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China Gas Holdings

SEHK:384
Snowflake Description

Solid track record with reasonable growth potential and pays a dividend.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
384
SEHK
HK$128B
Market Cap
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Last updated 2019/05/26 12:34
Company description

China Gas Holdings Limited, an investment holding company, operates as a gas operator and service provider in the People’s Republic of China and Hong Kong. The last earnings update was 160 days ago. More info.

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384 Share Price and Events
7 Day Returns
4.5%
SEHK:384
2.9%
HK Gas Utilities
-2.4%
HK Market
1 Year Returns
-21.9%
SEHK:384
2.8%
HK Gas Utilities
-16.5%
HK Market
384 Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
China Gas Holdings (384) 4.5% -2.4% -11.4% -21.9% 126.9% 96.2%
HK Gas Utilities 2.9% 0.1% -2.2% 2.8% 70.2% 37.8%
HK Market -2.4% -9% -8.1% -16.5% 19.3% 4.9%
1 Year Return vs Industry and Market
  • 384 underperformed the Gas Utilities industry which returned 2.8% over the past year.
  • 384 underperformed the Market in Hong Kong which returned -16.5% over the past year.
Price Volatility
384
Industry
5yr Volatility vs Market

Value

 Is China Gas Holdings 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 Gas Holdings 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 Gas Holdings.

SEHK:384 Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 23 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:384
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 0.41
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.415 (1 + (1- 25%) (25.81%)) 		0.662
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:384 using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for China Gas Holdings 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:384 DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (HKD, Millions) Source Present Value
Discounted (@ 7.32%)
2019 2,602.25 Analyst x5 2,424.69
2020 3,445.57 Analyst x6 2,991.41
2021 3,391.96 Analyst x4 2,743.92
2022 6,563.00 Analyst x1 4,946.88
2023 10,066.00 Analyst x1 7,069.57
2024 12,894.65 Est @ 28.1% 8,438.26
2025 15,508.61 Est @ 20.27% 9,456.35
2026 17,802.50 Est @ 14.79% 10,114.36
2027 19,752.70 Est @ 10.95% 10,456.62
2028 21,386.08 Est @ 8.27% 10,548.80
Present value of next 10 years cash flows HK$69,190.85
SEHK:384 DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= HK$21,386.08 × (1 + 2%) ÷ (7.32% – 2%) 		HK$410,045.94
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= HK$410,045.94 ÷ (1 + 7.32%)10 		HK$202,257.43
SEHK:384 Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= HK$69,190.85 + HK$202,257.43 		HK$271,448.28
Equity Value per Share
(HKD)		 = Total value / Shares Outstanding
= HK$271,448.28 / 5,217.56 		HK$52.03
SEHK:384 Discount to Share Price
Calculation Result
Value per share (HKD) From above. HK$52.03
Current discount Discount to share price of HK$24.60
= -1 x (HK$24.60 - HK$52.03) / HK$52.03 		52.7%

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

Current Discount
Amount off the current price China Gas Holdings is available for.
Intrinsic value
>50%
Share price is HK$24.6 vs Future cash flow value of HK$52.03
Current Discount Checks
For China Gas Holdings to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • China Gas Holdings's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • China Gas Holdings's share price is below the future cash flow value, and 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 Gas Holdings's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are China Gas Holdings's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
SEHK:384 PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-09-30) in HKD HK$1.39
SEHK:384 Share Price ** SEHK (2019-05-24) in HKD HK$24.6
Hong Kong Gas Utilities Industry PE Ratio Median Figure of 13 Publicly-Listed Gas Utilities Companies 17.71x
Hong Kong Market PE Ratio Median Figure of 1,478 Publicly-Listed Companies 10.99x

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

** Primary Listing of China Gas Holdings.

SEHK:384 PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= SEHK:384 Share Price ÷ EPS (both in HKD)

= 24.6 ÷ 1.39

 17.71x

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

  • China Gas Holdings is good value based on earnings compared to the HK Gas Utilities industry average.
  • China Gas Holdings is overvalued based on earnings compared to the Hong Kong market.
Price based on expected Growth
Does China Gas Holdings's expected growth come at a high price?
Raw Data
SEHK:384 PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 17.71x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 23 Analysts		 14.9%per year
Hong Kong Gas Utilities Industry PEG Ratio Median Figure of 8 Publicly-Listed Gas Utilities Companies 1.19x
Hong Kong Market PEG Ratio Median Figure of 462 Publicly-Listed Companies 0.77x

*Line of best fit is calculated by linear regression .

