Announcement • 8h
China Gas Holdings Limited, Annual General Meeting, Aug 21, 2026 China Gas Holdings Limited, Annual General Meeting, Aug 21, 2026. Announcement • Nov 28
China Gas Holdings Limited Announces Interim Cash Dividend for the Six Months Ended 30 September 2025, Payable on 6 February 2026 China Gas Holdings Limited announced Interim cash dividend of HKD 0.15 per share for the six months ended 30 September 2025, Ex-dividend date is 5 January 2026. Record date 9 January 2026. Payment date is 6 February 2026. Announcement • Nov 13
China Gas Holdings Limited to Report First Half, 2026 Results on Nov 28, 2025 China Gas Holdings Limited announced that they will report first half, 2026 results on Nov 28, 2025 Announcement • Aug 21
China Gas Holdings Limited Approves Final Dividend for the Financial Year Ended 31 March 2025 China Gas Holdings Limited announced that at the AGM held on August 21, 2025, approved a final dividend of 35 HK cents per share for the financial year ended 31 March 2025. Announcement • Jun 29
China Gas Holdings Limited Proposes Final Dividend for the Financial Year Ended 31 March 2025, Payable on 09 October 2025 China Gas Holdings Limited proposed a final dividend of HKD 0.35 per share for the financial year ended 31 March 2025. The dividend is classified as an ordinary dividend. The ex-dividend date is set for 25 August 2025, and shareholders must lodge transfer documents for registration by 16:30 on 26 August 2025 to determine their entitlement to the dividend. The book close period will be from 27 August 2025 to 29 August 2025, with the record date on 29 August 2025. The payment date for the dividend is scheduled for 09 October 2025. Announcement • Jun 27
China Gas Holdings Limited, Annual General Meeting, Aug 21, 2025 China Gas Holdings Limited, Annual General Meeting, Aug 21, 2025. Announcement • Jun 10
China Gas Holdings Limited to Report Fiscal Year 2025 Results on Jun 27, 2025 China Gas Holdings Limited announced that they will report fiscal year 2025 results on Jun 27, 2025 Announcement • Jan 06
China Gas Holdings Limited Announces Board and Committee Changes The board of directors of China Gas Holdings Limited announced that Mr. Jiang Xinhao has resigned as a non-executive director of the Company and the chairman of the Corporate Governance and Risk Control Committee, each with effect from 6 January 2025, due to his retirement. The Board further announces that following the resignation of Mr. Jiang, Ms. Chen Yanyan, an independent non-executive director and member of the CGRC Committee, has been appointed as the chairman of the CGRC Committee, with effect from 6 January 2025. Announcement • Nov 29
China Gas Holdings Limited Announces Interim Cash Dividend for the Six Months Ended 30 September 2024, Payable on 18 February 2025 China Gas Holdings Limited announced Interim cash dividend of HKD 0.15 per share for the six months ended 30 September 2024 Ex-dividend date is 06 January 2025. Record date 10 January 2025. Payment date is 18 February 2025. New Risk • Nov 17
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 6.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. 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 Risks Share price has been volatile over the past 3 months (6.9% average weekly change). Significant insider selling over the past 3 months (€2.8m sold). Announcement • Nov 11
China Gas Holdings Limited to Report Q2, 2025 Results on Nov 29, 2024 China Gas Holdings Limited announced that they will report Q2, 2025 results on Nov 29, 2024 Announcement • Aug 21
China Gas Holdings Limited Approves Final Dividend China Gas Holdings Limited at its AGM held on August 21, 2024 approved final dividend of 35 HongKong cents per share, with an option for scrip dividend. Upcoming Dividend • Aug 16
Upcoming dividend of HK$0.35 per share Eligible shareholders must have bought the stock before 23 August 2024. Payment date: 04 October 2024. Payout ratio is on the higher end at 85%, however this is supported by cash flows. Trailing yield: 7.0%. Within top quartile of German dividend payers (4.9%). In line with average of industry peers (6.8%). Reported Earnings • Jul 28
Full year 2024 earnings released: EPS: HK$0.59 (vs HK$0.80 in FY 2023) Full year 2024 results: EPS: HK$0.59 (down from HK$0.80 in FY 2023). Revenue: HK$81.4b (down 12% from FY 2023). Net income: HK$3.18b (down 26% from FY 2023). Profit margin: 3.9% (down from 4.7% in FY 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 5.2% p.a. on average during the next 3 years, compared to a 2.4% growth forecast for the Gas Utilities industry in Europe. Over the last 3 years on average, earnings per share has fallen by 45% per year but the company’s share price has only fallen by 32% per year, which means it has not declined as severely as earnings. Declared Dividend • Jun 27
