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China Resources Gas Group

SEHK:1193
Snowflake Description

Solid track record with excellent balance sheet and pays a dividend.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
1193
SEHK
HK$85B
Market Cap
  1. Home
  2. HK
  3. Utilities
Company description

China Resources Gas Group Limited, an investment holding company, engages in the sale of liquefied gas and connection of gas pipelines in the People’s Republic of China and Hong Kong. The last earnings update was 93 days ago. More info.


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1193 Share Price and Events
7 Day Returns
-8%
SEHK:1193
-1.5%
HK Gas Utilities
0.8%
HK Market
1 Year Returns
3.8%
SEHK:1193
2.3%
HK Gas Utilities
-4.4%
HK Market
1193 Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
China Resources Gas Group (1193) -8% -0.9% 6.6% 3.8% 60.5% 53.7%
HK Gas Utilities -1.5% 4.2% 6.1% 2.3% 62.5% 26.5%
HK Market 0.8% 1.5% -7.4% -4.4% 17.7% 1.6%
1 Year Return vs Industry and Market
  • 1193 outperformed the Gas Utilities industry which returned 2.3% over the past year.
  • 1193 outperformed the Market in Hong Kong which returned -4.4% over the past year.
Price Volatility
1193
Industry
5yr Volatility vs Market

Value

 Is China Resources Gas Group undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of China Resources Gas Group to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for China Resources Gas Group.

SEHK:1193 Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 25 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 7.3%
Perpetual Growth Rate 10-Year HK Government Bond Rate 2%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for SEHK:1193
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year HK Govt Bond Rate 2%
Equity Risk Premium S&P Global 6.7%
Gas Utilities Unlevered Beta Simply Wall St/ S&P Global 0.35
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.353 (1 + (1- 25%) (14.84%))
0.593
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2% + (0.8 * 6.65%)
7.32%

Discounted Cash Flow Calculation for SEHK:1193 using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for China Resources Gas Group is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

SEHK:1193 DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (HKD, Millions) Source Present Value
Discounted (@ 7.32%)
2020 3,769.02 Analyst x10 3,511.84
2021 5,032.29 Analyst x10 4,368.98
2022 4,310.50 Analyst x2 3,486.98
2023 5,479.50 Analyst x2 4,130.19
2024 5,876.58 Est @ 7.25% 4,127.25
2025 6,209.99 Est @ 5.67% 4,063.81
2026 6,493.93 Est @ 4.57% 3,959.66
2027 6,740.80 Est @ 3.8% 3,829.74
2028 6,960.68 Est @ 3.26% 3,684.82
2029 7,161.45 Est @ 2.88% 3,532.43
Present value of next 10 years cash flows HK$38,695.70
SEHK:1193 DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= HK$7,161.45 × (1 + 2%) ÷ (7.32% – 2%)
HK$137,310.06
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= HK$137,310.06 ÷ (1 + 7.32%)10
HK$67,728.94
SEHK:1193 Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= HK$38,695.70 + HK$67,728.94
HK$106,424.65
Equity Value per Share
(HKD)
= Total value / Shares Outstanding
= HK$106,424.65 / 2,224.01
HK$47.85
SEHK:1193 Discount to Share Price
Calculation Result
Value per share (HKD) From above. HK$47.85
Current discount Discount to share price of HK$38.05
= -1 x (HK$38.05 - HK$47.85) / HK$47.85
20.5%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price China Resources Gas Group is available for.
Intrinsic value
20%
Share price is HK$38.05 vs Future cash flow value of HK$47.85
Current Discount Checks
For China Resources Gas Group to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • China Resources Gas Group's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • China Resources Gas Group's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for China Resources Gas Group's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are China Resources Gas Group's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
SEHK:1193 PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in HKD HK$2.04
SEHK:1193 Share Price ** SEHK (2019-07-19) in HKD HK$38.05
Hong Kong Gas Utilities Industry PE Ratio Median Figure of 14 Publicly-Listed Gas Utilities Companies 16.25x
Hong Kong Market PE Ratio Median Figure of 1,511 Publicly-Listed Companies 10.76x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of China Resources Gas Group.

