Loading…
One of China's largest city gas-distribution operators, supplying piped natural gas and LPG to households and industry.
One of China's largest city gas-distribution operators, supplying piped natural gas and LPG to households and industry.
Buys gas from upstream suppliers and sells it through city pipeline networks at prices regulated by local governments, so the gap between purchase and sales price decides profit. New households pay one-off connection fees when hooked up, tying earnings to housing construction and conversion from coal. Each city operates under an exclusive licence.
In one line: A regional Chinese natural-gas utility.
Moat: narrow (regulatory licence, installed base). Long-term exclusive municipal gas concessions across a large city-project portfolio.
Headquarters: Hong Kong · Founded: 1995
Size China Gas (0384.HK) is a Hong Kong Utilities company (Gas Distributors) with a market value of $3.52B, the 313th largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$5.06 on 6 Nov 2026.
Performance Over six months the shares fell 31.2%, against -3.7% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 2nd lowest of 21 in its peer set.
Growth Revenue fell 7.1% over the last twelve months (peer median +3.3%); the operating margin is 7.7% (peer median 18.3%).
Valuation It trades at 9.9× forward earnings against a peer median of 17.3× (4th cheapest of 21).
Price implies For today's price to make sense, revenue must grow about 4% a year for seven years (Req g). Recent delivered growth is +1%, so the hurdle is +3 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 2.5 points below its cost of capital (6.3% WACC).
Next results Next results expected around 30 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$73.6B | HK$73.6B | HK$79.3B | HK$81.4B | HK$92.0B |
| Revenue growth | — | -7% | -3% | -11% | — |
| Gross profit | HK$10.9B | HK$10.9B | HK$11.3B | HK$11.3B | HK$12.0B |
| EBITDA | HK$8.84B | HK$8.87B | HK$8.22B | HK$7.93B | HK$8.85B |
| Net income | HK$2.72B | HK$2.72B | HK$3.25B | HK$3.18B | HK$4.29B |
| Free cash flow | n/a | HK$1.36B | HK$318M | HK$3.29B | HK$2.30B |
| Capital expenditure | n/a | HK$4.48B | HK$4.67B | HK$6.06B | HK$5.96B |
| Total debt | n/a | HK$66.5B | HK$60.4B | HK$59.2B | HK$61.4B |
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 |
|---|---|---|---|---|---|---|
| China Gas 0384.HK | $3.52B | -31% | -7% | 8% | 9.9× | 3.8% |
| China Resources Gas 1193.HK | $4.77B | -13% | +1% | 6% | 10.7× | 1.8% |
| Enn Energy 2688.HK | $7.02B | -17% | +6% | 7% | 7.6× | -3.4% |
| Beijing Enterprises 0392.HK | $4.93B | -3% | +5% | 4% | 6.3× | 7.7% |
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 | 0384.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -6.8% | +2.5% | 3rd lowest of 21 |
| 6-month return | -31.2% | -3.7% | 2nd lowest of 21 |
| Distance from 52-week high | -42.8% | -15.7% | 2nd lowest of 21 |
| Revenue growth (TTM) | -7.1% | +3.3% | 5th lowest of 21 |
| Operating margin | 7.7% | 18.3% | 8th lowest of 21 |
| Forward P/E | 9.9× | 17.3× | 4th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | 3.8% | 4.7% | 6th least demanding of 11 |
| Growth delivered (Del g) | +1.0% | +11.6% | 2nd lowest of 11 |
| Hurdle (Req g minus delivered) | +2.8 pp | -7.7 pp | 3rd most demanding of 11 |
| ROIC minus cost of capital | -2.5 pp | -0.9 pp | 7th lowest of 21 |
| EV / EBITDA | 10.0× | 11.5× | 7th cheapest of 17 |
| Net debt / EBITDA | 6.1× | 4.6× | 5th most indebted of 17 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| China Gas 0384.HK | Hong Kong | $3.52B | -31% | -7% | 8% | 9.9× | 3.8% | +1.0% |
| China Suntien Green Energy 600956.SS | China | $3.40B | -18% | -12% | 13% | 15.9× | n/a | n/a |
| Chesapeake Utilities CPK | United States | $3.38B | +11% | +15% | 27% | 20.4× | n/a | n/a |
| 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% |
| TOHO GAS 9533.T | Japan | $2.83B | +3% | -2% | 1% | 21.3× | 24.6% | +8.4% |
| Shenzhen Gas 601139.SS | China | $2.79B | -7% | -1% | 7% | 10.7× | -9.2% | +14.7% |
| China Resources Gas 1193.HK | Hong Kong | $4.77B | -13% | +1% | 6% | 10.7× | 1.8% | +11.8% |
| Brookfield Infrastructure BIPC.TO | Canada | $4.91B | +5% | +6% | 60% | 22.0× | n/a | n/a |
| Beijing Enterprises 0392.HK | Hong Kong | $4.93B | -3% | +5% | 4% | 6.3× | 7.7% | +6.7% |
| ONE Gas OGS | United States | $5.09B | -5% | -2% | 21% | 16.6× | n/a | n/a |
| Enagas ENG.MC | Spain | $5.22B | +7% | -2% | 21% | 19.4× | 15.0% | -2.2% |
| Spire SR | United States | $5.25B | +4% | +4% | 20% | 17.9× | n/a | n/a |
| Keppel Infrastructure Trust A7RU.SI | Singapore | $2.34B | -8% | +4% | 10% | 23.5× | 8.7% | +8.7% |
| Kogas 036460.KS | South Korea | $2.31B | -7% | -10% | 7% | 2.9× | -1.5% | +11.4% |
| Foran Energy 002911.SZ | China | $2.27B | -5% | -10% | 4% | 12.3× | -6.9% | +34.8% |
| New Jersey Resources NJR | United States | $5.51B | -2% | +7% | 24% | 16.6× | n/a | n/a |
| 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 |
| Black Hills BKH | United States | $6.47B | +13% | +3% | 24% | 18.2× | n/a | n/a |