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State-run Korea Gas Corporation, importing LNG and operating national pipelines/terminals supplying city-gas and power plants.
State-run Korea Gas Corporation, importing LNG and operating national pipelines/terminals supplying city-gas and power plants.
Buys LNG on long-term contracts and spot, and sells gas to city-gas utilities and power generators at prices the government regulates to cover cost plus a set return, so profit follows allowed returns rather than commodity price swings. When fuel costs jump, tariff increases are delayed or shielded by policy, leaving it with large uncollected receivables.
Moat: wide (regulatory licence, scale). State-owned monopoly on LNG import and national pipeline infrastructure in Korea.
Headquarters: Daegu, South Korea · Founded: 1983 · Employees: 4,289
Size Kogas (036460.KS) is a South Korea Utilities company (Gas Distributors) with a market value of $2.31B, the 123rd largest of 495 South Korea companies the cockpit tracks. Shares closed at ₩36,500 on 6 Nov 2026.
Performance Over six months the shares fell 6.7%, against -14.0% for the median peer and -24.5% for the South Korea market (cap-weighted) — 7th highest of 21 in its peer set.
Growth Revenue fell 9.8% over the last twelve months (peer median +2.6%); the operating margin is 7.4% (peer median 7.7%).
Valuation It trades at 2.9× forward earnings against a peer median of 12.4× (cheapest of 19).
Price implies For today's price to make sense, revenue must grow about -2% a year for seven years (Req g). Recent delivered growth is +11%, so the hurdle is -13 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 0.8 points below its cost of capital (5.0% WACC).
Next results Next results expected around 23 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₩34.7T | ₩35.7T | ₩38.4T | ₩44.5T | ₩51.7T |
| Revenue growth | — | -7% | -14% | -14% | — |
| Gross profit | ₩2.88T | ₩2.52T | ₩3.38T | ₩1.91T | ₩2.84T |
| EBITDA | ₩4.31T | ₩4.09T | ₩4.89T | ₩3.42T | ₩4.13T |
| Net income | ₩562B | ₩128B | ₩1.15T | -₩768B | ₩1.49T |
| Free cash flow | ₩2.23T | ₩4.13T | ₩1.96T | ₩4.54T | -₩15.8T |
| Capital expenditure | ₩2.18T | ₩2.24T | ₩1.79T | ₩1.37T | ₩1.20T |
| Total debt | ₩34.8T | ₩36.6T | ₩40.8T | ₩41.1T | ₩44.9T |
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 |
|---|---|---|---|---|---|---|
| Kogas 036460.KS | $2.31B | -7% | -10% | 7% | 2.9× | -1.5% |
| SK Gas 018670.KS | $1.55B | -19% | +27% | 4% | 7.1× | -17.3% |
| Osaka Gas 9532.T | $13.3B | -2% | +1% | 7% | 14.6× | 4.0% |
| Tokyo Gas 9531.T | $13.1B | -7% | +4% | 7% | 16.3× | -1.8% |
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 | 036460.KS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +0.3% | -1.0% | 7th highest of 21 |
| 6-month return | -6.7% | -14.0% | 7th highest of 21 |
| Distance from 52-week high | -20.1% | -25.6% | 9th highest of 21 |
| Revenue growth (TTM) | -9.8% | +2.6% | 2nd lowest of 21 |
| Operating margin | 7.4% | 7.7% | 10th lowest of 21 |
| Forward P/E | 2.9× | 12.4× | cheapest of 19 |
| Growth the price implies (Req g, 7 yrs) | -1.5% | -2.9% | 8th most demanding of 16 |
| Growth delivered (Del g) | +11.4% | +10.3% | 8th highest of 16 |
| Hurdle (Req g minus delivered) | -12.9 pp | -10.1 pp | 7th least demanding of 16 |
| ROIC minus cost of capital | -0.8 pp | -0.6 pp | 10th lowest of 21 |
| EV / EBITDA | 8.4× | 10.7× | 4th cheapest of 12 |
| Net debt / EBITDA | 7.7× | 3.6× | 2nd most indebted of 13 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| 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% |
| Foran Energy 002911.SZ | China | $2.27B | -5% | -10% | 4% | 12.3× | -6.9% | +34.8% |
| Northwest Natural NWN | United States | $2.18B | +3% | +4% | 36% | 16.6× | n/a | n/a |
| Centuri CTRI | United States | $2.06B | -41% | +25% | 3% | 27.4× | 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% |
| NIPPON GAS 8174.T | Japan | $1.69B | +1% | +8% | 9% | 17.7× | -2.9% | +7.8% |
| Shanghai Dazhong Public Utilities (Group) 600635.SS | China | $1.59B | -23% | +3% | 4% | n/a | 10.6% | +4.5% |
| 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 |
| Xinjiang Xintai Natural Gas 603393.SS | China | $1.55B | -22% | +4% | 22% | 11.1× | -8.4% | +12.3% |
| SK Gas 018670.KS | South Korea | $1.55B | -19% | +27% | 4% | 7.1× | -17.3% | +11.7% |
| China Gas 0384.HK | Hong Kong | $3.52B | -31% | -7% | 8% | 9.9× | 3.8% | +1.0% |
| Towngas Smart Energy 1083.HK | Hong Kong | $1.46B | -15% | +3% | 6% | 7.5× | 6.3% | +10.3% |
| Transportadora de Gas del Sur SA Sponsored ADR Class B RegS TGS | United States | $3.80B | -27% | +11% | 44% | 8.2× | -14.6% | +11.8% |
| MDU Resources MDU | United States | $3.92B | -17% | -30% | 17% | 18.9× | n/a | n/a |
| Excelerate Energy EE | United States | $4.17B | +9% | +49% | 22% | 18.6× | 18.1% | +23.3% |
| Shaanxi Provincial Natural Gas 002267.SZ | China | $1.17B | -11% | +2% | 8% | 12.5× | -5.1% | +1.0% |
| China Resources Gas 1193.HK | Hong Kong | $4.77B | -13% | +1% | 6% | 10.7× | 1.8% | +11.8% |
| Chengdu Gas 603053.SS | China | $1.09B | -16% | -1% | 6% | n/a | -10.0% | +5.1% |