Final dividend of HK$0.35 announced Shareholders will receive a dividend of HK$0.35. Ex-date: 23rd August 2024 Payment date: 4th October 2024 Dividend yield will be 45%, which is higher than the industry average of 4.4%. Sustainability & Growth Dividend is covered by both earnings (85% earnings payout ratio) and cash flows (39% cash payout ratio). The dividend has increased by an average of 19% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 49% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Jun 25
Full year 2024 earnings released: EPS: HK$0.59 (vs HK$0.80 in FY 2023) Full year 2024 results: EPS: HK$0.59 (down from HK$0.80 in FY 2023). Revenue: HK$81.4b (down 12% from FY 2023). Net income: HK$3.18b (down 26% from FY 2023). Profit margin: 3.9% (down from 4.7% in FY 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 5.6% p.a. on average during the next 3 years, compared to a 1.2% growth forecast for the Gas Utilities industry in Europe. Over the last 3 years on average, earnings per share has fallen by 45% per year but the company’s share price has only fallen by 30% per year, which means it has not declined as severely as earnings. Announcement • Jun 25
China Gas Holdings Limited, Annual General Meeting, Aug 21, 2024 China Gas Holdings Limited, Annual General Meeting, Aug 21, 2024. Announcement • Jun 24
China Gas Holdings Limited Proposes Final Dividend for the Year Ended 31 March 2024, Payable on 4 October 2024 China Gas Holdings Limited proposed final dividend for the year ended 31 March 2024 of HKD 0.35 per share. Ex-dividend date: 23 August 2024. Record date: 29 August 2024. Payment date: 4 October 2024. Date of shareholders' approval: 21 August 2024. Announcement • Jun 13
China Gas Holdings Limited to Report Fiscal Year 2024 Results on Jun 24, 2024 China Gas Holdings Limited announced that they will report fiscal year 2024 results on Jun 24, 2024 Upcoming Dividend • Dec 28
Upcoming dividend of HK$0.15 per share at 7.5% yield Eligible shareholders must have bought the stock before 04 January 2024. Payment date: 02 February 2024. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 7.5%. Within top quartile of German dividend payers (5.1%). Higher than average of industry peers (5.3%). Announcement • Dec 01
China Gas Holdings Limited Announces Board Changes The board of directors of China Gas Holdings Limited announced that Mr. Ayush Gupta has been appointed as a non-executive Director of the Company and a member of the Corporate Governance and Risk Control Committee with effect from 1 December 2023. Mr. Ayush Gupta, aged 52, is a director of GAIL (India) Limited, which is a company listed on the National Stock Exchange (NSE) of India Limited, since August 2022. He is also the chairman of GAIL Mangalore Petrochemicals Ltd. since November 2023 and a director in GAIL Gas Limited since July 2022, both being wholly-owned subsidiaries of GAIL (India) Limited. He has also served as a director of ONGC Tripura Power Company Ltd. since November 2023. Mr. Gupta received a Bachelor's degree in Electrical Engineering in 1993 from University of Roorkee India, a Master's degree in Business Administration in 2003 and a post-graduate diploma in Human Resource Management in 2023 both from Indira Gandhi National Open University. He has also completed The Chevening Rolls-Royce Science, Innovation & Policy Leadership Programme from Saïd Business School of University of Oxford in 2013. Mr. Gupta will serve as a member of the Corporate Governance and Risk Control Committee effective upon his appointment as a non-executive Director of the Company. He is entitled to an annual fee of HKD 66,000 for being a member of the Committee. The Board announces that Mr. Mahesh Vishwanathan Iyer (Mr. Iyer) has resigned as a non-executive Director of the Company and a member of the Corporate Governance and Risk Control Committee, each with effect from 1 December 2023, due to his retirement. Recent Insider Transactions • Nov 30
Executive Chairman recently bought €574k worth of stock On the 28th of November, Ming Hui Liu bought around 700k shares on-market at roughly €0.82 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Ming Hui has been a buyer over the last 12 months, purchasing a net total of €1.9m worth in shares. Announcement • Nov 30