SEHK:384 PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 17.71x ÷ 14.9%

 1.19x

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

  • China Gas Holdings is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on China Gas Holdings's assets?
Raw Data
SEHK:384 PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-09-30) in HKD HK$5.82
SEHK:384 Share Price * SEHK (2019-05-24) in HKD HK$24.6
Hong Kong Gas Utilities Industry PB Ratio Median Figure of 14 Publicly-Listed Gas Utilities Companies 1.45x
Hong Kong Market PB Ratio Median Figure of 2,157 Publicly-Listed Companies 0.94x
SEHK:384 PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= SEHK:384 Share Price ÷ Book Value per Share (both in HKD)

= 24.6 ÷ 5.82

 4.23x

* Primary Listing of China Gas Holdings.

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

  • China Gas Holdings is overvalued based on assets compared to the HK Gas Utilities industry average.
Show me more potentially undervalued companies in the Gas Utilities industry
X
Value checks
We assess China Gas Holdings'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 Gas Holdings has a total score of 3/6, 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 Gas Holdings expected to perform in the next 1 to 3 years based on estimates from 23 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
14.9%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is China Gas Holdings expected to grow at an attractive rate?
  • China Gas Holdings's earnings growth is expected to exceed the low risk savings rate of 2%.
Growth vs Market Checks
  • China Gas Holdings's earnings growth is expected to exceed the Hong Kong market average.
  • China Gas Holdings's revenue growth is expected to exceed the Hong Kong market average.
Annual Growth Rates Comparison
Raw Data
SEHK:384 Future Growth Rates Data Sources
Data Point Source Value (per year)
SEHK:384 Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 23 Analysts 14.9%
SEHK:384 Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 23 Analysts 15.4%
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 10.6%
Hong Kong Market Earnings Growth Rate Market Cap Weighted Average 11.3%
Hong Kong Market Revenue Growth Rate Market Cap Weighted Average 10.4%

*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:384 Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (7 months ago) See Below
Future Estimates Average of up to 23 Analyst Estimates (S&P Global) See Below
All numbers in HKD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
SEHK:384 Future Estimates Data
Date (Data in HKD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-03-31 118,814 15,772 14,619 1
2022-03-31 107,908 14,768 13,459 1
2021-03-31 93,083 12,550 11,026 20
2020-03-31 77,463 10,553 9,330 23
2019-03-31 66,005 9,690 8,032 22
SEHK:384 Past Financials Data
Date (Data in HKD Millions) Revenue Cash Flow Net Income *
2018-09-30 60,834 5,297 6,926
2018-06-30 56,833 5,871 6,510
2018-03-31 52,832 6,446 6,095
2017-12-31 46,126 5,973
2017-09-30 39,420 6,829 5,851
2017-06-30 35,707 5,472 4,999
2017-03-31 31,993 4,116 4,148
2016-12-31 30,394 3,404
2016-09-30 28,795 6,329 2,661
2016-06-30 29,146 6,095 2,467
2016-03-31 29,497 5,862 2,273
2015-12-31 29,868 2,634

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • China Gas Holdings's earnings are expected to grow by 14.9% yearly, however this is not considered high growth (20% yearly).
  • China Gas Holdings's revenue is expected to grow by 15.4% 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:384 Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (7 months ago) See Below
Future Estimates Average of up to 23 Analyst Estimates (S&P Global) See Below

All data from China Gas Holdings Company Filings, last reported 7 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SEHK:384 Future Estimates Data
Date (Data in HKD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-03-31 2.92 2.92 2.92 1.00
2022-03-31 2.69 2.69 2.69 1.00
2021-03-31 2.14 2.43 1.71 17.00
2020-03-31 1.82 2.04 1.33 20.00
2019-03-31 1.58 1.84 1.43 19.00
SEHK:384 Past Financials Data
Date (Data in HKD Millions) EPS *
2018-09-30 1.39
2018-06-30 1.31
2018-03-31 1.23
2017-12-31 1.21
2017-09-30 1.19
2017-06-30 1.02
2017-03-31 0.85
2016-12-31 0.69
2016-09-30 0.54
2016-06-30 0.50
2016-03-31 0.46
2015-12-31 0.53

