Loading…
City gas-distribution operator supplying piped natural gas to households and industry across China, part of the China Resources group.
City gas-distribution operator supplying piped natural gas to households and industry across China, part of the China Resources group.
Buys gas from pipeline suppliers and LNG importers and resells it to households and businesses, earning a margin that local authorities partly regulate. It also charges one-off fees to connect new homes, which follow housing completions. China Resources group, owned by the central government, is the controlling shareholder.
In one line: A regional Chinese natural-gas utility.
Moat: narrow (regulatory licence, installed base). Exclusive, long-term city gas-distribution concessions across dozens of Chinese cities.
Headquarters: Hong Kong / Beijing · Founded: 1994 · Employees: 55,928
Size China Resources Gas (1193.HK) is a Hong Kong Utilities company (Gas Distributors) with a market value of $4.77B, the 262nd largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$16.50 on 6 Nov 2026.
Performance Over six months the shares fell 13.3%, against -0.5% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 7th lowest of 21 in its peer set.
Growth Revenue grew 0.9% over the last twelve months (peer median +1.4%); the operating margin is 6.0% (peer median 20.4%).
Valuation It trades at 10.7× forward earnings against a peer median of 16.6× (7th cheapest of 21).
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 +12%, so the hurdle is -10 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 2.1 points below its cost of capital (7.2% WACC).
Next results Next results expected around 29 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$101B | HK$97.7B | HK$103B | HK$101B | HK$94.3B |
| Revenue growth | — | -5% | +1% | +7% | — |
| Gross profit | HK$17.8B | HK$17.2B | HK$18.1B | HK$18.0B | HK$18.0B |
| EBITDA | HK$10.1B | HK$9.79B | HK$10.2B | HK$11.0B | HK$11.3B |
| Net income | HK$3.57B | HK$3.55B | HK$4.09B | HK$5.22B | HK$4.73B |
| Free cash flow | HK$3.64B | HK$3.06B | HK$2.86B | HK$4.09B | -HK$2.14B |
| Capital expenditure | HK$3.16B | HK$3.27B | HK$4.34B | HK$5.64B | HK$6.42B |
| Total debt | n/a | HK$24.1B | HK$23.5B | HK$27.1B | HK$23.0B |
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 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% |
| Beijing Enterprises 0392.HK | $4.93B | -3% | +5% | 4% | 6.3× | 7.7% |
| China Suntien Green Energy 0956.HK | $3.37B | -15% | -8% | 13% | 6.6× | n/a |
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 | 1193.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +0.9% | +3.6% | 9th lowest of 21 |
| 6-month return | -13.3% | -0.5% | 7th lowest of 21 |
| Distance from 52-week high | -29.4% | -14.7% | 6th lowest of 21 |
| Revenue growth (TTM) | +0.9% | +1.4% | 11th highest of 21 |
| Operating margin | 6.0% | 20.4% | 5th lowest of 21 |
| Forward P/E | 10.7× | 16.6× | 7th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | 1.8% | 5.5% | 5th least demanding of 11 |
| Growth delivered (Del g) | +11.8% | +8.5% | 3rd highest of 11 |
| Hurdle (Req g minus delivered) | -10.1 pp | -2.1 pp | 5th least demanding of 11 |
| ROIC minus cost of capital | -2.1 pp | -0.7 pp | 8th lowest of 21 |
| EV / EBITDA | 7.7× | 10.7× | 7th cheapest of 18 |
| Net debt / EBITDA | 1.5× | 4.4× | 6th least indebted of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| 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 |
| Excelerate Energy EE | United States | $4.17B | +9% | +49% | 22% | 18.6× | 18.1% | +23.3% |
| New Jersey Resources NJR | United States | $5.51B | -2% | +7% | 24% | 16.6× | n/a | n/a |
| 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 |
| China Gas 0384.HK | Hong Kong | $3.52B | -31% | -7% | 8% | 9.9× | 3.8% | +1.0% |
| Southwest Gas SWX | United States | $6.62B | +2% | -57% | 29% | 18.9× | n/a | n/a |
| 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 |
| Enn Energy 2688.HK | Hong Kong | $7.02B | -17% | +6% | 7% | 7.6× | -3.4% | +8.6% |
| DCC Energy DCC.L | United Kingdom | $7.41B | +13% | -14% | 3% | 12.7× | 7.1% | +2.9% |
| 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% |
| KunLun Energy 0135.HK | Hong Kong | $8.35B | +1% | +6% | 5% | 9.5× | -13.0% | +11.4% |
| Centrica CNA.L | United Kingdom | $9.23B | -25% | 0% | 23% | 13.1× | n/a | n/a |