Announcement • May 28
China Resources Gas Group Limited Approves Final Dividend for the Year Ended 31 December 2025 China Resources Gas Group Limited held its AGM on May 28, 2026. The shareholders approved final dividend of 65 Hong Kong cents per share for the year ended 31 December 2025. Upcoming Dividend • May 26
Upcoming dividend of HK$0.65 per share Eligible shareholders must have bought the stock before 01 June 2026. Payment date: 21 July 2026. Payout ratio is a comfortable 61% and this is well supported by cash flows. Trailing yield: 5.1%. Lower than top quartile of Hong Kong dividend payers (6.9%). In line with average of industry peers (5.2%). Reported Earnings • May 05
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: EPS: HK$1.55 (down from HK$1.80 in FY 2024). Revenue: HK$97.7b (down 4.8% from FY 2024). Net income: HK$3.55b (down 13% from FY 2024). Profit margin: 3.6% (down from 4.0% in FY 2024). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 3.4%. Earnings per share (EPS) also missed analyst estimates by 7.3%. Revenue is forecast to grow 3.1% p.a. on average during the next 3 years, compared to a 2.8% growth forecast for the Gas Utilities industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 16% per year whereas the company’s share price has fallen by 13% per year. Declared Dividend • Mar 29
Final dividend of HK$0.70 announced Shareholders will receive a dividend of HK$0.70. Ex-date: 1st June 2026 Payment date: 21st July 2026 Dividend yield will be 5.1%, which is lower than the industry average of 5.7%. Sustainability & Growth Dividend is covered by earnings (61% earnings payout ratio) but not covered by cash flows (148% cash payout ratio). The dividend has increased by an average of 14% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 27% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Mar 28
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: EPS: HK$1.55 (down from HK$1.80 in FY 2024). Revenue: HK$97.7b (down 4.8% from FY 2024). Net income: HK$3.55b (down 13% from FY 2024). Profit margin: 3.6% (down from 4.0% in FY 2024). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 3.4%. Earnings per share (EPS) also missed analyst estimates by 7.3%. Revenue is forecast to grow 4.6% p.a. on average during the next 3 years, compared to a 2.9% growth forecast for the Gas Utilities industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 16% per year whereas the company’s share price has fallen by 12% per year. Announcement • Mar 27
China Resources Gas Group Limited, Annual General Meeting, May 28, 2026 China Resources Gas Group Limited, Annual General Meeting, May 28, 2026. Announcement • Mar 02
China Resources Gas Group Limited to Report Fiscal Year 2025 Results on Mar 27, 2026 China Resources Gas Group Limited announced that they will report fiscal year 2025 results on Mar 27, 2026 Recent Insider Transactions • Jan 11
Independent Non-Executive Director recently bought HK$428k worth of stock On the 8th of January, Tak Shing Wong bought around 20k shares on-market at roughly HK$21.38 per share. This transaction amounted to 13% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought HK$1.4m more in shares than they have sold in the last 12 months. Announcement • Dec 20
China Resources Gas Group Limited Announces Resignation and Appointment of Company Secretary and Authorised Representative, Effective December 19, 2025 China Resources Gas Group Limited announced that Ms. Cheng Kwai Yuk has tendered her resignation as the company secretary of the Company and has ceased to act as an authorised representative of the Company under Rule 3.05 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited, effective December 19, 2025. The Board announced that, effective December 19, 2025, Mr. Au Kai Yin has been appointed as the Company Secretary and the Authorised Representative. Mr. Au is currently a company secretarial assistant manager of SWCS Corporate Services Group (Hong Kong) Limited. Mr. Au has over 10 years of experience in the field of corporate secretaries, with extensive experience in handling corporate secretarial and corporate governance affairs for both listed and private companies. He is an associate member of both The Hong Kong Chartered Governance Institute and The Chartered Governance Institute in the United Kingdom, and holds a Master of Science degree in Corporate Governance and Compliance from Hong Kong Baptist University and a Bachelor of Science degree in Accounting from the University of Hull. As at the date of this announcement, the Directors of the Company are Mr. Yang Ping, Ms. Qin Yan and Mr. Liu Haiyan, being Executive Directors; Ms. Ge Lu, Mr. Li Weiwei, Mr. Zhang Junzheng, Mr. Fang Xin and Mr. Zhang Shenwen, being Non-executive Directors; and Mr. Wong Tak Shing, Mr. Yu Hon To, David, Mr. Yang Yuchuan and Mr. Li Pok Yan, being Independent Non-executive Directors. Reported Earnings • Sep 28
