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. The last earnings update was 93 days ago. More info.
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1193 Share Price and Events
7 Day Returns
1 Year Returns
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.
Value
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.
Below are the data sources, inputs and calculation used to determine the intrinsic value for China Resources Gas Group.
| 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.
| 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.
| 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 | ||
| 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 |
| 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 |
| 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
Current Discount Checks
- 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?
| 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.
| 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?
| 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 .
| 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?
| 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 |
| 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.
Value checks
We assess China Resources Gas Group's value by looking at:- 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. )
- Is the PE ratio less than the market average, and/ or less than the Gas Utilities industry average (and greater than 0)? (2 checks)
- Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
- Is the PB ratio less than the Gas Utilities industry average (and greater than 0)? (1 check) 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
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!
Earnings growth vs Low Risk Savings
- 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
| 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
| 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 |
| 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 |
| 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.
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.
| 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 |
| 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%).
Future performance checks
We assess China Resources Gas Group's future performance by looking at:- Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
- Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Hong Kong market? (1 check)
- Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Hong Kong market? (1 check)
- Is the annual earnings growth rate expected to be above 20%? (1 check)
- Is the annual revenue growth rate expected to be above 20%? (1 check)
- Is the Return on Equity in 3 years expected to be over 20%? (1 check)
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
Past Earnings growth analysis
- 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
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.
| 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).
Past performance checks
We assess China Resources Gas Group's performance over the past 5 years by checking for:- Has earnings increased in past 5 years? (1 check)
- Has the earnings growth in the last year exceeded that of the Gas Utilities industry? (1 check)
- Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
- Is the Return on Equity (ROE) higher than 20%? (1 check)
- Is the Return on Assets (ROA) above industry average? (1 check)
- Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
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.
- 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
Assets
Liabilities and shares
- 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.
All data from China Resources Gas Group Company Filings, last reported 6 months ago.
| 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).
Financial health checks
We assess China Resources Gas Group's financial health by checking for:- Are short term assets greater than short term liabilities? (1 check)
- Are short term assets greater than long term liabilities? (1 check)
- Has the debt to equity ratio increased in the past 5 years? (1 check)
- Is the debt to equity ratio over 40%? (1 check)
- Is the debt covered by operating cash flow? (1 check)
- Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check) China Resources Gas Group has a total score of 5/6, see the detailed checks below.
- Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
- 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
If you bought
HK$2,000 of
China Resources Gas Group
shares you are expected to receive
HK$40
in your first year as a dividend.
Dividend Amount
- China Resources Gas Group's pays a lower dividend yield than the bottom 25% of dividend payers in Hong Kong (2.07%).
- China Resources Gas Group's dividend is below the markets top 25% of dividend payers in Hong Kong (5.71%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not
wildly increasing/decreasing each year. This graph shows you the historical rate
to count toward your assessment of the stock.We also check to see if the dividend has increased in the past 10 years.
| Data Point | Source | Value |
|---|---|---|
| Past Annualized Dividend Yield | S&P Global Market Data | See Below |
| Past Dividends per Share | Company Filings/ Annualized Dividend Payments | See Below |
| Future Dividends per Share Estimates | Average of up to 25 Analyst Estimates (S&P Global) | See Below |
| Hong Kong Gas Utilities Industry Average Dividend Yield | Market Cap Weighted Average of 12 Stocks | 1.9% |
| Hong Kong Market Average Dividend Yield | Market Cap Weighted Average of 978 Stocks | 3.6% |
| Hong Kong Minimum Threshold Dividend Yield | 10th Percentile | 1.2% |
| Hong Kong Bottom 25% Dividend Yield | 25th Percentile | 2.1% |
| Hong Kong Top 25% Dividend Yield | 75th Percentile | 5.7% |
Industry and Market average data is calculated daily.
Note all dividend per share amounts are annualized and not quarterly or other period.
| Date (Data in HK$) | 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 |
| 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).
- Dividends after 3 years are expected to be well covered by earnings (2.3x coverage).
Income/ dividend checks
We assess China Resources Gas Group's dividend by checking for:- Firstly is the company paying a notable dividend (greater than 1.2%) - if not then the rest of the checks are ignored.
- Is current dividend yield above the bottom 25% of dividend payers? (1 check)
- Is current dividend yield above the top 25% of dividend payers? (1 check)
- Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
- If they have paid a dividend for 10 years has it increased in this time? (1 check)
- 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) 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
CEO
| 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:
- The tenure for the China Resources Gas Group management team is about average.
Management Team
Baofeng Shi
CEO & Executive Director
HK$16M
46
0.7 yrs
Bin Ge
Vice Chairman
HK$5M
55
Joshua Li
Chief Financial Officer
41
1.8 yrs
Likun Zhu
Senior Vice President of China Resources Gas (Holdings) Limited
52
5.4 yrs
Xuwen Qin
Senior Vice President of China Resources Gas (Holdings) Limited
57
5.4 yrs
Cheng Jie
Senior Vice President of China Resources Gas (Holdings) Limited
44
5.4 yrs
Peter Lo
Secretary
70
1.8 yrs
Board of Directors Tenure
Average tenure and age of the China Resources Gas Group board of directors in years:
- The tenure for the China Resources Gas Group board of directors is about average.
Board of Directors
Chuandong Wang
Non-Executive Chairman of the Board
55
7.1 yrs
Baofeng Shi
CEO & Executive Director
HK$16M
46
0.7 yrs
Bin Ge
Vice Chairman
HK$5M
55
5.4 yrs
Tak Wong
Independent Non-Executive Director
HK$180K
68
21.5 yrs
David Yu
Independent Non-Executive Director
HK$180K
71
6.6 yrs
Yan Wang
Non-Executive Director
47
4.9 yrs
Ying Chen
Non-Executive Director
48
7.1 yrs
Suet Fei Wan
Non-Executive Director
42
0.9 yrs
Shiqing Jing
Non-Executive Director
38
0.9 yrs
George Yang
Independent Non-Executive Director
HK$74K
55
0.9 yrs
Who owns this company?
Recent Insider Transactions
| Announced | Type | Name | Entity | Role | Start | End | Shares | Max Price (HK$) | 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 | ||
Management checks
We assess China Resources Gas Group's management by checking for:- Is the CEO's compensation unreasonable compared to market cap? (1 check)
- Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
- Is the average tenure of the management team less than 2 years? (1 check)
- Is the average tenure of the board of directors team less than 3 years? (1 check) 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 - – Full articleThe 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 - – Full articleAre 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 - – Full articleIt'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 - – Full articleWhat 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$34b) (Based on the trailing twelve months to December 2018.) Therefore, China Resources Gas Group has an ROCE of 17%. … How China Resources Gas Group's Current Liabilities Impact Its ROCE Liabilities, such as supplier bills and bank overdrafts, are referred to as current liabilities if they need to be paid within 12 months. … China Resources Gas Group has a medium level of current liabilities, which would boost the ROCE.
Simply Wall St - – Full articleIs There An Opportunity With China Resources Gas Group Limited's (HKG:1193) 28% Undervaluation?
Today we'll do a simple run through of a valuation method used to estimate the attractiveness of China Resources Gas Group Limited (HKG:1193) as an investment opportunity by estimating the company's future cash flows and discounting them to their present value. … Generally we assume that a dollar today is more valuable than a dollar in the future, so we discount the value of these future cash flows to their estimated value in today's dollars: 10-year free cash flow (FCF) estimate 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 Levered FCF (HK$, 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 - – Full articleA 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 - – Full articleWhat 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 - – Full articleChina 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 - – Full articleDo 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 - – Full articleCompany 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
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.