*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 Gas Holdings is expected to efficiently use shareholders’ funds in the future (Return on Equity greater than 20%).
Show me more growth companies in the Gas Utilities industry
X
Future performance checks
We assess China Gas Holdings'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 Gas Holdings has a total score of 4/6, 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 Gas Holdings 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 Gas Holdings'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 Gas Holdings has delivered over 20% year on year earnings growth in the past 5 years.
  • China Gas Holdings's 1-year earnings growth is less than its 5-year average (18.4% vs 22.4%)
  • China Gas Holdings's earnings growth has exceeded the HK Gas Utilities industry average in the past year (18.4% vs 10.7%).
Earnings and Revenue History
China Gas Holdings'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 Gas Holdings Company Filings, last reported 7 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SEHK:384 Past Revenue, Cash Flow and Net Income Data
Date (Data in HKD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-09-30 60,833.81 6,925.70 4,620.24
2018-06-30 56,832.88 6,510.43 4,434.04
2018-03-31 52,831.96 6,095.15 4,247.84
2017-12-31 46,125.99 5,973.15 3,666.34
2017-09-30 39,420.02 5,851.15 3,084.84
2017-06-30 35,706.67 4,999.44 2,994.79
2017-03-31 31,993.32 4,147.73 2,904.75
2016-12-31 30,394.31 3,404.25 2,842.39
2016-09-30 28,795.30 2,660.78 2,780.03
2016-06-30 29,146.09 2,466.95 2,714.37
2016-03-31 29,496.87 2,273.12 2,648.70
2015-12-31 29,868.32 2,634.09 2,638.08
2015-09-30 30,239.78 2,995.07 2,627.46
2015-06-30 30,952.94 3,183.06 2,606.50
2015-03-31 31,666.11 3,371.05 2,585.53
2014-12-31 31,394.67 3,171.89 2,466.14
2014-09-30 31,123.23 2,972.73 2,346.74
2014-06-30 28,565.61 2,774.12 2,209.10
2014-03-31 26,008.00 2,575.51 2,071.47
2013-12-31 23,638.93 2,407.23 2,026.20
2013-09-30 21,269.87 2,238.96 1,980.93
2013-06-30 19,612.77 2,001.61 1,884.68
2013-03-31 17,955.67 1,764.26 1,788.43
2012-12-31 18,999.56 1,576.39 1,840.84
2012-09-30 18,168.20 1,388.52 1,692.84
2012-06-30 18,550.88 1,171.22 1,682.48

*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 Gas Holdings has efficiently used shareholders’ funds last year (Return on Equity greater than 20%).
  • China Gas Holdings used its assets more efficiently than the HK Gas Utilities industry average last year based on Return on Assets.
  • China Gas Holdings has improved its use of capital last year versus 3 years ago (Return on Capital Employed).
Show me more strong past performing companies in the Gas Utilities industry
X
Past performance checks
We assess China Gas Holdings'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 Gas Holdings 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 Gas Holdings'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 Gas Holdings's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • China Gas Holdings is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • China Gas Holdings's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of China Gas Holdings'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 1x 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 Gas Holdings Company Filings, last reported 7 months ago.