First half 2025 earnings released: EPS: HK$1.05 (vs HK$1.52 in 1H 2024) First half 2025 results: EPS: HK$1.05 (down from HK$1.52 in 1H 2024). Revenue: HK$49.8b (down 4.4% from 1H 2024). Net income: HK$2.40b (down 31% from 1H 2024). Profit margin: 4.8% (down from 6.6% in 1H 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 3.4% p.a. on average during the next 3 years, compared to a 3.4% growth forecast for the Gas Utilities industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Major Estimate Revision • Sep 04
Consensus EPS estimates fall by 11% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from HK$103.8b to HK$101.2b. EPS estimate also fell from HK$1.93 per share to HK$1.71 per share. Net income forecast to grow 36% next year vs 12% growth forecast for Gas Utilities industry in Hong Kong. Consensus price target down from HK$23.20 to HK$21.22. Share price rose 7.5% to HK$20.48 over the past week. Price Target Changed • Aug 31
Price target decreased by 8.2% to HK$21.60 Down from HK$23.52, the current price target is an average from 17 analysts. New target price is 7.9% above last closing price of HK$20.02. Stock is down 24% over the past year. The company is forecast to post earnings per share of HK$1.80 for next year compared to HK$1.80 last year. Declared Dividend • Aug 30
First half dividend of HK$0.30 announced Shareholders will receive a dividend of HK$0.30. Ex-date: 10th September 2025 Payment date: 31st October 2025 Dividend yield will be 5.0%, which is lower than the industry average of 5.7%. Sustainability & Growth Dividend is covered by both earnings (75% earnings payout ratio) and cash flows (78% cash payout ratio). The dividend has increased by an average of 14% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 45% over the next 3 years, which should provide support to the dividend and adequate earnings cover. New Risk • Aug 29
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 3.0% Last year net profit margin: 4.9% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (3.0% net profit margin). Announcement • Aug 02
China Resources Gas Group Limited to Report First Half, 2025 Results on Aug 28, 2025 China Resources Gas Group Limited announced that they will report first half, 2025 results on Aug 28, 2025 Announcement • May 28
China Resources Gas Group Limited Approves Final Ordinary Cash Dividend for the Financial Year End 31 December 2024 China Resources Gas Group Limited announced that at its AGM held on May 28, 2025, the shareholders approved to declare a final dividend of HKD 0.7 per share for the year ended 31 December 2024. Upcoming Dividend • May 23
Upcoming dividend of HK$0.70 per share Eligible shareholders must have bought the stock before 30 May 2025. Payment date: 18 July 2025. Payout ratio is a comfortable 53% and the cash payout ratio is 78%. Trailing yield: 4.3%. Lower than top quartile of Hong Kong dividend payers (7.7%). In line with average of industry peers (4.7%). Reported Earnings • Apr 30
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: HK$1.80 (down from HK$2.30 in FY 2023). Revenue: HK$102.7b (up 1.4% from FY 2023). Net income: HK$4.09b (down 22% from FY 2023). Profit margin: 4.0% (down from 5.2% in FY 2023). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 1.0%. Earnings per share (EPS) also missed analyst estimates by 25%. Revenue is forecast to grow 3.4% p.a. on average during the next 3 years, compared to a 3.9% growth forecast for the Gas Utilities industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 11% per year whereas the company’s share price has fallen by 10% per year. Recent Insider Transactions • Apr 04
Independent Non-Executive Director recently bought HK$926k worth of stock On the 1st of April, Tak Shing Wong bought around 40k shares on-market at roughly HK$23.15 per share. This transaction amounted to 33% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Price Target Changed • Apr 01
Price target decreased by 7.4% to HK$29.17 Down from HK$31.52, the current price target is an average from 19 analysts. New target price is 27% above last closing price of HK$23.05. Stock is up 2.7% over the past year. The company is forecast to post earnings per share of HK$2.26 for next year compared to HK$1.80 last year. Declared Dividend • Mar 31
Final dividend of HK$0.70 announced Shareholders will receive a dividend of HK$0.70. Ex-date: 30th May 2025 Payment date: 18th July 2025 Dividend yield will be 4.1%, which is lower than the industry average of 5.7%. Sustainability & Growth The dividend has increased by an average of 16% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 37% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Mar 30
