Declared Dividend • Jun 12
Dividend of CN¥0.16 announced Dividend of CN¥0.16 is the same as last year. Ex-date: 18th June 2026 Payment date: 18th June 2026 Dividend yield will be 2.6%, which is lower than the industry average of 3.3%. Sustainability & Growth Dividend is well covered by both earnings (32% earnings payout ratio) and cash flows (21% cash payout ratio). The dividend has increased by an average of 3.8% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 39% over the next 3 years, which should provide support to the dividend and adequate earnings cover. New Risk • May 23
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 56% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Minor Risks High level of debt (56% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Announcement • Mar 31
Shenzhen Gas Corporation Ltd., Annual General Meeting, Apr 28, 2026 Shenzhen Gas Corporation Ltd., Annual General Meeting, Apr 28, 2026, at 14:30 China Standard Time. Location: 14F, No. 268, Mei'ao 1st Road, Futian District, Shenzhen, Guangdong China Announcement • Mar 30
Shenzhen Gas Corporation Ltd. to Report Q1, 2026 Results on Apr 29, 2026 Shenzhen Gas Corporation Ltd. announced that they will report Q1, 2026 results on Apr 29, 2026 Announcement • Dec 26
Shenzhen Gas Corporation Ltd. to Report Fiscal Year 2025 Results on Mar 31, 2026 Shenzhen Gas Corporation Ltd. announced that they will report fiscal year 2025 results on Mar 31, 2026 Announcement • Sep 30
Shenzhen Gas Corporation Ltd. to Report Q3, 2025 Results on Oct 29, 2025 Shenzhen Gas Corporation Ltd. announced that they will report Q3, 2025 results on Oct 29, 2025 Announcement • Jun 30
Shenzhen Gas Corporation Ltd. to Report First Half, 2025 Results on Aug 29, 2025 Shenzhen Gas Corporation Ltd. announced that they will report first half, 2025 results on Aug 29, 2025 Announcement • Apr 25
Shenzhen Gas Corporation Ltd., Annual General Meeting, May 23, 2025 Shenzhen Gas Corporation Ltd., Annual General Meeting, May 23, 2025, at 14:30 China Standard Time. Location: 14F, No. 268, Meiao 1st Road, Futian District, Shenzhen, Guangdong China Announcement • Mar 28
Shenzhen Gas Corporation Ltd. to Report Q1, 2025 Results on Apr 30, 2025 Shenzhen Gas Corporation Ltd. announced that they will report Q1, 2025 results on Apr 30, 2025 Announcement • Dec 27
Shenzhen Gas Corporation Ltd. to Report Fiscal Year 2024 Results on Apr 25, 2025 Shenzhen Gas Corporation Ltd. announced that they will report fiscal year 2024 results on Apr 25, 2025 New Risk • Nov 04
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 59% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Minor Risks High level of debt (59% net debt to equity). Dividend is not well covered by cash flows (dividend per share is over 8x cash flows per share). Reported Earnings • Oct 30
Third quarter 2024 earnings released: EPS: CN¥0.11 (vs CN¥0.15 in 3Q 2023) Third quarter 2024 results: EPS: CN¥0.11 (down from CN¥0.15 in 3Q 2023). Revenue: CN¥6.96b (down 13% from 3Q 2023). Net income: CN¥317.5m (down 30% from 3Q 2023). Profit margin: 4.6% (down from 5.7% in 3Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 8.5% growth forecast for the Gas Utilities industry in China. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Sep 30
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to CN¥7.55, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 11x in the Gas Utilities industry in China. Total loss to shareholders of 21% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥5.62 per share. Announcement • Sep 30
Shenzhen Gas Corporation Ltd. to Report Q3, 2024 Results on Oct 30, 2024 Shenzhen Gas Corporation Ltd. announced that they will report Q3, 2024 results on Oct 30, 2024 Buy Or Sell Opportunity • Sep 26
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 1.9% to CN¥6.81. The fair value is estimated to be CN¥5.62, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Earnings per share has grown by 2.8%. Revenue is forecast to grow by 22% in 2 years. Earnings are forecast to grow by 34% in the next 2 years. Buy Or Sell Opportunity • Jul 24
Now 21% overvalued Over the last 90 days, the stock has fallen 14% to CN¥6.61. The fair value is estimated to be CN¥5.48, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Earnings per share has grown by 2.7%. Revenue is forecast to grow by 25% in 2 years. Earnings are forecast to grow by 40% in the next 2 years. Reported Earnings • Jul 12
