Has the Hong Kong Gas Utilities Industry valuation changed over the past few years?

Investors are relatively neutral on the Hong Kong Gas Utilities industry at the moment, indicating that they anticipate long term growth rates to remain steady. The industry is trading close to its 3-year average PE ratio of 12.0x. The industry is trading close to its 3-year average PS ratio of 0.57x.

Which industries have driven the changes within the Hong Kong Utilities industry?

There are no additional sub-industries under this industry.

Hong Kong (HSI) Gas Utilities Industry Analysis

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Mon, 21 Sep 2026	HK$382.2b	HK$772.7b	HK$34.7b	10x	11x	0.5x
Wed, 19 Aug 2026	HK$370.6b	HK$759.6b	HK$33.4b	8.1x	11.1x	0.5x
Fri, 17 Jul 2026	HK$363.0b	HK$756.6b	HK$33.4b	9.1x	10.9x	0.5x
Sun, 14 Jun 2026	HK$383.9b	HK$761.8b	HK$33.5b	9.2x	11.5x	0.5x
Tue, 12 May 2026	HK$423.3b	HK$758.9b	HK$33.4b	9.9x	12.7x	0.6x
Thu, 09 Apr 2026	HK$425.4b	HK$756.0b	HK$33.2b	10.4x	12.8x	0.6x
Sat, 07 Mar 2026	HK$460.7b	HK$751.7b	HK$33.6b	9.5x	13.7x	0.6x
Mon, 02 Feb 2026	HK$448.5b	HK$747.8b	HK$33.5b	8.7x	13.4x	0.6x
Wed, 31 Dec 2025	HK$438.4b	HK$743.5b	HK$33.3b	8.5x	13.2x	0.6x
Fri, 28 Nov 2025	HK$451.0b	HK$737.9b	HK$33.4b	8.8x	13.5x	0.6x
Sun, 26 Oct 2025	HK$441.2b	HK$735.0b	HK$33.3b	9.8x	13.2x	0.6x
Tue, 23 Sep 2025	HK$427.8b	HK$735.7b	HK$33.3b	10x	12.8x	0.6x
Thu, 21 Aug 2025	HK$432.3b	HK$735.1b	HK$34.3b	10x	12.6x	0.6x
Sat, 19 Jul 2025	HK$429.4b	HK$731.9b	HK$34.5b	9.4x	12.4x	0.6x
Mon, 16 Jun 2025	HK$434.3b	HK$732.8b	HK$34.4b	9.2x	12.6x	0.6x
Wed, 14 May 2025	HK$431.0b	HK$728.5b	HK$34.2b	8.2x	12.6x	0.6x
Fri, 11 Apr 2025	HK$407.1b	HK$719.1b	HK$33.8b	8.1x	12x	0.6x
Sun, 09 Mar 2025	HK$408.3b	HK$726.8b	HK$33.5b	9.2x	12.2x	0.6x
Tue, 04 Feb 2025	HK$393.3b	HK$727.3b	HK$33.5b	8.7x	11.8x	0.5x
Thu, 02 Jan 2025	HK$426.2b	HK$722.9b	HK$33.3b	9x	12.8x	0.6x
Sat, 30 Nov 2024	HK$394.2b	HK$728.0b	HK$33.5b	8.4x	11.8x	0.5x
Mon, 28 Oct 2024	HK$424.3b	HK$734.5b	HK$33.8b	9.1x	12.5x	0.6x
Wed, 25 Sep 2024	HK$419.1b	HK$740.7b	HK$34.1b	8.8x	12.3x	0.6x
Fri, 23 Aug 2024	HK$408.4b	HK$724.6b	HK$35.9b	8.6x	11.4x	0.6x
Sun, 21 Jul 2024	HK$420.8b	HK$718.3b	HK$36.5b	8.8x	11.5x	0.6x
Tue, 18 Jun 2024	HK$421.1b	HK$722.8b	HK$36.2b	9.1x	11.6x	0.6x
Thu, 16 May 2024	HK$452.5b	HK$724.6b	HK$36.3b	10.4x	12.5x	0.6x
Sat, 13 Apr 2024	HK$412.2b	HK$718.2b	HK$36.9b	9.3x	11.2x	0.6x
Mon, 11 Mar 2024	HK$410.5b	HK$717.7b	HK$36.4b	10x	11.3x	0.6x
Wed, 07 Feb 2024	HK$396.8b	HK$721.3b	HK$36.5b	9.8x	10.9x	0.6x
Fri, 05 Jan 2024	HK$411.0b	HK$718.8b	HK$36.4b	10.5x	11.3x	0.6x
Sun, 03 Dec 2023	HK$383.9b	HK$719.6b	HK$36.4b	10.2x	10.5x	0.5x
Tue, 31 Oct 2023	HK$391.2b	HK$718.9b	HK$37.6b	9.9x	10.4x	0.5x
Thu, 28 Sep 2023	HK$398.9b	HK$719.1b	HK$37.6b	10.1x	10.6x	0.6x