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: HK$1.80 (down from HK$2.30 in FY 2023). Revenue: HK$102.7b (up 1.4% from FY 2023). Net income: HK$4.09b (down 22% from FY 2023). Profit margin: 4.0% (down from 5.2% in FY 2023). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 1.0%. Earnings per share (EPS) also missed analyst estimates by 25%. Revenue is forecast to grow 5.4% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Gas Utilities industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 11% per year whereas the company’s share price has fallen by 6% per year. Announcement • Mar 03
China Resources Gas Group Limited to Report Fiscal Year 2024 Results on Mar 28, 2025 China Resources Gas Group Limited announced that they will report fiscal year 2024 results on Mar 28, 2025 Announcement • Jan 21
China Resources Gas Group Limited Announces Board and Committee Changes The board of directors of China Resources Gas Group Limited announced that Mr. LIU Jian (‘Mr. LIU’) has notified the Board of his plan of retirement, and retired as a non-executive Director and a member of the audit and risk management committee of the Company with effect from 21 January 2025. The Board further announced that Mr. FANG Xin (‘Mr. FANG ‘) has been appointed as a non-executive Director and a member of the Audit and Risk Management Committee with effect from 21 January 2025. Mr. FANG Xin, aged 49, was appointed as a non-executive Director and a member of the Audit and Risk Management Committee of the Company on 21 January 2025. He also serves as a designated external director of the business units of China Resources Group and an external director of China Resources Healthcare Group Limited. Mr. FANG served as a director of China Resources Chemical Innovative Materials Co. Ltd. from January 2020 to December 2024, the period in which he concurrently served as the assistant general manager from January 2020 to August 2021; the vice general manager from August 2021 to January 2022; and the general manager from January 2022 to December 2024. Mr. FANG joined China Resources Group in August 1996, successively served as various positions including the director of procurement department and assistant general manager of China Resources Chemicals Holdings Limited (now known as China Resources Chemical Innovative Materials Holdings Limited). Mr. FANG holds a bachelor's degree in engineering from Beijing Institute of Technology. Announcement • Nov 29
China Resources Gas Group Limited Announces Board and Committee Appointments The board of directors of China Resources Gas Group Limited announced that Mr. LI Weiwei (‘Mr. LI’) has been appointed as a non-executive Director and a member of the corporate governance committee of the Company (the ‘Corporate Governance Committee’); and Mr. ZHANG Junzheng (‘Mr. ZHANG’) has been appointed as a non-executive Director and a member of the remuneration committee of the Company (the ‘Remuneration Committee’), both with effect from 29 November 2024. Mr. LI Weiwei, aged 57, was appointed as a non-executive Director and a member of the Corporate Governance Committee of the Company on 29 November 2024. Mr. LI served as the supervisor and director of the board secretariat of Guangzhou Longkey Industrial Co. Ltd. from October 1994 to June 1998; successively served as the chief secretary of the chief executive officer, deputy general manager of the human resources training department, human resources director of the human resources headquarters of Guosen Securities Co. Ltd. from June 1998 to June 2004; the human resources director and vice president of Huaxi Securities Co. Ltd. from June 2004 to September 2010; the deputy general manager of China Resources SZITIC Trust Co. Ltd. from September 2010 to January 2019; the deputy general manager of China Resources Capital Holdings Company Limited from February 2019 to August 2021; a director of China Resources Capital Management Limited from August 2019 to June 2024; and has been serving as a director of China Resources Microelectronics Limited since September 2021. Mr. LI holds a Doctor of Philosophy (PhD) degree in Systems Engineering at Tsinghua University. Mr. ZHANG Junzheng, aged 60, was appointed as a non-executive Director and a member of the Remuneration Committee of the Company on 29 November 2024. Mr. ZHANG has been serving as an executive director and the vice chairman of the board of directors of China Resources Power Holdings Company Limited (‘CR Power’, the shares of which are listed on the main board of the Stock Exchange of Hong Kong Limited (the ‘Stock Exchange’), since December 2019. He served as a director of the Health Safety and Environment Department of China Resources (Holdings) Company Limited (‘CRH’) from June 2014 to December 2019 and the deputy director of the office of the board of CRH from June 2009 to June 