An Intrinsic Calculation For Beijing Enterprises Holdings Limited (HKG:392) Suggests It's 47% Undervalued
Nov 29
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Hong Kong (HSI) Utilities Sector Analysis
UpdatedDec 02, 2024
DataAggregated Company Financials
Companies60
- 7D-1.6%
- 3M-7.5%
- 1Y12.8%
- YTD4.9%
Over the last 7 days, the Utilities industry has dropped 1.6%, driven by CGN Power declining 6.9%. Over the past 12 months, the industry was up 13%. As for the next few years, earnings are expected to grow by 12% per annum.
Sector Valuation and Performance
Has the Hong Kong Utilities Sector valuation changed over the past few years?
| Date | Market Cap | Revenue | Earnings | PE | Absolute PE | PS |
|---|---|---|---|---|---|---|
| Mon, 02 Dec 2024 | HK$1.7t | HK$1.8t | HK$119.9b | 8.2x | 13.8x | 0.9x |
| Wed, 30 Oct 2024 | HK$1.7t | HK$1.8t | HK$124.4b | 8.9x | 13.7x | 0.9x |
| Fri, 27 Sep 2024 | HK$1.7t | HK$1.8t | HK$125.4b | 9x | 13.7x | 0.9x |
| Sun, 25 Aug 2024 | HK$1.7t | HK$1.8t | HK$124.2b | 8.4x | 14x | 1x |
| Tue, 23 Jul 2024 | HK$1.8t | HK$1.8t | HK$124.6b | 9.1x | 14.2x | 1x |
| Thu, 20 Jun 2024 | HK$1.7t | HK$1.8t | HK$125.3b | 9.5x | 13.9x | 1x |
| Sat, 18 May 2024 | HK$1.8t | HK$1.8t | HK$125.6b | 9.5x | 14x | 1x |
| Mon, 15 Apr 2024 | HK$1.7t | HK$1.8t | HK$121.3b | 8.9x | 13.8x | 0.9x |
| Wed, 13 Mar 2024 | HK$1.7t | HK$1.8t | HK$120.8b | 8.8x | 13.8x | 0.9x |
| Fri, 09 Feb 2024 | HK$1.6t | HK$1.8t | HK$125.4b | 8.2x | 12.6x | 0.9x |
| Sun, 07 Jan 2024 | HK$1.6t | HK$1.8t | HK$125.1b | 8.2x | 12.8x | 0.9x |
| Tue, 05 Dec 2023 | HK$1.5t | HK$1.8t | HK$125.2b | 7.6x | 11.8x | 0.8x |
| Thu, 02 Nov 2023 | HK$1.5t | HK$1.8t | HK$126.2b | 7.8x | 11.7x | 0.8x |
| Sat, 30 Sep 2023 | HK$1.5t | HK$1.8t | HK$115.0b | 8.5x | 13.1x | 0.8x |
| Mon, 28 Aug 2023 | HK$1.5t | HK$1.8t | HK$112.8b | 8.7x | 13.6x | 0.8x |
| Wed, 26 Jul 2023 | HK$1.7t | HK$1.8t | HK$92.6b | 9.4x | 18x | 0.9x |
| Fri, 23 Jun 2023 | HK$1.6t | HK$1.8t | HK$95.0b | 9.4x | 17.2x | 0.9x |
| Sun, 21 May 2023 | HK$1.7t | HK$1.8t | HK$95.6b | 9.9x | 18.1x | 0.9x |
| Tue, 18 Apr 2023 | HK$1.7t | HK$1.9t | HK$91.6b | 9.1x | 18.6x | 0.9x |
| Thu, 16 Mar 2023 | HK$1.7t | HK$1.8t | HK$60.9b | 8.5x | 27.9x | 0.9x |
| Sat, 11 Feb 2023 | HK$1.8t | HK$1.8t | HK$59.1b | 8.8x | 29.8x | 1x |
| Mon, 09 Jan 2023 | HK$1.7t | HK$1.8t | HK$59.1b | 9x | 29.3x | 1x |
| Wed, 07 Dec 2022 | HK$1.6t | HK$1.8t | HK$59.2b | 8.3x | 27x | 0.9x |
| Fri, 04 Nov 2022 | HK$1.4t | HK$1.7t | HK$60.1b | 7.8x | 23.4x | 0.8x |
| Sun, 02 Oct 2022 | HK$1.6t | HK$1.7t | HK$54.3b | 7.8x | 28.6x | 0.9x |
| Tue, 30 Aug 2022 | HK$1.8t | HK$1.8t | HK$56.8b | 9.3x | 31.8x | 1x |
| Thu, 28 Jul 2022 | HK$1.8t | HK$1.7t | HK$73.1b | 8.7x | 24.7x | 1.1x |
| Sat, 25 Jun 2022 | HK$1.9t | HK$1.7t | HK$74.9b | 8.1x | 24.8x | 1.1x |