SEHK:384 Past Debt and Equity Data
Date (Data in HKD Millions) Total Equity Total Debt Cash & Short Term Investments
2018-09-30 34,712.66 33,123.56 9,702.39
2018-06-30 34,712.66 33,123.56 9,702.39
2018-03-31 32,730.10 32,374.88 8,294.40
2017-12-31 32,730.10 32,374.88 8,294.40
2017-09-30 27,650.60 25,758.13 7,329.31
2017-06-30 27,650.60 25,758.13 7,329.31
2017-03-31 23,946.58 23,619.37 4,752.05
2016-12-31 23,946.58 23,619.37 4,752.05
2016-09-30 21,615.98 21,908.62 4,445.54
2016-06-30 21,615.98 21,908.62 4,445.54
2016-03-31 20,964.12 22,339.19 5,508.31
2015-12-31 20,964.12 22,339.19 5,508.31
2015-09-30 21,262.10 21,843.16 5,332.94
2015-06-30 21,262.10 21,843.16 5,332.94
2015-03-31 21,435.50 20,736.64 5,239.46
2014-12-31 21,435.50 20,736.64 5,239.46
2014-09-30 19,769.01 20,330.26 5,963.27
2014-06-30 19,769.01 20,330.26 5,963.27
2014-03-31 18,157.01 19,955.54 6,462.71
2013-12-31 18,157.01 19,955.54 6,462.71
2013-09-30 15,199.43 18,821.80 6,665.91
2013-06-30 15,199.43 18,821.80 6,665.91
2013-03-31 12,742.79 14,806.75 3,970.30
2012-12-31 12,836.73 15,949.21 4,309.21
2012-09-30 11,842.56 14,662.47 4,796.77
2012-06-30 11,842.56 14,662.47 4,796.77
  • China Gas Holdings's level of debt (95.4%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (123.7% vs 95.4% today).
  • Debt is not well covered by operating cash flow (16%, less than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 9.8x coverage).
Show me more healthy companies in the Gas Utilities industry
X
Financial health checks
We assess China Gas Holdings'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 Gas Holdings has a total score of 4/6, 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 Gas Holdings'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
1.42%
Current annual income from China Gas Holdings dividends. Estimated to be 2.5% next year.
If you bought HK$2,000 of China Gas Holdings shares you are expected to receive HK$28 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 Gas Holdings's pays a lower dividend yield than the bottom 25% of dividend payers in Hong Kong (2.1%).
  • China Gas Holdings's dividend is below the markets top 25% of dividend payers in Hong Kong (5.83%).
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:384 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 23 Analyst Estimates (S&P Global) See Below
Hong Kong Gas Utilities Industry Average Dividend Yield Market Cap Weighted Average of 11 Stocks 1.8%
Hong Kong Market Average Dividend Yield Market Cap Weighted Average of 965 Stocks 3.7%
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 5.8%

Industry and Market average data is calculated daily.

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

SEHK:384 Future Dividends Estimate Data
Date (Data in HK$) Dividend per Share (annual) Avg. No. Analysts
2023-03-31 0.96 1.00
2022-03-31 0.88 1.00
2021-03-31 0.66 17.00
2020-03-31 0.55 20.00
2019-03-31 0.46 20.00
SEHK:384 Past Annualized Dividends Data
Date (Data in HK$) Dividend per share (annual) Avg. Yield (%)
2018-11-27 0.350 1.340
2018-08-22 0.350 1.455
2017-11-27 0.280 1.044
2017-08-10 0.250 1.138
2016-07-14 0.195 1.565
2015-11-25 0.190 1.755
2015-08-19 0.162 1.389
2014-11-26 0.121 0.940
2014-07-16 0.121 0.859
2014-06-25 0.121 0.780
2013-07-16 0.085 0.831
2013-06-26 0.085 1.060
2012-12-10 0.044 0.612
2012-11-28 0.044 0.753
2012-06-28 0.039 0.926
2011-06-29 0.022 0.734
2010-07-07 0.017 0.473
2009-07-29 0.014 0.418

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 Gas Holdings's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (4x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (3.1x coverage).
Show me more dividend paying companies in the Gas Utilities industry
X
Income/ dividend checks
We assess China Gas Holdings'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 Gas Holdings afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
    7. China Gas Holdings 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 Gas Holdings'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
Ming Liu
COMPENSATION HK$112,280,000
AGE 55
TENURE AS CEO 6.7 years
CEO Bio

