Stock 3 THE HONG KONG AND CHINA GAS CO LTD
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Financials The Hong Kong and China Gas Co Ltd

Equities

3

HK0003000038

Natural Gas Utilities

Market Closed - Hong Kong S.E.
Other stock markets
 09:08:20 26/04/2024 BST 		5-day change 1st Jan Change
5.98 HKD -0.66% Intraday chart for The Hong Kong and China Gas Co Ltd +5.65% 0.00%
04-24 Hong Kong & China Gas Logs Higher 2023 Profit Despite Lower Revenue MT
03-20 The Hong Kong and China Gas Company Limited Proposes Final Dividend for the Year Ended 31 December 2023, Payable on 24 June 2024 CI

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 257,599 205,792 226,531 138,456 111,586 111,586 - -
Enterprise Value (EV) 1 287,687 241,170 271,085 184,519 158,039 162,909 167,550 164,985
P/E ratio 36.9 x 34.3 x 45.1 x 28.2 x 18.9 x 17.4 x 16.9 x 15.5 x
Yield 2.3% 3.02% 2.88% 4.72% 5.85% 5.86% 5.86% 5.94%
Capitalization / Revenue 6.34 x 5.03 x 4.23 x 2.27 x 1.96 x 1.9 x 1.75 x 1.72 x
EV / Revenue 7.08 x 5.89 x 5.06 x 3.03 x 2.77 x 2.78 x 2.63 x 2.54 x
EV / EBITDA 26.7 x 21.3 x 21.3 x 15.3 x 13.3 x 13.4 x 12.7 x 12.1 x
EV / FCF 91 x 89.6 x 130 x 139 x - 45.9 x 37.2 x 34.5 x
FCF Yield 1.1% 1.12% 0.77% 0.72% - 2.18% 2.68% 2.9%
Price to Book 4.01 x 2.98 x 3.24 x 2.18 x 1.86 x 1.8 x 1.8 x 1.79 x
Nbr of stocks (in thousands) 18,659,870 18,659,870 18,659,870 18,659,870 18,659,870 18,659,870 - -
Reference price 2 13.80 11.03 12.14 7.420 5.980 5.980 5.980 5.980
Announcement Date 19/03/20 19/03/21 21/03/22 17/03/23 20/03/24 - - -
1HKD in Million2HKD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 40,628 40,927 53,564 60,953 56,971 58,682 63,683 64,881
EBITDA 1 10,777 11,340 12,702 12,046 11,915 12,119 13,151 13,618
EBIT 1 8,024 8,400 9,462 8,600 8,137 8,900 9,574 10,177
Operating Margin 19.75% 20.52% 17.66% 14.11% 14.28% 15.17% 15.03% 15.69%
Earnings before Tax (EBT) 1 10,404 8,926 8,381 8,184 9,174 9,513 9,825 10,966
Net income 1 6,966 6,007 5,017 5,248 6,070 6,310 6,651 7,181
Net margin 17.15% 14.68% 9.37% 8.61% 10.65% 10.75% 10.44% 11.07%
EPS 2 0.3737 0.3219 0.2690 0.2630 0.3160 0.3433 0.3547 0.3858
Free Cash Flow 1 3,161 2,693 2,083 1,324 - 3,549 4,498 4,783
FCF margin 7.78% 6.58% 3.89% 2.17% - 6.05% 7.06% 7.37%
FCF Conversion (EBITDA) 29.33% 23.74% 16.4% 10.99% - 29.28% 34.2% 35.13%
FCF Conversion (Net income) 45.38% 44.82% 41.51% 25.22% - 56.24% 67.63% 66.61%
Dividend per Share 2 0.3175 0.3333 0.3500 0.3500 0.3500 0.3506 0.3506 0.3554
Announcement Date 19/03/20 19/03/21 21/03/22 17/03/23 20/03/24 - - -
1HKD in Million2HKD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2020 S1 2021 S1 2022 S1 2023 S1
Net sales 1 - - 29,721 29,178
EBITDA - - - -
EBIT - - - -
Operating Margin - - - -
Earnings before Tax (EBT) 1 - - 5,130 5,687
Net income 1 2,667 4,200 3,315 3,614
Net margin - - 11.15% 12.39%
EPS 0.1429 0.2250 - -
Dividend per Share - - - -
Announcement Date 01/09/20 20/08/21 19/08/22 15/08/23
1HKD in Million
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 30,087 35,378 44,554 46,063 46,453 51,322 55,964 53,399
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 2.792 x 3.12 x 3.508 x 3.824 x 3.899 x 4.235 x 4.255 x 3.921 x
Free Cash Flow 1 3,161 2,693 2,083 1,324 - 3,549 4,498 4,783
ROE (net income / shareholders' equity) 11% 9.17% 7.48% 7.87% 10% 10.8% 11.1% 12.2%
ROA (Net income/ Total Assets) 5.1% 4.13% 3.15% 3.12% 3.7% 3.88% 4.02% 4.17%
Assets 1 136,582 145,455 159,174 168,205 164,123 162,491 165,398 172,090
Book Value Per Share 2 3.440 3.710 3.740 3.410 3.210 3.320 3.310 3.340
Cash Flow per Share 2 0.5300 0.5300 0.5600 0.5200 - 0.4400 0.6000 0.5400
Capex 1 6,751 7,295 8,387 8,321 - 6,576 6,460 6,258
Capex / Sales 16.62% 17.82% 15.66% 13.65% - 11.21% 10.14% 9.65%
Announcement Date 19/03/20 19/03/21 21/03/22 17/03/23 20/03/24 - - -
1HKD in Million2HKD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for The Hong Kong and China Gas Co Ltd

Trading Rating
Investor Rating
ESG Refinitiv
A-
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
8
Last Close Price
5.98 HKD
Average target price
6.342 HKD
Spread / Average Target
+6.06%
Consensus

EPS Revisions

Estimates Revisions

Annual profits - Rate of surprise

Company calendar

Sector Natural Gas Distribution

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