Second quarter 2024 earnings released: EPS: CN¥0.16 (vs CN¥0.14 in 2Q 2023) Second quarter 2024 results: EPS: CN¥0.16 (up from CN¥0.14 in 2Q 2023). Revenue: CN¥6.92b (down 9.5% from 2Q 2023). Net income: CN¥427.4m (up 9.2% from 2Q 2023). Profit margin: 6.2% (up from 5.1% in 2Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 9.8% p.a. on average during the next 3 years, compared to a 8.2% growth forecast for the Gas Utilities industry in China. Over the last 3 years on average, earnings per share has increased by 3% per year whereas the company’s share price has remained flat. Announcement • Jun 28
Shenzhen Gas Corporation Ltd. to Report First Half, 2024 Results on Aug 29, 2024 Shenzhen Gas Corporation Ltd. announced that they will report first half, 2024 results on Aug 29, 2024 Declared Dividend • Jun 14
Dividend increased to CN¥0.16 Dividend of CN¥0.16 is 23% higher than last year. Ex-date: 19th June 2024 Payment date: 19th June 2024 Dividend yield will be 2.3%, which is lower than the industry average of 3.3%. Sustainability & Growth Dividend is covered by earnings (31% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 3.8% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 60% over the next 3 years, which should provide support to the dividend and adequate earnings cover. New Risk • May 16
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 14% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (14% operating cash flow to total debt). Minor Risk Paying a dividend despite having no free cash flows. Reported Earnings • Apr 27
First quarter 2024 earnings released: EPS: CN¥0.10 (vs CN¥0.09 in 1Q 2023) First quarter 2024 results: EPS: CN¥0.10 (up from CN¥0.09 in 1Q 2023). Revenue: CN¥6.86b (down 9.4% from 1Q 2023). Net income: CN¥275.7m (up 6.7% from 1Q 2023). Profit margin: 4.0% (up from 3.4% in 1Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 8.3% p.a. on average during the next 3 years, compared to a 9.2% growth forecast for the Gas Utilities industry in China. Over the last 3 years on average, earnings per share has remained flat whereas the company’s share price has increased by 3% per year. Reported Earnings • Apr 14
First quarter 2024 earnings released: EPS: CN¥0.10 (vs CN¥0.09 in 1Q 2023) First quarter 2024 results: EPS: CN¥0.10 (up from CN¥0.09 in 1Q 2023). Revenue: CN¥6.86b (down 9.4% from 1Q 2023). Net income: CN¥275.7m (up 6.7% from 1Q 2023). Profit margin: 4.0% (up from 3.4% in 1Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 9.5% p.a. on average during the next 3 years, compared to a 8.9% growth forecast for the Gas Utilities industry in China. Over the last 3 years on average, earnings per share has remained flat whereas the company’s share price has increased by 3% per year. Announcement • Mar 30
Shenzhen Gas Corporation Ltd., Annual General Meeting, Apr 25, 2024 Shenzhen Gas Corporation Ltd., Annual General Meeting, Apr 25, 2024, at 14:30 China Standard Time. Location: 14F, No. 268, Mei'ao 1st Road, Futian District, Shenzhen, Guangdong China Announcement • Mar 29
Shenzhen Gas Corporation Ltd. to Report Q1, 2024 Results on Apr 27, 2024 Shenzhen Gas Corporation Ltd. announced that they will report Q1, 2024 results on Apr 27, 2024 Reported Earnings • Jan 12
Full year 2023 earnings released: EPS: CN¥0.50 (vs CN¥0.42 in FY 2022) Full year 2023 results: EPS: CN¥0.50 (up from CN¥0.42 in FY 2022). Revenue: CN¥30.9b (up 2.9% from FY 2022). Net income: CN¥1.43b (up 17% from FY 2022). Profit margin: 4.6% (up from 4.1% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 13% growth forecast for the Gas Utilities industry in China. Over the last 3 years on average, earnings per share has fallen by 2% per year whereas the company’s share price has remained flat. Announcement • Dec 30
Shenzhen Gas Corporation Ltd. to Report Fiscal Year 2023 Results on Apr 30, 2024 Shenzhen Gas Corporation Ltd. announced that they will report fiscal year 2023 results on Apr 30, 2024 New Risk • Nov 04
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 19% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (19% operating cash flow to total debt). Minor Risk Paying a dividend despite having no free cash flows. Reported Earnings • Oct 28