| Mon, 23 May 2022 | HK$1.9t | HK$1.7t | HK$75.0b | 8.5x | 25.5x | 1.1x |
| Wed, 20 Apr 2022 | HK$1.9t | HK$1.7t | HK$84.4b | 8.6x | 22.5x | 1.1x |
| Fri, 18 Mar 2022 | HK$1.9t | HK$1.6t | HK$119.1b | 8.3x | 16.4x | 1.2x |
| Sun, 13 Feb 2022 | HK$2.2t | HK$1.6t | HK$127.6b | 9.8x | 17x | 1.3x |
| Tue, 11 Jan 2022 | HK$2.1t | HK$1.6t | HK$127.4b | 9.6x | 16.9x | 1.3x |
| Thu, 09 Dec 2021 | HK$2.1t | HK$1.6t | HK$127.5b | 9.7x | 16.7x | 1.3x |
Price to Earnings Ratio
16.7x
Current Industry PE
- Investors are pessimistic on the Hong Kong Utilities industry, indicating that they anticipate long term growth rates will be lower than they have historically.
- The industry is trading at a PE ratio of 13.7x which is lower than its 3-year average PE of 18.8x.
- The industry is trading close to its 3-year average PS ratio of 0.98x.
Past Earnings Growth
- The earnings for companies in the Utilities industry have remained mostly flat over the last three years.
- Meanwhile revenues for these companies have grown 3.8% per year.
- This means that although more sales are being generated, either the cost of doing business or the level of investment back into businesses has increased and as a result, profits have held steady.
Industry Trends
Which industries have driven the changes within the Hong Kong Utilities sector?
| HK Market | 0.25% | |
| Utilities | -1.57% | |
| Water Utilities | 1.35% | |
| Electric Utilities | -0.33% | |
| Other Utilities | -1.04% | |
| Gas Utilities | -1.35% | |
| Renewable Energy | -2.69% | |
Industry PE
- Investors are most optimistic about the Electric Utilities industry, which is trading close to its 3-year average PE ratio of 18.9x.
- Analysts are expecting annual earnings growth of 7.5%, which is higher than its past year's earnings growth of 4.0% per year.
- Investors are most pessimistic about the Other Utilities industry, which is trading close to its 3-year average of 3.7x.
Forecasted Growth
- Analysts are most optimistic on the Renewable Energy industry, expecting annual earnings growth of 16% over the next 5 years.
- This is better than its past earnings growth rate of 3.2% per year.
- In contrast, the Electric Utilities industry is expected to see its earnings grow by 7.5% per year over the next few years.
Top Stock Gainers and Losers
Which companies have driven the market over the last 7 days?
| Company | Last Price | 7D | 1Y | Valuation | |
|---|---|---|---|---|---|
| 270 Guangdong Investment | HK$4.88 | 3.8% +HK$1.2b | -8.4% | PE11x | |
| 6 Power Assets Holdings | HK$51.00 | 1.1% +HK$1.2b | 26.1% | PE18x | |
| 1038 CK Infrastructure Holdings | HK$53.60 | 0.5% +HK$629.9m | 42.4% | PE16.7x | |
| 384 China Gas Holdings | HK$6.44 | 1.7% +HK$598.1m | -8.4% | PE11.2x | |
| 392 Beijing Enterprises Holdings | HK$24.45 | 1.7% +HK$503.2m | -4.9% | PE6.3x |