China Gas Holdings Limited Announces an Interim Dividend for the Six-Month Ended 30 September 2023, Payable on 2 February 2024 China Gas Holdings Limited announced an interim dividend of HKD 0.15 per share for the six-month ended 30 September 2023. Ex-dividend date is 4 January 2024. Record date is 10 January 2024. Payment date is 2 February 2024. Reported Earnings • Nov 29
First half 2024 earnings released: EPS: HK$0.34 (vs HK$0.60 in 1H 2023) First half 2024 results: EPS: HK$0.34 (down from HK$0.60 in 1H 2023). Revenue: HK$36.0b (down 16% from 1H 2023). Net income: HK$1.83b (down 44% from 1H 2023). Profit margin: 5.1% (down from 7.6% in 1H 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 7.0% p.a. on average during the next 3 years, compared to a 2.4% decline forecast for the Gas Utilities industry in Europe. Over the last 3 years on average, earnings per share has fallen by 36% per year and the company’s share price has also fallen by 36% per year. Announcement • Nov 14
China Gas Holdings Limited to Report First Half, 2024 Results on Nov 27, 2023 China Gas Holdings Limited announced that they will report first half, 2024 results on Nov 27, 2023 Announcement • Aug 24
China Gas Holdings Limited Approves Final Dividend for the Year Ended 31 March 2023 China Gas Holdings Limited approved final dividend of 40 HK cents per share for the year ended 31 March 2023. Upcoming Dividend • Aug 18
Upcoming dividend of HK$0.40 per share at 6.0% yield Eligible shareholders must have bought the stock before 25 August 2023. Payment date: 03 October 2023. Payout ratio is a comfortable 63% and this is well supported by cash flows. Trailing yield: 6.0%. Within top quartile of German dividend payers (4.8%). Higher than average of industry peers (4.9%). Reported Earnings • Jun 26
Full year 2023 earnings released: EPS: HK$0.80 (vs HK$1.39 in FY 2022) Full year 2023 results: EPS: HK$0.80 (down from HK$1.39 in FY 2022). Revenue: HK$92.0b (up 4.3% from FY 2022). Net income: HK$4.29b (down 44% from FY 2022). Profit margin: 4.7% (down from 8.7% in FY 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.9% p.a. on average during the next 3 years, compared to a 1.5% decline forecast for the Gas Utilities industry in Europe. Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has fallen by 28% per year, which means it is performing significantly worse than earnings. Announcement • Jun 10
China Gas Holdings Limited to Report Fiscal Year 2023 Results on Jun 26, 2023 China Gas Holdings Limited announced that they will report fiscal year 2023 results on Jun 26, 2023 Buying Opportunity • May 29
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 18%. The fair value is estimated to be €1.34, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 18% over the last 3 years. Earnings per share has declined by 9.3%. For the next 3 years, revenue is forecast to grow by 6.8% per annum. Earnings is also forecast to grow by 11% per annum over the same time period. Recent Insider Transactions • Jan 30
Executive Chairman recently bought €587k worth of stock On the 26th of January, Ming Hui Liu bought around 400k shares on-market at roughly €1.47 per share. This transaction amounted to less than 1% 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 Ming Hui's only on-market trade for the last 12 months. Upcoming Dividend • Dec 29
Upcoming dividend of HK$0.10 per share Eligible shareholders must have bought the stock before 05 January 2023. Payment date: 03 February 2023. Payout ratio is a comfortable 44% and this is well supported by cash flows. Trailing yield: 4.8%. Lower than top quartile of German dividend payers (5.1%). Lower than average of industry peers (5.8%). Valuation Update With 7 Day Price Move • Dec 02
Investor sentiment improved over the past week After last week's 17% share price gain to €1.23, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 14x in the Gas Utilities industry in Europe. Total loss to shareholders of 59% over the past three years. Reported Earnings • Nov 26
First half 2023 earnings released: EPS: HK$0.60 (vs HK$0.74 in 1H 2022) First half 2023 results: EPS: HK$0.60 (down from HK$0.74 in 1H 2022). Revenue: HK$43.0b (up 10% from 1H 2022). Net income: HK$3.26b (down 21% from 1H 2022). Profit margin: 7.6% (down from 11% in 1H 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 7.3% p.a. on average during the next 3 years, compared to a 2.8% decline forecast for the Gas Utilities industry in Europe. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has fallen by 32% per year, which means it is performing significantly worse than earnings. Announcement • Nov 26
