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Beijing municipal conglomerate holding gas-distribution, water-treatment, brewing and infrastructure businesses.
Beijing municipal conglomerate holding gas-distribution, water-treatment, brewing and infrastructure businesses.
Gas distribution carries the group, earning regulated gas tariffs and one-off connection fees from Beijing households and businesses through Beijing Gas. Water treatment, mostly through the separately listed Beijing Enterprises Water Group, adds contracted income from plants it builds and operates. The Beijing municipal government is the ultimate owner.
In one line: A Beijing-municipal, utility/infrastructure holding company.
Moat: narrow (regulatory licence, scale). Exclusive municipal gas-distribution concessions in Beijing and related infrastructure give a protected, capped-return franchise.
Headquarters: Beijing, China · Founded: 1997 · Employees: 34,000
Size Beijing Enterprises (0392.HK) is a Hong Kong Utilities company (Gas Distributors) with a market value of $4.93B, the 254th largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$30.72 on 6 Nov 2026.
Performance Over six months the shares fell 2.7%, against -0.5% 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 5.3% over the last twelve months (peer median +0.6%); the operating margin is 4.3% (peer median 20.4%).
Valuation It trades at 6.3× forward earnings against a peer median of 16.6× (cheapest of 21).
Price implies For today's price to make sense, revenue must grow about 8% a year for seven years (Req g). Recent delivered growth is +7%, so the hurdle is +1 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 3.8 points below its cost of capital (5.6% WACC).
Next results Next results expected around 1 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$98.0B | HK$94.6B | HK$91.1B | HK$91.0B | HK$92.3B |
| Revenue growth | — | +4% | 0% | -1% | — |
| Gross profit | HK$11.9B | HK$11.2B | HK$11.1B | HK$10.4B | HK$10.8B |
| EBITDA | HK$9.55B | HK$8.52B | HK$8.30B | HK$7.60B | HK$8.12B |
| Net income | HK$5.84B | HK$5.48B | HK$5.55B | HK$6.08B | HK$7.57B |
| Free cash flow | HK$5.95B | HK$5.19B | HK$1.53B | -HK$575M | -HK$3.28B |
| Capital expenditure | HK$6.23B | HK$6.22B | HK$7.05B | HK$10.1B | HK$13.4B |
| Total debt | n/a | HK$88.7B | HK$84.6B | HK$84.6B | HK$78.2B |
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 |
|---|---|---|---|---|---|---|
| Beijing Enterprises 0392.HK | $4.93B | -3% | +5% | 4% | 6.3× | 7.7% |
| 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% |
| Enn Energy 2688.HK | $7.02B | -17% | +6% | 7% | 7.6× | -3.4% |
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 | 0392.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +5.7% | +3.0% | 9th highest of 21 |
| 6-month return | -2.7% | -0.5% | 10th lowest of 21 |
| Distance from 52-week high | -16.7% | -14.7% | 10th lowest of 21 |
| Revenue growth (TTM) | +5.3% | +0.6% | 8th highest of 21 |
| Operating margin | 4.3% | 20.4% | 3rd lowest of 21 |
| Forward P/E | 6.3× | 16.6× | cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | 7.7% | 2.8% | 4th most demanding of 11 |
| Growth delivered (Del g) | +6.7% | +10.0% | 4th lowest of 11 |
| Hurdle (Req g minus delivered) | +1.0 pp | -7.7 pp | 5th most demanding of 11 |
| ROIC minus cost of capital | -3.8 pp | -0.7 pp | 2nd lowest of 21 |
| EV / EBITDA | 11.9× | 10.0× | 7th most expensive of 18 |
| Net debt / EBITDA | 6.1× | 4.2× | 2nd most indebted of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| 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 |
| ONE Gas OGS | United States | $5.09B | -5% | -2% | 21% | 16.6× | n/a | n/a |
| China Resources Gas 1193.HK | Hong Kong | $4.77B | -13% | +1% | 6% | 10.7× | 1.8% | +11.8% |
| 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 |
| New Jersey Resources NJR | United States | $5.51B | -2% | +7% | 24% | 16.6× | n/a | n/a |
| Excelerate Energy EE | United States | $4.17B | +9% | +49% | 22% | 18.6× | 18.1% | +23.3% |
| MDU Resources MDU | United States | $3.92B | -17% | -30% | 17% | 18.9× | 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% |
| Black Hills BKH | United States | $6.47B | +13% | +3% | 24% | 18.2× | n/a | n/a |
| Southwest Gas SWX | United States | $6.62B | +2% | -57% | 29% | 18.9× | n/a | n/a |
| China Gas 0384.HK | Hong Kong | $3.52B | -31% | -7% | 8% | 9.9× | 3.8% | +1.0% |
| Enn Energy 2688.HK | Hong Kong | $7.02B | -17% | +6% | 7% | 7.6× | -3.4% | +8.6% |
| 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 |
| DCC Energy DCC.L | United Kingdom | $7.41B | +13% | -14% | 3% | 12.7× | 7.1% | +2.9% |
| KunLun Energy 0135.HK | Hong Kong | $8.35B | +1% | +6% | 5% | 9.5× | -13.0% | +11.4% |
| 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% |
| Centrica CNA.L | United Kingdom | $9.23B | -25% | 0% | 23% | 13.1× | n/a | n/a |