HK Market	-0.71%
Utilities	-1.12%
Gas Utilities	0.22%
Gas Utilities	0.22%

Company	Last Price	7D	1Y	Valuation
3 Hong Kong and China Gas	HK$7.13	0.5% +HK$653.1m	5.2%	PE20.9x
2688 ENN Energy Holdings	HK$49.58	0.9% +HK$489.2m	-22.2%	PE7.7x
392 Beijing Enterprises Holdings	HK$29.92	0.6% +HK$226.4m	-12.8%	PE6.2x
1600 Tian Lun Gas Holdings	HK$2.74	1.9% +HK$48.0m	-27.9%	PS0.3x
2886 Binhai Investment	HK$1.19	2.1% +HK$34.1m	3.5%	PE6.1x

Announcement • Sep 09

Towngas Smart Energy Company Limited Announces Redesignation of Kenneth Liu Kai-Lap from Non-Executive Director to Independent Non-Executive Director and Board and Committee Changes, Effective September 9, 2026

Towngas Smart Energy Company Limited announced that Mr. Kenneth Liu Kai-lap, a Non-executive Director of the Company, had been re-designated from a Non-executive Director to an Independent Non-executive Director with effect from September 9, 2026. The Board also announced that Mr. Liu had been appointed as a member of each of the Board Audit and Risk Committee, Remuneration Committee and Nomination Committee with effect from September 9, 2026. Mr. Liu, aged 52, had been a Non-executive Director of the Company since November 2021. Mr. Liu obtained a Bachelor of Science in Computer Science degree from the University of Washington. Mr. Liu had over 20 years of experience investing in and advising companies in Greater China across a wide range of industries, including consumer and retail, industrials, business services, technology, media telecommunications, and healthcare. He joined Affinity Equity Partners in 2006 and was part of the founding team in 2012 to set up its franchise in the Chinese mainland which is based in Beijing. In 2021, Clean Energy Ecosystem Pte. Ltd., a company controlled by a fund advised by Affinity Equity Partners group, subscribed for shares in the Company and certain convertible bonds due 2026 issued by the Company. Mr. Liu was nominated by Clean Energy as a Non-executive Director under the terms of the relevant subscription agreement dated October 25, 2021. Since the redemption of the Convertible Bonds by the Company on July 7, 2026, Clean Energy no longer had a right to nominate any director to the Board. Mr. Liu resigned as a Partner of Affinity Equity Partners and directors of its various investee companies with effect from July 10, 2026. Mr. Liu continued to hold modest vested carried-interest entitlements in the relevant shared carry pools linked to the performance of certain funds managed by Affinity Equity Partners, arising from his prior service to Affinity Equity Partners group. Prior to making his career in private equity, he spent his early career in the technology sector, and worked as a senior software engineer at Amazon’s headquarters in Seattle, Washington until 2000. Mr. Liu was currently a director of Escend Capital Management Limited. In respect of the Re-designation, Mr. Liu had entered into a new letter of appointment with the Company. According to the new letter of appointment, he had been re-designated as an Independent Non-executive Director for the term commencing from September 9, 2026 until the conclusion of the next following annual general meeting of the Company, whereupon he shall be eligible for re-election at that meeting. Mr. Liu’s appointment was subject to the Listing Rules and the provisions of the memorandum and articles of association of the Company in force from time to time, including but not limited to, the requirements for retirement, rotation, re-election and vacation of office of directors as set forth in the articles of association of the Company. In assessing and reviewing the independence of