SEHK:1193 PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= SEHK:1193 Share Price ÷ EPS (both in HKD)

= 38.05 ÷ 2.04

18.62x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • China Resources Gas Group is overvalued based on earnings compared to the HK Gas Utilities industry average.
  • China Resources Gas Group is overvalued based on earnings compared to the Hong Kong market.
Price based on expected Growth
Does China Resources Gas Group's expected growth come at a high price?
Raw Data
SEHK:1193 PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 18.62x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 25 Analysts
9.4%per year
Hong Kong Gas Utilities Industry PEG Ratio Median Figure of 9 Publicly-Listed Gas Utilities Companies 1.29x
Hong Kong Market PEG Ratio Median Figure of 480 Publicly-Listed Companies 0.8x

*Line of best fit is calculated by linear regression .

SEHK:1193 PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 18.62x ÷ 9.4%

1.99x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • China Resources Gas Group is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on China Resources Gas Group's assets?
Raw Data
SEHK:1193 PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in HKD HK$10.83
SEHK:1193 Share Price * SEHK (2019-07-19) in HKD HK$38.05
Hong Kong Gas Utilities Industry PB Ratio Median Figure of 15 Publicly-Listed Gas Utilities Companies 1.33x
Hong Kong Market PB Ratio Median Figure of 2,197 Publicly-Listed Companies 0.92x
SEHK:1193 PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= SEHK:1193 Share Price ÷ Book Value per Share (both in HKD)

= 38.05 ÷ 10.83

3.51x

* Primary Listing of China Resources Gas Group.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • China Resources Gas Group is overvalued based on assets compared to the HK Gas Utilities industry average.
X
Value checks
We assess China Resources Gas Group's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Gas Utilities industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Gas Utilities industry average (and greater than 0)? (1 check)
  5. China Resources Gas Group has a total score of 1/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is China Resources Gas Group expected to perform in the next 1 to 3 years based on estimates from 25 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
9.4%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is China Resources Gas Group expected to grow at an attractive rate?
  • China Resources Gas Group's earnings growth is expected to exceed the low risk savings rate of 2%.
Growth vs Market Checks
  • China Resources Gas Group's earnings growth is positive but not above the Hong Kong market average.
  • China Resources Gas Group's revenue growth is expected to exceed the Hong Kong market average.
Annual Growth Rates Comparison
Raw Data
SEHK:1193 Future Growth Rates Data Sources
Data Point Source Value (per year)
SEHK:1193 Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 25 Analysts 9.4%
SEHK:1193 Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 25 Analysts 11%
Hong Kong Gas Utilities Industry Earnings Growth Rate Market Cap Weighted Average 10.2%
Hong Kong Gas Utilities Industry Revenue Growth Rate Market Cap Weighted Average 11.1%
Hong Kong Market Earnings Growth Rate Market Cap Weighted Average 11.3%
Hong Kong Market Revenue Growth Rate Market Cap Weighted Average 10.7%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
SEHK:1193 Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (6 months ago) See Below
Future Estimates Average of up to 25 Analyst Estimates (S&P Global) See Below
All numbers in HKD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
SEHK:1193 Future Estimates Data
Date (Data in HKD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 66,560 9,762 5,529 1
2022-12-31 61,488 8,607 5,280 1
2021-12-31 75,367 10,842 6,280 20
2020-12-31 66,256 9,907 5,690 25
2019-12-31 58,023 9,022 5,084 25
SEHK:1193 Past Financials Data
Date (Data in HKD Millions) Revenue Cash Flow Net Income *
2018-12-31 51,165 8,342 4,450
2018-09-30 48,577 8,564 4,319
2018-06-30 45,989 8,786 4,187
2018-03-31 42,914 8,291 3,921
2017-12-31 39,838 7,796 3,654
2017-09-30 37,518 7,597 3,550
2017-06-30 35,198 7,397 3,447
2017-03-31 34,057 7,381 3,368
2016-12-31 32,916 7,365 3,289
2016-09-30 32,783 3,264
2016-06-30 32,649 5,786 3,238
2016-03-31 32,742 5,738 3,038

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • China Resources Gas Group's earnings are expected to grow by 9.4% yearly, however this is not considered high growth (20% yearly).
  • China Resources Gas Group's revenue is expected to grow by 11% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
SEHK:1193 Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (6 months ago) See Below
Future Estimates Average of up to 25 Analyst Estimates (S&P Global) See Below