China Gas Holdings Limited Announces Interim Dividend for the Six-Month Period Ended 30 September 2022, Payable on 03 February 2023 China Gas Holdings Limited announced Interim dividend of HKD 0.1 per share for the six-month period ended 30 September 2022. The dividend payable on 03 February 2023 and record date of 11 January 2023. Announcement • Nov 09
China Gas Holdings Limited to Report Q2, 2023 Results on Nov 25, 2022 China Gas Holdings Limited announced that they will report Q2, 2023 results on Nov 25, 2022 Announcement • Oct 08
China Gas Holdings Limited Announces Executive Changes The board of directors of China Gas Holdings Limited announced that Ms. Lam Ngan Ling has resigned as the Group General Counsel, Company Secretary, an agent for service of process in Hong Kong under the Companies Ordinance and an authorized representative of the Company under the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited with effect from 7 October 2022. Following Ms. Lam's resignation, the Board announced that Ms. Chan Wing Ki has been appointed as Group General Counsel, Company Secretary, the Process Agent and the Authorized Representative of the Company with effect from 7 October 2022. Ms. Chan is a solicitor qualified to practice in Hong Kong and an attorney admitted to practice in New York. She has more than 10 years of legal and corporate governance experience, having worked at Allen & Overy, Davis Polk & Wardwell, Latham & Watkins LLP and as in-house counsel and company secretary of various companies. Announcement • Aug 19
China Gas Holdings Limited Approves Final Dividend for the Year Ended 31 March 2022 China Gas Holdings Limited at its AGM held on August 18, 2022 approved final dividend of 45 HK cents per share for the year ended 31 March 2022. Upcoming Dividend • Aug 16
Upcoming dividend of HK$0.45 per share Eligible shareholders must have bought the stock before 23 August 2022. Payment date: 03 October 2022. Payout ratio is a comfortable 39% but the company is paying out more than the cash it is generating. Trailing yield: 4.6%. Within top quartile of German dividend payers (4.5%). In line with average of industry peers (5.1%). Reported Earnings • Jun 25
Full year 2022 earnings released: EPS: HK$1.39 (vs HK$2.01 in FY 2021) Full year 2022 results: EPS: HK$1.39 (down from HK$2.01 in FY 2021). Revenue: HK$88.2b (up 26% from FY 2021). Net income: HK$7.66b (down 27% from FY 2021). Profit margin: 8.7% (down from 15% in FY 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 11% compared to a 13% decline forecast for the industry in Germany. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has fallen by 24% per year, which means it is performing significantly worse than earnings. Announcement • Jun 25
China Gas Holdings Limited, Annual General Meeting, Aug 18, 2022 China Gas Holdings Limited, Annual General Meeting, Aug 18, 2022. Announcement • Jun 10
China Gas Holdings Limited to Report Fiscal Year 2022 Results on Jun 24, 2022 China Gas Holdings Limited announced that they will report fiscal year 2022 results on Jun 24, 2022 Valuation Update With 7 Day Price Move • Mar 15
Investor sentiment deteriorated over the past week After last week's 21% share price decline to €1.15, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 13x in the Gas Utilities industry in Europe. Total loss to shareholders of 60% over the past three years. Announcement • Mar 10
China Gas Holdings Limited Appoints Xiong Bin as the Vice Chairman of the Board, a Non-Executive Director and a Member of the Corporate Governance and Risk Control Committee China Gas Holdings Limited announced that Xiong Bin has been appointed as the Vice Chairman of the Board, a non-executive director and a member of the Corporate Governance and Risk Control Committee of the Company with effect from 8 March 2022. Xiong Bin, aged 55, is currently an executive director and the chief executive officer of Beijing Enterprises Holdings Limited, the assistant to the general manager of Beijing Enterprises Group Company Limited and a director of Beijing Gas Group Co. Ltd. Mr. Xiong joined Beijing Gas Group in 1999, Beijing Enterprises Group in 2011 and Beijing Enterprises in 2021. He has obtained numerous years of experience in public infrastructure facilities management and in strategic and investment management. Mr. Xiong is a PRC engineer. He graduated from the Department of Thermal Engineering of the School of Mechanical Engineering of Tongji University, and received an EMBA degree from the School of Economics and Management of the Tsinghua University. Beijing Enterprises and Beijing Enterprises Group are substantial shareholders of the Company and Beijing Enterprises Group is deemed to be interested in 1,274,433,143 shares of the Company, representing 23.02% of the issued share capital of the Company as at the date of this announcement, among which, 1,271,463,143 Beijing Enterprises Shares are held directly or indirectly by Beijing Enterprises, representing 22.97% of the issued shares of the Company as at the date of this announcement. Mr. Xiong is not interested in any Beijing Enterprises Shares and does not own any shares of the Company. Announcement • Feb 01