Mr. Liu, the Nomination Committee and the Board had taken into account the following factors: Mr. Liu had resigned from Affinity Equity Partners group and no longer had any employment, office or advisory role with it. Clean Energy’s right to nominate a director had ceased and there was no longer any contractual or other mechanism by which Affinity Equity Partners group could require Mr. Liu to remain on the Board or influence his position as a director. Mr. Liu’s relatively immaterial vested carried-interest entitlements in the relevant shared carry pools of the Affinity Funds, which were passive economic entitlements (without any current management, voting, approval, information or decision-making rights in respect of Affinity Equity Partners group), would not affect his ability to exercise independent judgement as an Independent Non-executive Director and would not impair or influence his independence. Since Mr. Liu’s appointment as a Non-executive Director, he had served only in a non-executive capacity, had not been involved in the day-to-day management or executive functions of the Company, and had not acted as part of the executive management of the Group. He was able to evaluate business issues, strategic proposals and risks objectively, and contribute industry insight together with an external perspective in board deliberations. Rule 3.13(7) of the Listing Rules therefore did not preclude the Re-designation. There were no other factors that affected or may affect his independence in acting as an Independent Non-executive Director. Mr. Liu had disclosed the matters as mentioned above, and confirmed his independence with regard to each of the factors set out in Rule 3.13 of the Listing Rules. Mr. Liu had also confirmed that he had no past or present financial or other interest in the business of the Company or its subsidiaries or any connection with any core connected person of the Company; and there were no other factors that may affect his independence as an Independent Non-executive Director. In light of the above, the Nomination Committee and the Board considered Mr. Liu to be independent and the appointment of Mr. Liu as an Independent Non-executive Director was in the best interest of the Company and its shareholders as a whole.

Hong Kong (HSI) Gas Utilities Industry Analysis

Industry Valuation and Performance

Industry Trends

Top Stock Gainers and Losers

Latest News

2688: Fair Value Should Stay Supported As 2026 Dividend Date Nears

Chairman & CEO recently bought HK$55k worth of stock

China Gas Holdings Signs 20-Year LNG Deal Expanding Long-Term US Supply

Towngas Smart Energy Company Limited Announces Redesignation of Kenneth Liu Kai-Lap from Non-Executive Director to Independent Non-Executive Director and Board and Committee Changes, Effective September 9, 2026

First half 2026 earnings released: EPS: CN¥0.033 (vs CN¥0.12 in 1H 2025)

First half 2026 earnings released: EPS: HK$0.083 (vs HK$0.089 in 1H 2025)

First half dividend of HK$0.30 announced

First half dividend of HK$0.85 announced

First half 2026 earnings released: EPS: CN¥0.002 (vs CN¥0.002 in 1H 2025)

First half 2026 earnings released: EPS: CN¥0.02 (vs CN¥0.03 in 1H 2025)

First half 2026 earnings released: EPS: CN¥0.38 (vs CN¥0.36 in 1H 2025)

New major risk - Financial position

First half 2026 earnings released: HK$0.008 loss per share (vs HK$0.008 loss in 1H 2025)

Hong Kong and China Gas Delivers 19% Profit Rise and Expands Global Green Energy Activities

Tianjin Jinran Public Utilities Company Limited to Report First Half, 2026 Results on Aug 28, 2026

China Oil And Gas Group Limited to Report First Half, 2026 Results on Aug 28, 2026