All data from China Resources Gas Group Company Filings, last reported 6 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SEHK:1193 Future Estimates Data
Date (Data in HKD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31 2.54 2.54 2.54 1.00
2022-12-31 2.42 2.42 2.42 1.00
2021-12-31 2.86 3.28 2.39 17.00
2020-12-31 2.59 2.79 2.25 21.00
2019-12-31 2.32 2.42 2.11 21.00
SEHK:1193 Past Financials Data
Date (Data in HKD Millions) EPS *
2018-12-31 2.04
2018-09-30 1.98
2018-06-30 1.92
2018-03-31 1.80
2017-12-31 1.68
2017-09-30 1.63
2017-06-30 1.58
2017-03-31 1.55
2016-12-31 1.51
2016-09-30 1.50
2016-06-30 1.49
2016-03-31 1.40

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • China Resources Gas Group is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess China Resources Gas Group's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Hong Kong market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Hong Kong market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
China Resources Gas Group has a total score of 2/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has China Resources Gas Group performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare China Resources Gas Group's growth in the last year to its industry (Gas Utilities).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • China Resources Gas Group's year on year earnings growth rate has been positive over the past 5 years.
  • China Resources Gas Group's 1-year earnings growth exceeds its 5-year average (21.8% vs 13.8%)
  • China Resources Gas Group's earnings growth has exceeded the HK Gas Utilities industry average in the past year (21.8% vs 10.1%).
Earnings and Revenue History
China Resources Gas Group's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from China Resources Gas Group Company Filings, last reported 6 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SEHK:1193 Past Revenue, Cash Flow and Net Income Data
Date (Data in HKD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 51,165.37 4,450.10 6,961.72
2018-09-30 48,577.40 4,318.68 6,862.25
2018-06-30 45,989.43 4,187.26 6,745.15
2018-03-31 42,913.51 3,920.63 6,523.28
2017-12-31 39,837.60 3,653.99 6,319.05
2017-09-30 37,517.80 3,550.44 6,142.66
2017-06-30 35,198.00 3,446.89 5,966.26
2017-03-31 34,057.08 3,368.15 5,921.86
2016-12-31 32,916.15 3,289.40 5,877.46
2016-09-30 32,782.73 3,263.64 5,902.91
2016-06-30 32,649.30 3,237.89 5,928.37
2016-03-31 32,741.67 3,037.90 5,859.03
2015-12-31 32,834.04 2,837.91 5,789.68
2015-09-30 32,151.53 2,811.90 5,578.00
2015-06-30 31,469.03 2,785.89 5,366.33
2015-03-31 30,093.03 2,632.90 5,224.78
2014-12-31 28,717.03 2,479.90 5,083.24
2014-09-30 27,032.38 2,412.57 4,989.81
2014-06-30 25,347.73 2,345.24 4,896.37
2014-03-31 23,817.88 2,253.09 4,750.42
2013-12-31 22,288.03 2,160.95 4,604.47
2013-09-30 20,061.94 2,055.59 4,035.56
2013-06-30 17,835.84 1,950.23 3,466.65
2013-03-31 15,728.82 1,797.89 3,046.35
2012-12-31 13,621.79 1,645.54 2,626.05
2012-09-30 15,478.56 1,505.00 2,892.64

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • China Resources Gas Group has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • China Resources Gas Group used its assets more efficiently than the HK Gas Utilities industry average last year based on Return on Assets.
  • China Resources Gas Group has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess China Resources Gas Group's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Gas Utilities industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
China Resources Gas Group has a total score of 5/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is China Resources Gas Group's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up China Resources Gas Group's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • China Resources Gas Group's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • China Resources Gas Group's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of China Resources Gas Group's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is covered by short term assets, assets are 2x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from China Resources Gas Group Company Filings, last reported 6 months ago.