Mr. Ming Hui Liu serves as the Managing Director of China Gas Holdings Limited. Mr. Liu served as the President of China Gas Holdings Ltd. He served as the Managing Director of China Gas Holdings Ltd. from July 2002 to January 25, 2011. He served the Managing Director of Greater China Holdings, Ltd. until August 5, 2005 and also served as its Executive Director from January 8, 2002 to August 5, 2005. He has been an Executive Chairman of the Board of China Gas Holdings Limited since April 18, 2013 and its Executive Director since September 10, 2012. He served as an Independent Non-Executive Director of Geely Automobile Holdings Ltd. from July 2, 2002 to March 7, 2005. Mr. Liu has held several major positions with the China Bureau and large corporations in the environment, petrochemical and digital communication fields. He has over 20 years of experience in china Corporate Management. He served as a Non-Executive Director of China Gas Holdings Limited since August 17, 2012 and previously served as its Executive Director from April 29, 2002 to April 26, 2011. He received his Bachelor of Science Degree in Mathematics from Hebei Normal University in 1984. Mr. Liu received his Doctor of Business Administration degree from Preston University, USA.

CEO Compensation
  • Ming's compensation has increased by more than 20% in the past year whilst earnings grew less than 20%.
  • Ming's remuneration is higher than average for companies of similar size in Hong Kong.
Management Team Tenure

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

6.7
Average Tenure
55
Average Age
  • The average tenure for the China Gas Holdings management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Ming Liu

TITLE
Executive Chairman
COMPENSATION
HK$112M
AGE
55
TENURE
6.7 yrs

En Zhou

TITLE
Chairman of the Board
AGE
61

Yong Huang

TITLE
Executive President & Executive Director
COMPENSATION
HK$111M
AGE
55
TENURE
17.3 yrs

Weiwei Zhu

TITLE
VP, Finance Director & Executive Director
COMPENSATION
HK$10M
AGE
45

Ching Li

TITLE
Executive Director
COMPENSATION
HK$6M
AGE
60

Jinlong Ma

TITLE
VP & Executive Director
COMPENSATION
HK$9M
AGE
51

Yong Kim

TITLE
Vice President
COMPENSATION
HK$8M
AGE
56

Ngan Ling Lam

TITLE
Group General Counsel & Company Secretary
TENURE
4 yrs

Xinguo Chen

TITLE
Vice President
AGE
50
Board of Directors Tenure

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

11.6
Average Tenure
55
Average Age
  • The average tenure for the China Gas Holdings board of directors is over 10 years, this suggests they are a seasoned and experienced board.
Board of Directors

Ming Liu

TITLE
Executive Chairman
COMPENSATION
HK$112M
AGE
55
TENURE
6.1 yrs

En Zhou

TITLE
Chairman of the Board
AGE
61
TENURE
5.8 yrs

Yong Huang

TITLE
Executive President & Executive Director
COMPENSATION
HK$111M
AGE
55
TENURE
5.9 yrs

Weiwei Zhu

TITLE
VP, Finance Director & Executive Director
COMPENSATION
HK$10M
AGE
45
TENURE
16.7 yrs

Ching Li

TITLE
Executive Director
COMPENSATION
HK$6M
AGE
60
TENURE
5.3 yrs

Jinlong Ma

TITLE
VP & Executive Director
COMPENSATION
HK$9M
AGE
51
TENURE
16.7 yrs

Yong Kim

TITLE
Vice President
COMPENSATION
HK$8M
AGE
56
TENURE
7.7 yrs

Yuhua Zhao

TITLE
Independent Non-Executive Director
COMPENSATION
HK$3M
AGE
51
TENURE
16.5 yrs

Erwan Mao

TITLE
Independent Non-Executive Director
COMPENSATION
HK$3M
AGE
55
TENURE
16.3 yrs