2014. Mr. ZHANG joined CR Power in 1995; worked as deputy chief engineer and deputy general manager for China Resources (Xuzhou) Electric Power Co. Ltd.; and served as the general manager of the Assets Operations Department of CR Power from November 2004 to June 2009. Mr. ZHANG is qualified as a Senior Engineer, and holds an MBA Degree from China Europe International Business School. Changes of Members of Board Committees: The Board further announced that, with effect from 29 November 2024, Mr. WANG Gaoqiang, a current non-executive Director, has been appointed as a member of the audit and risk management committee of the Company (the ‘Audit and Risk Management Committee’); Ms. GE Lu, a current non-executive Director, has been appointed as a member of the nomination committee of the Company (the ‘Nomination Committee’); and Mr. LI Pok Yan, a current independent non-executive Director, has been appointed as a member of the Corporate Governance Committee. Buy Or Sell Opportunity • Oct 21
Now 20% undervalued Over the last 90 days, the stock has risen 19% to HK$31.75. The fair value is estimated to be HK$39.87, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has declined by 8.1%. For the next 3 years, revenue is forecast to grow by 4.9% per annum. Earnings are also forecast to grow by 7.9% per annum over the same time period. Valuation Update With 7 Day Price Move • Sep 27
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to HK$32.85, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 8x in the Gas Utilities industry in Hong Kong. Total loss to shareholders of 8.9% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$53.07 per share. Declared Dividend • Sep 01
First half dividend increased to HK$0.25 Dividend of HK$0.25 is 67% higher than last year. Ex-date: 12th September 2024 Payment date: 4th November 2024 Dividend yield will be 4.8%, which is lower than the industry average of 5.7%. Sustainability & Growth Dividend is covered by both earnings (56% earnings payout ratio) and cash flows (53% cash payout ratio). The dividend has increased by an average of 18% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 27% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 31
First half 2024 earnings released: EPS: HK$1.52 (vs HK$1.56 in 1H 2023) First half 2024 results: EPS: HK$1.52 (down from HK$1.56 in 1H 2023). Revenue: HK$52.1b (up 7.7% from 1H 2023). Net income: HK$3.46b (down 2.5% from 1H 2023). Profit margin: 6.6% (down from 7.3% in 1H 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.4% p.a. on average during the next 3 years, compared to a 5.3% growth forecast for the Gas Utilities industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has fallen by 18% per year, which means it is performing significantly worse than earnings. Announcement • Aug 30
China Resources Gas Group Limited Announces Interim Dividend for the Six Months Ended 30 June 2024, Payable on November 4, 2024 China Resources Gas Group Limited announced interim dividend of HKD 0.25 per share for the six months ended 30 June 2024. Ex-dividend date: 12 September 2024. Record date: 17 September 2024. Payment date: 04 November 2024. Announcement • Aug 02
China Resources Gas Group Limited to Report First Half, 2024 Results on Aug 30, 2024 China Resources Gas Group Limited announced that they will report first half, 2024 results on Aug 30, 2024 Announcement • May 25
China Resources Gas Group Limited Approves Final Dividend for the Year Ended 31 December 2023 China Resources Gas Group Limited announced at the AGM held on May 24, 2024, approved final dividend of 100.69 HK cents per share for the year ended 31 December 2023. Upcoming Dividend • May 21
Upcoming dividend of HK$1.01 per share Eligible shareholders must have bought the stock before 28 May 2024. Payment date: 17 July 2024. Payout ratio is a comfortable 50% and this is well supported by cash flows. Trailing yield: 4.2%. Lower than top quartile of Hong Kong dividend payers (7.4%). Lower than average of industry peers (4.7%). Reported Earnings • May 02
Full year 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2023 results: EPS: HK$2.30 (up from HK$2.09 in FY 2022). Revenue: HK$101.3b (up 7.3% from FY 2022). Net income: HK$5.22b (up 10% from FY 2022). Profit margin: 5.2% (up from 5.0% in FY 2022). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 4.8%. Earnings per share (EPS) missed analyst estimates by 8.6%. Revenue is forecast to grow 6.5% p.a. on average during the next 3 years, compared to a 5.4% growth forecast for the Gas Utilities industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has fallen by 17% per year, which means it is performing significantly worse than earnings. Announcement • Mar 29
China Resources Gas Group Limited, Annual General Meeting, May 24, 2024 China Resources Gas Group Limited, Annual General Meeting, May 24, 2024. Reported Earnings • Mar 29