SEHK:1193 Past Debt and Equity Data
Date (Data in HKD Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 31,608.48 12,561.05 12,031.54
2018-09-30 31,608.48 12,561.05 12,031.54
2018-06-30 31,632.42 12,872.20 13,219.48
2018-03-31 31,632.42 12,872.20 13,219.48
2017-12-31 29,169.33 11,827.12 11,847.46
2017-09-30 29,169.33 11,827.12 11,847.46
2017-06-30 26,631.71 13,485.32 10,867.26
2017-03-31 26,631.71 13,485.32 10,867.26
2016-12-31 23,704.79 13,035.23 10,577.75
2016-09-30 23,704.79 13,035.23 10,577.75
2016-06-30 23,886.40 14,815.85 12,226.44
2016-03-31 23,886.40 14,815.85 12,226.44
2015-12-31 22,487.01 16,669.02 11,698.44
2015-09-30 22,487.01 16,669.02 11,698.44
2015-06-30 22,719.86 14,917.39 11,077.06
2015-03-31 22,719.86 14,917.39 11,077.06
2014-12-31 21,127.92 16,836.98 10,629.36
2014-09-30 21,127.92 16,836.98 10,629.36
2014-06-30 19,739.69 14,328.40 8,805.36
2014-03-31 19,739.69 14,328.40 8,805.36
2013-12-31 18,615.84 15,764.32 10,555.45
2013-09-30 18,615.84 15,764.32 10,555.45
2013-06-30 17,009.03 14,031.73 8,970.45
2013-03-31 17,009.03 14,031.73 8,970.45
2012-12-31 14,685.99 15,558.78 10,767.17
2012-09-30 14,804.03 14,321.01 13,738.10
  • China Resources Gas Group's level of debt (39.7%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (84.5% vs 39.7% today).
  • Debt is well covered by operating cash flow (66.4%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 53x coverage).
X
Financial health checks
We assess China Resources Gas Group's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. China Resources Gas Group has a total score of 5/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is China Resources Gas Group's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
2.02%
Current annual income from China Resources Gas Group dividends. Estimated to be 2.72% next year.
If you bought HK$2,000 of China Resources Gas Group shares you are expected to receive HK$40 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • China Resources Gas Group's pays a lower dividend yield than the bottom 25% of dividend payers in Hong Kong (2.07%).
  • China Resources Gas Group's dividend is below the markets top 25% of dividend payers in Hong Kong (5.71%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
SEHK:1193 Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 25 Analyst Estimates (S&P Global) See Below
Hong Kong Gas Utilities Industry Average Dividend Yield Market Cap Weighted Average of 12 Stocks 1.9%
Hong Kong Market Average Dividend Yield Market Cap Weighted Average of 978 Stocks 3.6%
Hong Kong Minimum Threshold Dividend Yield 10th Percentile 1.2%
Hong Kong Bottom 25% Dividend Yield 25th Percentile 2.1%
Hong Kong Top 25% Dividend Yield 75th Percentile 5.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

SEHK:1193 Future Dividends Estimate Data
Date (Data in HK$) Dividend per Share (annual) Avg. No. Analysts
2023-12-31 1.02 1.00
2022-12-31 0.97 1.00
2021-12-31 1.23 18.00
2020-12-31 1.03 23.00
2019-12-31 0.89 23.00
SEHK:1193 Past Annualized Dividends Data
Date (Data in HK$) Dividend per share (annual) Avg. Yield (%)
2019-03-22 0.770 2.075
2018-08-17 0.550 1.707
2018-03-23 0.550 1.779
2017-08-18 0.450 1.658
2017-04-20 0.450 1.695
2017-03-28 0.450 1.661
2016-04-27 0.330 1.374
2016-03-30 0.330 1.451
2015-05-29 0.250 1.168
2014-08-22 0.250 1.156
2014-04-24 0.220 0.909
2014-03-13 0.220 0.905
2013-08-23 0.160 0.715
2013-04-25 0.160 0.812
2013-03-13 0.160 0.760
2012-08-23 0.120 0.729
2012-03-13 0.120 0.833
2011-08-23 0.100 0.883
2011-03-17 0.100 0.907
2010-08-23 0.065 0.601
2010-04-23 0.065 0.609
2010-03-16 0.065 0.572
2009-09-17 0.040 0.434
2009-09-08 0.040 0.574
2009-04-28 0.040 0.679
2009-03-16 0.040 0.927
2008-09-09 0.000 0.000
2008-08-25 0.000 0.000

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of China Resources Gas Group's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (2.7x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (2.3x coverage).
X
Income/ dividend checks
We assess China Resources Gas Group's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.2%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can China Resources Gas Group afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. China Resources Gas Group has a total score of 4/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of China Resources Gas Group's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Baofeng Shi
COMPENSATION HK$15,504,186
AGE 46
TENURE AS CEO 0.7 years
CEO Bio

Mr. Baofeng Shi has been Chief Executive Officer and Executive Director at China Resources Gas Group Limited since November 28, 2018. Mr. Shi is currently the Chief Executive Officer of China Resources Gas (Holdings) Limited. Mr. Shi joined China Resources (Holdings) Company Limited in 2006 and China Resources Gas (Holdings) Limited in March 2007. He consecutively served as the assistant general manager and vice president of China Resources Gas (Holdings) Limited and responsible for the operation of South China Region. Mr. Shi holds a Master of Business Administration Degree from the Southwest Jiaotong University and a Master Degree from the China Europe International Business School; he also holds a Senior Engineer qualification.