Cynthia Wong

TITLE
Independent Non-Executive Director
COMPENSATION
HK$3M
AGE
65
TENURE
15.6 yrs
Who owns this company?
Recent Insider Trading
  • China Gas Holdings insiders have sold more shares than they have bought in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (HK$) Value (HK$)
23. Apr 19 Buy Ming Liu Individual 18. Apr 19 18. Apr 19 300,000 HK$24.65 HK$7,395,001
29. Mar 19 Sell Weiwei Zhu Individual 28. Mar 19 28. Mar 19 -688,000 HK$27.01 HK$-18,583,570
29. Mar 19 Sell Weiwei Zhu Individual 26. Mar 19 26. Mar 19 -1,000,000 HK$27.07 HK$-27,068,898
29. Mar 19 Sell Weiwei Zhu Individual 27. Mar 19 27. Mar 19 -1,312,000 HK$27.26 HK$-35,763,546
22. Mar 19 Sell Sin Wong Individual 19. Mar 19 19. Mar 19 -300,000 HK$28.07 HK$-8,422,499
22. Mar 19 Sell Sin Wong Individual 21. Mar 19 21. Mar 19 -180,000 HK$27.73 HK$-4,991,040
30. Jan 19 Sell Jinlong Ma Individual 25. Jan 19 25. Jan 19 -290,800 HK$25.50 HK$-7,415,400
23. Jan 19 Sell Jinlong Ma Individual 18. Jan 19 18. Jan 19 -146,400 HK$26.08 HK$-3,818,112
23. Jan 19 Sell Jinlong Ma Individual 23. Jan 19 23. Jan 19 -188,600 HK$25.53 HK$-4,814,656
23. Jan 19 Sell Jinlong Ma Individual 22. Jan 19 22. Jan 19 -250,000 HK$25.37 HK$-6,343,500
03. Dec 18 Buy Ming Liu Individual 03. Dec 18 03. Dec 18 300,000 HK$27.90 HK$8,369,999
02. Dec 18 Buy Ming Liu Individual 30. Nov 18 30. Nov 18 400,000 HK$26.93 HK$10,770,000
17. Sep 18 Sell Yanyan Chen Individual 14. Sep 18 14. Sep 18 -125,600 HK$24.38 HK$-3,062,078
11. Sep 18 Sell Capital Research and Management Company Company 07. Sep 18 07. Sep 18 -59,745,563 HK$24.30 HK$-1,451,817,417
11. Sep 18 Sell Yanyan Chen Individual 10. Sep 18 10. Sep 18 -400,000 HK$23.55 HK$-9,420,002
07. Sep 18 Sell Yanyan Chen Individual 04. Sep 18 04. Sep 18 -20,000 HK$25.10 HK$-502,000
07. Sep 18 Sell Yanyan Chen Individual 06. Sep 18 06. Sep 18 -40,000 HK$25.25 HK$-1,010,000
20. Aug 18 Sell Capital Research and Management Company Company 16. Aug 18 16. Aug 18 -542,600 HK$26.90 HK$-14,594,693
20. Aug 18 Buy Yong Huang Individual 17. Aug 18 17. Aug 18 450,000 HK$25.82 HK$11,619,001
20. Aug 18 Buy Ming Liu Individual 17. Aug 18 17. Aug 18 1,000,000 HK$25.66 HK$25,659,999
17. Aug 18 Buy Capital Research and Management Company Company 15. Aug 18 15. Aug 18 974,200 HK$27.92 HK$27,195,958
10. Jul 18 Sell Erwan Mao Individual 09. Jul 18 09. Jul 18 -600,000 HK$32.81 HK$-19,685,999
X
Management checks
We assess China Gas Holdings'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 Gas Holdings 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

Do China Gas Holdings's (HKG:384) Earnings Warrant Your Attention?

But as Peter Lynch said in One Up On Wall Street, 'Long shots almost never pay off.' In the age of tech-stock blue-sky investing, my choice may seem old fashioned; I still prefer profitable companies like China Gas Holdings (HKG:384). … See our latest analysis for China Gas Holdings How Quickly Is China Gas Holdings Increasing Earnings Per Share? … You can't deny that China Gas Holdings has grown its earnings per share at a very impressive rate.

Simply Wall St - –

Is China Gas Holdings Limited's (HKG:384) Balance Sheet Strong Enough To Weather A Storm?

Moreover, 384 has produced HK$5.3b in operating cash flow during the same period of time, leading to an operating cash to total debt ratio of 16%, meaning that 384’s operating cash is less than its debt. … Looking at 384’s HK$33b in current liabilities, it appears that the company has been able to meet these commitments with a current assets level of HK$34b, leading to a 1.01x current account ratio. … Next Steps: At its current level of cash flow coverage, 384 has room for improvement to better cushion for events which may require debt repayment.

Simply Wall St - –

Should We Be Delighted With China Gas Holdings Limited's (HKG:384) ROE Of 22%?

