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Mainland China gas-distribution and smart-energy arm of Hong Kong's Towngas, supplying piped gas and related energy services.
Mainland China gas-distribution and smart-energy arm of Hong Kong's Towngas, supplying piped gas and related energy services.
Earns a one-off connection fee when it hooks up new homes and factories to its pipes, then ongoing income from the gas they use, sold at prices regulators set with a margin over its purchase cost. It holds concessions to supply specific cities, and Hong Kong and China Gas controls it.
In one line: The mainland-China growth arm of Hong Kong's city-gas utility.
Moat: narrow (regulatory licence, brand). Long-term municipal gas concessions carried over from parent Towngas's decades of China expansion.
Headquarters: Hong Kong · Employees: 21,677
Size Towngas Smart Energy (1083.HK) is a Hong Kong Utilities company (Gas Distributors) with a market value of $1.46B, the 499th largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$3.04 on 6 Nov 2026.
Performance Over six months the shares fell 15.2%, against -8.8% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 8th lowest of 21 in its peer set.
Growth Revenue grew 2.6% over the last twelve months (peer median 0.0%); the operating margin is 6.1% (peer median 6.5%).
Valuation It trades at 7.5× 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 6% a year for seven years (Req g). Recent delivered growth is +10%, so the hurdle is -4 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 3.6 points below its cost of capital (6.0% WACC).
Next results Next results expected around 18 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$21.8B | HK$20.9B | HK$21.3B | HK$19.8B | HK$20.1B |
| Revenue growth | — | -2% | +7% | -1% | — |
| Gross profit | HK$2.15B | HK$2.26B | HK$2.85B | HK$2.39B | HK$2.32B |
| EBITDA | HK$2.70B | HK$2.71B | HK$3.13B | HK$2.73B | HK$2.53B |
| Net income | HK$1.52B | HK$1.59B | HK$1.61B | HK$1.57B | HK$965M |
| Free cash flow | HK$1.21B | HK$65.0M | -HK$810M | -HK$2.89B | -HK$1.57B |
| Capital expenditure | HK$1.78B | HK$2.37B | HK$3.84B | HK$4.72B | HK$3.37B |
| Total debt | n/a | HK$17.3B | HK$17.5B | HK$18.5B | HK$19.8B |
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 |
|---|---|---|---|---|---|---|
| Towngas Smart Energy 1083.HK | $1.46B | -15% | +3% | 6% | 7.5× | 6.3% |
| 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% |
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 | 1083.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +1.9% | -3.6% | 4th highest of 21 |
| 6-month return | -15.2% | -8.8% | 8th lowest of 21 |
| Distance from 52-week high | -28.2% | -27.6% | 10th lowest of 21 |
| Revenue growth (TTM) | +2.6% | 0.0% | 9th highest of 21 |
| Operating margin | 6.1% | 6.5% | 11th highest of 21 |
| Forward P/E | 7.5× | 13.4× | 3rd cheapest of 15 |
| Growth the price implies (Req g, 7 yrs) | 6.3% | -2.2% | 6th most demanding of 17 |
| Growth delivered (Del g) | +10.3% | +8.5% | 6th highest of 17 |
| Hurdle (Req g minus delivered) | -3.9 pp | -8.1 pp | 7th most demanding of 17 |
| ROIC minus cost of capital | -3.6 pp | +0.1 pp | 4th lowest of 21 |
| EV / EBITDA | 10.7× | 9.7× | 5th most expensive of 10 |
| Net debt / EBITDA | 5.5× | 4.0× | 4th most indebted of 10 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Towngas Smart Energy 1083.HK | Hong Kong | $1.46B | -15% | +3% | 6% | 7.5× | 6.3% | +10.3% |
| 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 |
| NIPPON GAS 8174.T | Japan | $1.69B | +1% | +8% | 9% | 17.7× | -2.9% | +7.8% |
| Shaanxi Provincial Natural Gas 002267.SZ | China | $1.17B | -11% | +2% | 8% | 12.5× | -5.1% | +1.0% |
| 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% |
| Centuri CTRI | United States | $2.06B | -41% | +25% | 3% | 27.4× | n/a | n/a |
| 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% |
| Northwest Natural NWN | United States | $2.18B | +3% | +4% | 36% | 16.6× | n/a | n/a |
| 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% |
| 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% |
| Ascopiave ASC.MI | Italy | $699M | -8% | +34% | 26% | 15.6× | 4.4% | +8.3% |
| Henan Lantian Gas 605368.SS | China | $687M | -18% | -9% | 8% | 10.8× | 0.0% | +2.7% |