China Gas Holdings Limited Appoints Ma Weihua as Independent Non-Executive Director, Chairman of the Sustainability Committee and a Member of Each of the Audit Committee and the Corporate Governance and Risk Control Committee, Effective 1 February 2022 The Board of China Gas Holdings Limited announced that Dr. MA Weihua (``Dr. MA'') has been appointed as an independent non-executive director, chairman of the Sustainability Committee and a member of each of the Audit Committee and the Corporate Governance and Risk Control Committee of the Company with effect from 1 February 2022. Dr. MA Weihua is currently the chairman and a non-executive director of Bison Finance Group Limited, an independent non-executive director of Legend Holdings Corporation and Haidilao International Holding Ltd., an independent director of Guangdong Qunxing Toys Joint Stock Co. Ltd., the chairman of National Fund for Technology Transfer and Commercialization, chairman of the board of China Global Philanthropy Institute, chairman of China Alliance of Social Value Investment, the director-general of One Foundation and held positions including adjunct professor in various higher education institutes such as Peking University and Tsinghua University. Dr. MA previously served as the executive director, president and chief executive officer of China Merchants Bank Co., Ltd, the chairman of the board of CMB Wing Lung Bank Limited, CIGNA and CMC Life Insurance Company Ltd. and China Merchants Fund Management Co. Ltd. Upcoming Dividend • Dec 30
Upcoming dividend of HK$0.10 per share Eligible shareholders must have bought the stock before 06 January 2022. Payment date: 28 January 2022. Payout ratio is a comfortable 31% but the company is not cash flow positive. Trailing yield: 3.4%. Within top quartile of German dividend payers (3.3%). Lower than average of industry peers (5.0%). Valuation Update With 7 Day Price Move • Dec 06
Investor sentiment deteriorated over the past week After last week's 17% share price decline to €1.64, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 14x in the Gas Utilities industry in Europe. Total loss to shareholders of 40% over the past three years. Reported Earnings • Dec 01
First half 2022 earnings: EPS in line with analyst expectations despite revenue beat First half 2022 results: EPS: HK$0.74 (down from HK$0.97 in 1H 2021). Revenue: HK$38.9b (up 43% from 1H 2021). Net income: HK$4.11b (down 19% from 1H 2021). Profit margin: 11% (down from 19% in 1H 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 4.6%. Over the next year, revenue is forecast to grow 8.1% compared to a 4.0% decline forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 20% per year, which means it is significantly lagging earnings. Upcoming Dividend • Aug 16
Upcoming dividend of HK$0.45 per share Eligible shareholders must have bought the stock before 23 August 2021. Payment date: 30 September 2021. Trailing yield: 2.2%. Lower than top quartile of German dividend payers (3.1%). Lower than average of industry peers (5.8%). Reported Earnings • Jun 29
Full year 2021 earnings released: EPS HK$2.01 (vs HK$1.76 in FY 2020) The company reported a solid full year result with improved earnings and revenues, although profit margins were flat. Full year 2021 results: Revenue: HK$70.0b (up 18% from FY 2020). Net income: HK$10.5b (up 14% from FY 2020). Profit margin: 15% (in line with FY 2020). Over the last 3 years on average, earnings per share has increased by 14% 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 • Jun 20
Investor sentiment deteriorated over the past week After last week's 17% share price decline to HK$2.57, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 14x in the Gas Utilities industry in Europe. Total loss to shareholders of 23% over the past three years. Valuation Update With 7 Day Price Move • Apr 28
Investor sentiment deteriorated over the past week After last week's 17% share price decline to HK$2.87, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 13x in the Gas Utilities industry in Europe. Total returns to shareholders of 2.6% over the past three years. Announcement • Mar 05
