Composite Energy 000593.SZ | China | $896M | -34% | -24% | 6% | n/a | 31.8% | +3.7% |
| Zhongyu Energy 3633.HK | Hong Kong | $896M | -7% | -7% | 6% | n/a | n/a | n/a |
| Shenzhen Gas 601139.SS | China | $2.79B | -7% | -1% | 7% | 10.7× | -9.2% | +14.7% |
| TOHO GAS 9533.T | Japan | $2.83B | +3% | -2% | 1% | 21.3× | 24.6% | +8.4% |
| China Suntien Green Energy 0956.HK | Hong Kong | $3.37B | -15% | -8% | 13% | 6.6× | n/a | n/a |
| Chesapeake Utilities CPK | United States | $3.38B | +11% | +15% | 27% | 20.4× | n/a | n/a |