CEO Compensation
  • Insufficient data for Baofeng to compare compensation growth.
  • Baofeng's remuneration is higher than average for companies of similar size in Hong Kong.
Management Team Tenure

Average tenure and age of the China Resources Gas Group management team in years:

3.6
Average Tenure
52
Average Age
  • The tenure for the China Resources Gas Group management team is about average.
Management Team

Baofeng Shi

TITLE
CEO & Executive Director
COMPENSATION
HK$16M
AGE
46
TENURE
0.7 yrs

Bin Ge

TITLE
Vice Chairman
COMPENSATION
HK$5M
AGE
55

Joshua Li

TITLE
Chief Financial Officer
AGE
41
TENURE
1.8 yrs

Likun Zhu

TITLE
Senior Vice President of China Resources Gas (Holdings) Limited
AGE
52
TENURE
5.4 yrs

Xuwen Qin

TITLE
Senior Vice President of China Resources Gas (Holdings) Limited
AGE
57
TENURE
5.4 yrs

Cheng Jie

TITLE
Senior Vice President of China Resources Gas (Holdings) Limited
AGE
44
TENURE
5.4 yrs

Peter Lo

TITLE
Secretary
AGE
70
TENURE
1.8 yrs
Board of Directors Tenure

Average tenure and age of the China Resources Gas Group board of directors in years:

5.2
Average Tenure
51.5
Average Age
  • The tenure for the China Resources Gas Group board of directors is about average.
Board of Directors

Chuandong Wang

TITLE
Non-Executive Chairman of the Board
AGE
55
TENURE
7.1 yrs

Baofeng Shi

TITLE
CEO & Executive Director
COMPENSATION
HK$16M
AGE
46
TENURE
0.7 yrs

Bin Ge

TITLE
Vice Chairman
COMPENSATION
HK$5M
AGE
55
TENURE
5.4 yrs

Tak Wong

TITLE
Independent Non-Executive Director
COMPENSATION
HK$180K
AGE
68
TENURE
21.5 yrs

David Yu

TITLE
Independent Non-Executive Director
COMPENSATION
HK$180K
AGE
71
TENURE
6.6 yrs

Yan Wang

TITLE
Non-Executive Director
AGE
47
TENURE
4.9 yrs

Ying Chen

TITLE
Non-Executive Director
AGE
48
TENURE
7.1 yrs

Suet Fei Wan

TITLE
Non-Executive Director
AGE
42
TENURE
0.9 yrs

Shiqing Jing

TITLE
Non-Executive Director
AGE
38
TENURE
0.9 yrs

George Yang

TITLE
Independent Non-Executive Director
COMPENSATION
HK$74K
AGE
55
TENURE
0.9 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (HK$) Value (HK$)
07. Jun 19 Buy Capital Research and Management Company Company 05. Jun 19 05. Jun 19 814,000 HK$36.50 HK$29,710,998
23. Apr 19 Buy Capital Research and Management Company Company 18. Apr 19 18. Apr 19 2,614,000 HK$35.38 HK$92,477,836
02. Nov 18 Sell Capital Research and Management Company Company 31. Oct 18 31. Oct 18 -24,416,000 HK$28.81 HK$-703,466,537
29. Sep 18 Buy Capital Research and Management Company Company 27. Sep 18 27. Sep 18 2,258,000 HK$32.91 HK$74,316,422
14. Sep 18 Buy Capital Research and Management Company Company 12. Sep 18 12. Sep 18 1,054,000 HK$37.72 HK$39,756,248
28. Jul 18 Buy Capital Research and Management Company Company 26. Jul 18 26. Jul 18 1,156,000 HK$36.02 HK$41,644,896
X
Management checks
We assess China Resources Gas Group's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. China Resources Gas Group has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Does China Resources Gas Group (HKG:1193) Have A Healthy Balance Sheet?