Full year 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2023 results: EPS: HK$2.30 (up from HK$2.09 in FY 2022). Revenue: HK$101.3b (up 7.3% from FY 2022). Net income: HK$5.22b (up 10% from FY 2022). Profit margin: 5.2% (up from 5.0% in FY 2022). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 4.8%. Earnings per share (EPS) missed analyst estimates by 8.6%. Revenue is forecast to grow 5.8% p.a. on average during the next 3 years, compared to a 5.8% growth forecast for the Gas Utilities industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has fallen by 17% per year, which means it is performing significantly worse than earnings. Announcement • Mar 28
China Resources Gas Group Limited Proposes Final Dividend for the Year Ended December 31, 2023, Payable on July 17, 2024 China Resources Gas Group Limited proposed Final Dividend of HKD 1.0069 per share for the Year Ended 31 December 2023. Date of shareholders' approval is 24 May 2024. Ex-dividend date is 28 May 2024, Record date is 31 May 2024, Payment date is 17 July 2024. Buy Or Sell Opportunity • Mar 19
Now 22% undervalued Over the last 90 days, the stock has risen 5.1% to HK$25.55. The fair value is estimated to be HK$32.96, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years, while earnings per share has been flat. For the next 3 years, revenue is forecast to grow by 6.5% per annum. Earnings are also forecast to grow by 7.8% per annum over the same time period. Announcement • Mar 09
China Resources Gas Group Limited to Report Fiscal Year 2023 Results on Mar 28, 2024 China Resources Gas Group Limited announced that they will report fiscal year 2023 results on Mar 28, 2024 Announcement • Sep 28
China Resources Gas Group Limited Announces Changes of Directors and Members of Board Committees The Board of China Resources Gas Group Limited announces that with effect from 27 September 2023: (1) Mr. LIU Xiaoyong has resigned as a non-executive Director and a member of the Audit and Risk Management Committee; (2) Mr. HE Youdong has resigned as a non-executive Director and a member of the Investment Committee; (3) Mr. HU Xiaoyong has resigned as an independent non-executive Director and a member of the Remuneration Committee; (4) Ms. GE Lu has been appointed as a non-executive Director; and (5) Mr. LI Pok Yan has been appointed as an independent non-executive Director and a member of the Remuneration Committee. The board (the "Board") of directors (the "Director(s)") of China Resources Gas Group Limited (the "Company", together with its subsidiaries, the "Group") hereby announces that Mr. LIU Xiaoyong ("Mr. LIU") has notified the Board of his plan of retirement and retired as a non-executive Director and a member of the audit and risk management committee of the Company (the "Audit and Risk Management Committee") with effect from 27 September 2023. Mr. LIU has confirmed that he has no disagreement with the Board and that there is no matter in respect of his retirement which needs to be brought to the attention of the shareholders of the Company (the "Shareholder(s)") and The Stock Exchange of Hong Kong Limited (the "Stock Exchange"). (now known as China Resources Pharmaceutical Commercial Group Limited from January 2010 to August 2021. Ms. GE has over 30 years of working experience in the pharmaceutical industry and specializes in supply chain management, logistics management and information systems management and planning in the pharmaceutical distribution field. Ms. GE holds a master's degree of business administration from Tsinghua University and a bachelor's degree of computer science from Beijing Jiaotong University, and holds the title of Senior Engineer. Mr. LI Pok Yan, aged 66, is a member of the Hong Kong Institution of Engineers, Chartered Engineer of the United Kingdom, and a member of the Institute of Marine Engineering, Science and Technology in the United Kingdom. He has extensive working experience in different shipyards and is experienced in managing large-scale projects and leading team operations. He is proficient in management of personnel, funds, materials, technology, and information resources, and is familiar with factory and industrial operations, occupational safety, maritime affairs and the Companies Ordinance in Hong Kong. Mr. LI is currently an executive director of Yiu Lian Dockyards Limited and has served as its general manager and deputy general manager before. He was also the deputy general manager and senior consultant of China Merchants Industry Holdings Co. Ltd. Mr. LI managed the modification and inspection projects of a number of seagoing vessels and large offshore drilling platforms at that time. Upcoming Dividend • Aug 31