China Gas Holdings Limited and China Petrochemical Corporation Enter into Strategic Cooperation Framework Agreement The board of directors of China Gas Holdings Limited announced that, on 4 March 2021, the Company and China Petrochemical Corporation ("Sinopec'') entered into a strategic cooperation framework agreement (the "Strategic Cooperation Framework Agreement''). Both parties agreed to launch comprehensive cooperation in gas business related fields so as to exploit their respective advantages based on the principles of "equality and mutual benefit, taking complementary advantages, reciprocal and mutual win-win cooperation''. Both parties will exploit their respective advantages, that is combining Sinopec's advantages in upstream resources supply of natural gas and liquefied petroleum gas ("LPG'') and in the sales network in liquefied natural gas ("LNG'') receiving terminals, petroleum and natural gas stations with the Group's advantages in mid-stream and downstream natural gas and LPG distribution network across China. Both parties will commence comprehensive strategic cooperation in businesses such as natural gas and LPG resources procurement, downstream gas business, LNG receiving terminals, oil and gas (natural gas and hydrogen) stations/recharging poles and transportation energy targeting in the nationwide market. Sinopec will commence natural gas business cooperation with the Group through Sinopec Natural Gas Company Limited ("Natural Gas Company'') and Sinopec Great Wall Gas Investment Company Limited ("Great Wall Gas''). Natural Gas Company would conduct joint study and cooperation with the Group for the establishment of a natural gas trading company. This trading company would be responsible for the centralised procurement from Sinopec's natural gas resources pool based on the needs of the Group. It is tentatively planned that this trading company would be controlled by Natural Gas Company. Natural Gas Company would support the project companies of the Group in matters such as the consumption and opening of accounts of the self-owned pipeline networks. Meanwhile, the Group would increase the procurement in Sinopec's natural gas resources. Great Wall Gas would conduct joint study and cooperation with the Group for the establishment of a downstream gas project joint venture. This joint venture would be responsible for the merger and acquisition of downstream gas companies and the acquisition of downstream gas concession rights. It is tentatively planned that this joint venture would be controlled by the Company. Sinopec would support the Group to invest in the newly established LNG receiving terminal projects and enjoy the window period for receiving and unloading LNG import resources according to respective shareholding. By leveraging the Group's logistics advantages in regional urban gas trade, coastal imported LNG trade and onshore LNG, as well as giving play to the layout of Sinopec's petroleum/gas stations and the advantages in the Group's gas stations, urban gas terminals and gas pipeline networks, both parties would cooperate in developing oil and gas/recharging pole joint stations, LNG distribution warehouse and relevant logistics system and in the joint development of transportation energy business. The Group and Sinopec will leverage their advantages in LPG resources, deep processing, logistics and warehousing to expand cooperation in the entire LPG industry chain business, including, among other things: deepening the cooperation in the fields of LPG trading and logistics; jointly facilitating the establishment of the national association of LPG importers, coordinating external procurement, and pushing forward the formulation and application of China's LPG import price index; conducting joint study of the feasibility of investing in the construction of public liquefied hydrocarbon storage facilities along the coast and river, as well as the cooperation on the supply of liquefied hydrocarbon resources. Sinopec may lease the LPG terminals and storage facilities of the Group for the operation of LPG industrial raw materials; and agreeing Sinopec to use the Group's terminal storage facilities in order to provide support for Sinopec's onshore LPG resources operation. Valuation Update With 7 Day Price Move • Feb 05
Investor sentiment improved over the past week After last week's 16% share price gain to HK$3.26, the stock is trading at a trailing P/E ratio of 16.6x, up from the previous P/E ratio of 14.4x. This compares to an average P/E of 14x in the Gas Utilities industry in Europe. Total returns to shareholders over the past three years are 47%. Is New 90 Day High Low • Jan 04