See our latest analysis for China Resources Gas Group What Is China Resources Gas Group's Debt? … But either way, China Resources Gas Group has virtually no net debt, so it's fair to say it does not have a heavy debt load! … And we also note warmly that China Resources Gas Group grew its EBIT by 19% last year, making its debt load easier to handle.

Simply Wall St -

The China Resources Gas Group (HKG:1193) Share Price Is Up 79% And Shareholders Are Holding On

For example, the China Resources Gas Group Limited (HKG:1193) share price is up 79% in the last three years, clearly besting than the market return of around 23% (not including dividends). … During three years of share price growth, China Resources Gas Group achieved compound earnings per share growth of 16% per year. … As it happens, China Resources Gas Group's TSR for the last 3 years was 90%, which exceeds the share price return mentioned earlier.

Simply Wall St -

Are You An Income Investor? Don't Miss Out On China Resources Gas Group Limited (HKG:1193)

China Resources Gas Group has been paying dividends for a long time, but for the purpose of this analysis, we only examine the past 10 years of payments. … Strong earnings per share (EPS) growth might encourage our interest in the company despite fluctuating dividends, which is why it's great to see China Resources Gas Group has grown its earnings per share at 15% per annum over the past five years. Earnings per share have been growing at a good rate, and the company is paying less than half its earnings as dividends. We generally think this is an attractive combination, as it permits further reinvestment in the business. Conclusion Dividend investors should always want to know if a) a company's dividends are affordable, b) if there is a track record of consistent payments, and c) if the dividend is capable of growing. … It's great to see that China Resources Gas Group is paying out a low percentage of its earnings and cash flow.

Simply Wall St -

It's Time To Buy China Resources Gas Group Limited (HKG:1193)

I'm talking about the well-proven, robust track record China Resources Gas Group Limited. … See our latest analysis for China Resources Gas Group China Resources Gas Group Limited, an investment holding company, engages in the sale of liquefied gas and connection of gas pipelines in the People’s Republic of China and Hong Kong. … SEHK:1193 Historical Debt, June 16th 2019 China Resources Gas Group currently has HK$13b debt on its books which requires regular servicing.

Simply Wall St -

What Can We Make Of China Resources Gas Group Limited’s (HKG:1193) High Return On Capital?

Analysts use this formula to calculate return on capital employed: Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities) Or for China Resources Gas Group: 0.17 = HK$6.7b ÷ (HK$74b - HK$34b) (Based on the trailing twelve months to December 2018.) Therefore, China Resources Gas Group has an ROCE of 17%. … How China Resources Gas Group's Current Liabilities Impact Its ROCE Liabilities, such as supplier bills and bank overdrafts, are referred to as current liabilities if they need to be paid within 12 months. … China Resources Gas Group has a medium level of current liabilities, which would boost the ROCE.

Simply Wall St -

Is There An Opportunity With China Resources Gas Group Limited's (HKG:1193) 28% Undervaluation?

Today we'll do a simple run through of a valuation method used to estimate the attractiveness of China Resources Gas Group Limited (HKG:1193) as an investment opportunity by estimating the company's future cash flows and discounting them to their present value. … Generally we assume that a dollar today is more valuable than a dollar in the future, so we discount the value of these future cash flows to their estimated value in today's dollars: 10-year free cash flow (FCF) estimate 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 Levered FCF (HK$, Millions) HK$2.73k HK$3.94k HK$5.22k HK$5.76k HK$6.23k HK$6.62k HK$6.95k HK$7.23k HK$7.48k HK$7.70k Growth Rate Estimate Source Analyst x8 Analyst x13 Analyst x10 Analyst x1 Analyst x1 Est @ 6.2% Est @ 4.94% Est @ 4.06% Est @ 3.44% Est @ 3.01% Present Value (HK$, Millions) Discounted @ 7.32% HK$2.55k HK$3.42k HK$4.23k HK$4.34k HK$4.38k HK$4.33k HK$4.24k HK$4.11k HK$3.96k HK$3.80k Present Value of 10-year Cash Flow (PVCF)= HK$39.34b "Est" = FCF growth rate estimated by Simply Wall St After calculating the present value of future cash flows in the intial 10-year period, we need to calculate the Terminal Value, which accounts for all future cash flows beyond the first stage. … Terminal Value (TV) = FCF2029 × (1 + g) ÷ (r – g) = HK$7.7b × (1 + 2%) ÷ (7.3% – 2%) = HK$148b Present Value of Terminal Value (PVTV) = TV / (1 + r)10 = HK$HK$148b ÷ ( 1 + 7.3%)10 = HK$72.85b The total value, or equity value, is then the sum of the present value of the future cash flows, which in this case is HK$112.20b.