Upcoming dividend of HK$0.15 per share at 4.8% yield Eligible shareholders must have bought the stock before 07 September 2023. Payment date: 27 October 2023. Payout ratio is a comfortable 46% but the company is not cash flow positive. Trailing yield: 4.8%. Lower than top quartile of Hong Kong dividend payers (7.7%). In line with average of industry peers (5.3%). Price Target Changed • Aug 28
Price target decreased by 7.1% to HK$30.81 Down from HK$33.17, the current price target is an average from 17 analysts. New target price is 40% above last closing price of HK$22.00. Stock is down 26% over the past year. The company is forecast to post earnings per share of HK$2.54 for next year compared to HK$2.09 last year. Reported Earnings • Aug 26
First half 2023 earnings released: EPS: HK$1.56 (vs HK$1.34 in 1H 2022) First half 2023 results: EPS: HK$1.56 (up from HK$1.34 in 1H 2022). Revenue: HK$48.4b (flat on 1H 2022). Net income: HK$3.55b (up 16% from 1H 2022). Profit margin: 7.3% (up from 6.3% in 1H 2022). Revenue is forecast to grow 6.7% p.a. on average during the next 3 years, compared to a 7.0% growth forecast for the Gas Utilities industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Announcement • Aug 26
China Resources Gas Group Limited Announces Interim Dividend for the Six Months Ended 30 June 2023, Payable on 27 October 2023 China Resources Gas Group Limited announced interim dividend of HKD 0.15 per share for the six months ended 30 June 2023. Dividend payable on 27 October 2023, record date of 12 September 2023 and Ex-dividend date of 07 September 2023. Announcement • Aug 03
China Resources Gas Group Limited to Report First Half, 2023 Results on Aug 25, 2023 China Resources Gas Group Limited announced that they will report first half, 2023 results on Aug 25, 2023 Announcement • May 26
China Resources Gas Group Limited Approves the Final Dividend for the Year Ended 31 December 2022 China Resources Gas Group Limited approved the final dividend of 90 HK cents per share for the year ended 31 December 2022, at the AGM held on 25 May 2023. Upcoming Dividend • May 23
Upcoming dividend of HK$0.90 per share at 3.7% yield Eligible shareholders must have bought the stock before 30 May 2023. Payment date: 18 July 2023. Payout ratio is a comfortable 50% but the company is not cash flow positive. Trailing yield: 3.7%. Lower than top quartile of Hong Kong dividend payers (7.6%). In line with average of industry peers (4.1%). Recent Insider Transactions • Apr 07
Independent Non-Executive Director recently bought HK$536k worth of stock On the 3rd of April, Tak Shing Wong bought around 20k shares on-market at roughly HK$26.80 per share. This transaction amounted to 20% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought HK$2.2m more in shares than they have sold in the last 12 months. Price Target Changed • Apr 04
Price target decreased by 7.6% to HK$34.54 Down from HK$37.37, the current price target is an average from 18 analysts. New target price is 30% above last closing price of HK$26.60. Stock is down 21% over the past year. The company is forecast to post earnings per share of HK$2.74 for next year compared to HK$2.09 last year. Reported Earnings • Apr 01
Full year 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2022 results: EPS: HK$2.09 (down from HK$2.82 in FY 2021). Revenue: HK$94.3b (up 21% from FY 2021). Net income: HK$4.73b (down 26% from FY 2021). Profit margin: 5.0% (down from 8.2% in FY 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 2.6%. Earnings per share (EPS) missed analyst estimates by 23%. Revenue is forecast to grow 5.3% p.a. on average during the next 3 years, compared to a 5.8% growth forecast for the Gas Utilities industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Jan 09
Investor sentiment improved over the past week After last week's 17% share price gain to HK$34.35, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 9x in the Gas Utilities industry in Hong Kong. Total loss to shareholders of 15% over the past three years. Valuation Update With 7 Day Price Move • Dec 09
Investor sentiment improved over the past week After last week's 20% share price gain to HK$31.50, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 8x in the Gas Utilities industry in Hong Kong. Total loss to shareholders of 21% over the past three years. Board Change • Nov 16
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 4 independent directors. 7 non-independent directors. Independent Non-executive Director Xiaoyong Hu was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Valuation Update With 7 Day Price Move • Nov 07
Investor sentiment improved over the past week After last week's 16% share price gain to HK$23.35, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 6x in the Gas Utilities industry in Hong Kong. Total loss to shareholders of 44% over the past three years.