Third quarter 2023 earnings released: EPS: CN¥0.15 (vs CN¥0.11 in 3Q 2022) Third quarter 2023 results: EPS: CN¥0.15 (up from CN¥0.11 in 3Q 2022). Revenue: CN¥7.97b (up 2.9% from 3Q 2022). Net income: CN¥455.9m (up 41% from 3Q 2022). Profit margin: 5.7% (up from 4.2% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Gas Utilities industry in China. Over the last 3 years on average, earnings per share has fallen by 3% per year whereas the company’s share price has fallen by 2% per year. Announcement • Sep 30
Shenzhen Gas Corporation Ltd. to Report Q3, 2023 Results on Oct 27, 2023 Shenzhen Gas Corporation Ltd. announced that they will report Q3, 2023 results on Oct 27, 2023 Reported Earnings • Aug 29
Second quarter 2023 earnings released: EPS: CN¥0.14 (vs CN¥0.11 in 2Q 2022) Second quarter 2023 results: EPS: CN¥0.14 (up from CN¥0.11 in 2Q 2022). Revenue: CN¥7.65b (down 4.6% from 2Q 2022). Net income: CN¥391.3m (up 25% from 2Q 2022). Profit margin: 5.1% (up from 3.9% in 2Q 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Gas Utilities industry in China. Over the last 3 years on average, earnings per share has fallen by 3% per year and the company’s share price has also fallen by 3% per year. Announcement • Jun 28
Shenzhen Gas Corporation Ltd. to Report First Half, 2023 Results on Aug 29, 2023 Shenzhen Gas Corporation Ltd. announced that they will report first half, 2023 results on Aug 29, 2023 Reported Earnings • Apr 13
First quarter 2023 earnings released: EPS: CN¥0.09 (vs CN¥0.08 in 1Q 2022) First quarter 2023 results: EPS: CN¥0.09 (up from CN¥0.08 in 1Q 2022). Revenue: CN¥7.58b (up 12% from 1Q 2022). Net income: CN¥258.3m (up 14% from 1Q 2022). Profit margin: 3.4% (up from 3.3% in 1Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 14% p.a. on average during the next 2 years, compared to a 4.0% growth forecast for the Gas Utilities industry in Asia. Over the last 3 years on average, earnings per share has fallen by 2% per year and the company’s share price has also fallen by 2% per year. Reported Earnings • Jan 11
Full year 2022 earnings released: EPS: CN¥0.41 (vs CN¥0.47 in FY 2021) Full year 2022 results: EPS: CN¥0.41 (down from CN¥0.47 in FY 2021). Revenue: CN¥30.1b (up 40% from FY 2021). Net income: CN¥1.18b (down 13% from FY 2021). Profit margin: 3.9% (down from 6.3% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 12% p.a. on average during the next 2 years, compared to a 4.9% growth forecast for the Gas Utilities industry in Asia. Over the last 3 years on average, earnings per share has increased by 1% per year whereas the company’s share price has fallen by 2% per year. Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 9 highly experienced directors. 5 independent directors (7 non-independent directors). Independent Director Li Huang was the last independent director to join the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Oct 14
Third quarter 2022 earnings released: EPS: CN¥0.11 (vs CN¥0.12 in 3Q 2021) Third quarter 2022 results: EPS: CN¥0.11 (down from CN¥0.12 in 3Q 2021). Revenue: CN¥7.75b (up 57% from 3Q 2021). Net income: CN¥323.3m (down 8.1% from 3Q 2021). Profit margin: 4.2% (down from 7.1% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 6.0% growth forecast for the Gas Utilities industry in Asia. Over the last 3 years on average, earnings per share has increased by 3% per year whereas the company’s share price has fallen by 2% per year. Valuation Update With 7 Day Price Move • Aug 15
Investor sentiment improved over the past week After last week's 15% share price gain to CN¥8.35, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 14x in the Gas Utilities industry in Asia. Total returns to shareholders of 45% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥5.37 per share. Reported Earnings • Jul 15
Second quarter 2022 earnings released: EPS: CN¥0.11 (vs CN¥0.20 in 2Q 2021) Second quarter 2022 results: EPS: CN¥0.11 (down from CN¥0.20 in 2Q 2021). Revenue: CN¥8.01b (up 52% from 2Q 2021). Net income: CN¥312.2m (down 45% from 2Q 2021). Profit margin: 3.9% (down from 11% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 15%, compared to a 16% growth forecast for the industry in China. Over the last 3 years on average, earnings per share has increased by 8% per year whereas the company’s share price has increased by 6% per year. Reported Earnings • Apr 29