Simply Wall St -

A Spotlight On China Resources Gas Group Limited's (HKG:1193) Fundamentals

SEHK:1193 Historical Dividend Yield, May 20th 2019 Next Steps: For China Resources Gas Group, I've compiled three relevant aspects you should further research: Future Outlook: What are well-informed industry analysts predicting for 1193’s future growth? … Take a look at our free research report of analyst consensus for 1193’s outlook. … The intrinsic value infographic in our free research report helps visualize whether 1193 is currently mispriced by the market.

Simply Wall St -

What Are Analysts Saying About China Resources Gas Group Limited's (HKG:1193) Growth?

Based on China Resources Gas Group Limited's (HKG:1193) earnings update on 31 December 2018,. … in-line with its track record, as upcoming earnings growth is expected to be 14% next year, similar to the range of average earnings growth for the past five years of 14% per year

Simply Wall St -

China Resources Gas Group Limited (HKG:1193): Is It A Good Long Term Opportunity?

In December 2018, China Resources Gas Group Limited (HKG:1193) released its most recent earnings announcement, whicha

Simply Wall St -

Do Institutions Own China Resources Gas Group Limited (HKG:1193) Shares?

Every investor in China Resources Gas Group Limited (HKG:1193) should be aware of the most powerful shareholder groups. … With a market capitalization of HK$73b, China Resources Gas Group is rather large. … View our latest analysis for China Resources Gas Group

Simply Wall St -

Company Info

Description

China Resources Gas Group Limited, an investment holding company, engages in the sale of liquefied gas and connection of gas pipelines in the People’s Republic of China and Hong Kong. It operates through Sale and Distribution of Gas Fuel and Related Products, Gas Connection, Sale of Gas Appliances, Design and Construction Services, and Gas Stations segments. The company sells natural gas and liquefied petroleum gas for residential, commercial, and industrial use; and constructs gas pipelines networks under gas connection contracts. It also sells gas appliances and related products; and gas fuel in natural gas filling stations, as well as provides design, construction, consultancy, and management services for gas connection projects. As of December 31, 2018, it operated 248 city gas projects in 22 provinces of in the People’s Republic of China. The company is headquartered in Wanchai, Hong Kong, and is considered a Red Chip company due to its listing on the Hong Kong Stock Exchange. China Resources Gas Group Limited is a subsidiary of CRH (Gas) Limited.

Details
Name: China Resources Gas Group Limited
1193
Exchange: SEHK
Founded:
HK$84,623,689,741
2,224,012,871
Website: http://www.crcgas.com
Address: China Resources Gas Group Limited
China Resources Building,
Room 1901-02,
Wanchai,
Hong Kong
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SEHK 1193 Ordinary Shares The Stock Exchange of Hong Kong Ltd. HK HKD 16. Nov 1994
OTCPK CRGG.F Ordinary Shares Pink Sheets LLC US USD 16. Nov 1994
DB LGX1 Ordinary Shares Deutsche Boerse AG DE EUR 16. Nov 1994
SHSC 1193 Ordinary Shares Stock Exchange of Hong Kong Limited - Shanghai - Hong Kong Stock Connect HK HKD 16. Nov 1994
SZSC 1193 Ordinary Shares The Stock Exchange of Hong Kong - Shenzhen - Hong Kong Stock Connect HK HKD 16. Nov 1994
OTCPK CGAS.Y UNSPONSORED ADR Pink Sheets LLC US USD 10. Aug 2012
Number of employees
Current staff
Staff numbers
48,031
China Resources Gas Group employees.
Industry
Gas Utilities
Utilities
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/07/20 12:45
End of day share price update: 2019/07/19 00:00
Last estimates confirmation: 2019/07/19
Last earnings filing: 2019/04/18
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.