New 90-day high: €3.18 The company is up 33% from its price of €2.40 on 06 October 2020. The German market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Gas Utilities industry, which is up 4.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €5.16 per share. Announcement • Jan 04
China Gas Holdings Limited Announces Change of Non-Executive Director and Change of Composition of Board Committee The board of directors of China Gas Holdings Limited announced that Mr. Rajeev Kumar MATHUR resigned as a non-executive director of the Company with effect from 31 December 2020 due to his retirement from GAIL (India) Limited and the same was accepted by the Board on 1 January 2021. The Board announced that Mr. Mahesh Vishwanathan IYER has been appointed as a non-executive director of the Company with effect from 1 January 2021. The Board further announces the change of member of the board committee as follows: following the resignation as a non-executive director of the Company, Mr. MATHUR also resigned as a member of the Corporate Governance and Risk Control Committee with effect from 31 December 2020; and following the appointment as a non-executive director of the Company, Mr. IYER has also been appointed as a member of the Corporate Governance and Risk Control Committee and is entitled to an annual fee of HKD 66,000 for being a member of the committee with effect from 1 January 2021. Reported Earnings • Dec 17
First half 2021 earnings released: EPS HK$0.97 The company reported a decent first half result with improved earnings and profit margins, although revenues were weaker. First half 2021 results: Revenue: HK$27.2b (down 2.7% from 1H 2020). Net income: HK$5.09b (up 3.7% from 1H 2020). Profit margin: 19% (up from 18% in 1H 2020). The increase in margin was driven by lower 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 6% per year, which means it is significantly lagging earnings growth. Analyst Estimate Surprise Post Earnings • Dec 17
Revenue misses expectations Revenue missed analyst estimates by 6.4%. Over the next year, revenue is forecast to grow 19%, compared to a 2.1% growth forecast for the Gas Utilities industry in Germany. Is New 90 Day High Low • Dec 15
New 90-day high: €3.08 The company is up 34% from its price of €2.30 on 16 September 2020. The German market is up 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Gas Utilities industry, which is up 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €5.21 per share. Reported Earnings • Nov 29
First half 2021 earnings released: EPS HK$0.97 The company reported a decent first half result with improved earnings and profit margins, although revenues were weaker. First half 2021 results: Revenue: HK$27.2b (down 2.7% from 1H 2020). Net income: HK$5.09b (up 3.7% from 1H 2020). Profit margin: 19% (up from 18% in 1H 2020). The increase in margin was driven by lower 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 6% per year, which means it is significantly lagging earnings growth. Analyst Estimate Surprise Post Earnings • Nov 28
Revenue misses expectations Revenue missed analyst estimates by 6.4%. Over the next year, revenue is forecast to grow 22% while the growth in Gas Utilities industry in Germany is expected to stay flat. Is New 90 Day High Low • Nov 24
New 90-day high: €3.06 The company is up 24% from its price of €2.46 on 25 August 2020. The German market is up 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Gas Utilities industry, which is up 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €4.57 per share. Announcement • Nov 10
China Gas Holdings Limited to Report First Half, 2021 Results on Nov 27, 2020 China Gas Holdings Limited announced that they will report first half, 2021 results on Nov 27, 2020 Valuation Update With 7 Day Price Move • Nov 07
Market bids up stock over the past week After last week's 15% share price gain to HK$3.00, the stock is trading at a trailing P/E ratio of 15.3x, up from the previous P/E ratio of 13.3x. This compares to an average P/E of 13x in the Gas Utilities industry in Europe. Total returns to shareholders over the past three years are 20%. Is New 90 Day High Low • Nov 03
New 90-day high: €2.68 The company is up 5.0% from its price of €2.56 on 04 August 2020. The German market is down 6.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Gas Utilities industry, which is down 7.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €4.82 per share. 