First quarter 2022 earnings released: EPS: CN¥0.08 (vs CN¥0.10 in 1Q 2021) First quarter 2022 results: EPS: CN¥0.08 (down from CN¥0.10 in 1Q 2021). Revenue: CN¥6.79b (up 56% from 1Q 2021). Net income: CN¥226.6m (down 21% from 1Q 2021). Profit margin: 3.3% (down from 6.6% in 1Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 13%, compared to a 14% growth forecast for the industry in China. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Reported Earnings • Oct 31
Third quarter 2021 earnings released: EPS CN¥0.12 (vs CN¥0.15 in 3Q 2020) The company reported a mediocre third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: CN¥4.94b (up 33% from 3Q 2020). Net income: CN¥351.8m (down 19% from 3Q 2020). Profit margin: 7.1% (down from 12% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 15% per year whereas the company’s share price has increased by 16% per year. Reported Earnings • Aug 27
Second quarter 2021 earnings released: EPS CN¥0.20 (vs CN¥0.15 in 2Q 2020) The company reported a solid second quarter result with improved earnings and revenues, although profit margins were weaker. Second quarter 2021 results: Revenue: CN¥5.28b (up 49% from 2Q 2020). Net income: CN¥565.1m (up 28% from 2Q 2020). Profit margin: 11% (down from 13% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has increased by 22% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Aug 23
Investor sentiment deteriorated over the past week After last week's 16% share price decline to CN¥9.46, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 16x in the Gas Utilities industry in Asia. Total returns to shareholders of 67% over the past three years. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment improved over the past week After last week's 27% share price gain to CN¥8.72, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 15x in the Gas Utilities industry in Asia. Total returns to shareholders of 51% over the past three years. Reported Earnings • Jul 11
Second quarter 2021 earnings released: EPS CN¥0.20 (vs CN¥0.15 in 2Q 2020) The company reported a solid second quarter result with improved earnings and revenues, although profit margins were weaker. Second quarter 2021 results: Revenue: CN¥5.28b (up 49% from 2Q 2020). Net income: CN¥565.1m (up 28% from 2Q 2020). Profit margin: 11% (down from 13% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Reported Earnings • Apr 29
First quarter 2021 earnings released: EPS CN¥0.10 (vs CN¥0.08 in 1Q 2020) The company reported a solid first quarter result with improved earnings and revenues, although profit margins were weaker. First quarter 2021 results: Revenue: CN¥4.35b (up 54% from 1Q 2020). Net income: CN¥287.0m (up 32% from 1Q 2020). Profit margin: 6.6% (down from 7.7% in 1Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Jan 22
New 90-day low: CN¥6.65 The company is down 11% from its price of CN¥7.45 on 23 October 2020. The Chinese market is up 12% over the last 90 days, indicating the company underperformed over that time. However, its price trend is similar to the Gas Utilities industry, which is also down 11% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is CN¥38.67 per share. Is New 90 Day High Low • Jan 07
New 90-day low: CN¥7.07 The company is down 1.0% from its price of CN¥7.11 on 09 October 2020. The Chinese market is up 11% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Gas Utilities industry, which is up 1.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is CN¥38.67 per share. Analyst Estimate Surprise Post Earnings • Oct 29
Third-quarter earnings released: Revenue misses expectations Third-quarter revenue missed analyst estimates by 8.3% at CN¥3.70b. Revenue is forecast to grow 22% over the next year, compared to a 7.6% growth forecast for the Gas Utilities industry in China. Reported Earnings • Oct 29
Third quarter earnings released Over the last 12 months the company has reported total profits of CN¥1.23b, up 12% from the prior year. Total revenue was CN¥14.1b over the last 12 months, up 5.7% from the prior year. Is New 90 Day High Low • Oct 04
New 90-day low: CN¥6.86 The company is down 3.0% from its price of CN¥7.10 on 06 July 2020. The Chinese market is up 4.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Gas Utilities industry, which is down 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is CN¥23.52 per share.