With that in mind, this article will work through how we can use Return On Equity (ROE) to better understand a business. … We'll use ROE to examine China Gas Holdings Limited (HKG:384), by way of a worked example. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St - –

Does China Gas Holdings Limited (HKG:384) Have A Place In Your Portfolio?

Today we'll take a closer look at China Gas Holdings Limited (HKG:384) from a dividend investor's perspective. … Owning a strong dividend company and reinvesting the dividends is widely seen as an attractive way of growing your wealth. … Some simple analysis can offer a lot of insight when buying a company for its dividend, and we'll go through these below.

Simply Wall St - –

Why China Gas Holdings Limited's (HKG:384) High P/E Ratio Isn't Necessarily A Bad Thing

To keep it practical, we'll show how China Gas Holdings Limited's (HKG:384) P/E ratio could help you assess the value on offer. … Based on the last twelve months, China Gas Holdings's P/E ratio is 17.79. … Price to Earnings Ratio = Price per Share ÷ Earnings per Share (EPS)

Simply Wall St - –

What Did China Gas Holdings Limited's (HKG:384) CEO Take Home Last Year?

According to our data, China Gas Holdings Limited has a market capitalization of HK$137b, and pays its CEO total annual compensation worth HK$112m. … While we always look at total compensation first, we note that the salary component is less, at HK$8.3m. … We took a group of companies with market capitalizations over HK$63b, and calculated the median CEO total compensation to be HK$3.9m

Simply Wall St - –

Shareholders Are Thrilled That The China Gas Holdings (HKG:384) Share Price Increased 144%

For instance the China Gas Holdings Limited (HKG:384) share price is 144% higher than it was three years ago. … By comparing earnings per share (EPS) and share price changes over time, we can get a feel for how investor attitudes to a company have morphed over time. … China Gas Holdings was able to grow its EPS at 32% per year over three years, sending the share price higher.

Simply Wall St - –

Why I Like China Gas Holdings Limited (HKG:384)

As an investor, I look for investments which does not compromise one fundamental factor for another. … By this I mean, I look at stocks holistically, from their financial health to their future outlook. … In the case of China Gas Holdings Limited (HKG:384), it

Simply Wall St - –

What Should We Expect From China Gas Holdings Limited's (HKG:384) Earnings Over The Next Year?

Based on China Gas Holdings Limited's (HKG:384) earnings update in September 2018,. … with profits predicted to increase by 25% next year … the past 5-year average growth rate of 22%

Simply Wall St - –

Is China Gas Holdings Limited (HKG:384) Undervalued After Accounting For Its Future Growth?

China Gas Holdings Limited (HKG:384) is considered a high-growth stock, but its last closing price of HK$26.4 left some investors wondering if this high future earnings potential can be rationalized by its current price tag. … Let’s take a look at some key metrics to determine whether there's any value here for current and potential future investors. … China Gas Holdings is poised for extremely high earnings growth in the near future

Simply Wall St - –

Company Info

Description

China Gas Holdings Limited, an investment holding company, operates as a gas operator and service provider in the People’s Republic of China and Hong Kong. It operates through Sales of Piped Gas, Gas Connection, Sales of LPG, Value-Added Services, and Zhongyu Gas segments. The company is primarily involved in the investment, construction, and operation of city and town gas pipeline infrastructure, gas terminals, storage and transportation facilities, and gas logistics systems; transmission of natural gas and liquefied petroleum gas (LPG) to residential, industrial, and commercial users; construction and operation of compressed natural gas (CNG)/liquefied natural gas (LNG) refilling stations; and development and application of technologies relating to natural gas and LPG. It also engages in the investment in petrochemical facilities of storage and transportation; sale of raw chemical and construction materials; retailing and wholesaling of LPG, accessories, and chemical products; manufacturing of highly purified LPG, propane, and butane; filling of LPG and delivery of hazardous products; producing, storing, and trading LPG and chemical products; sale of gas appliances, corrugated pipes, and alarms; and provision of gas insurance agency services, as well as maintenance and renovation services. In addition, the company is involved in the exploration and production of coal bed methane; and development and investment in clean energy. China Gas Holdings Limited owns 580 CNG/LNG refilling stations. As of March 31, 2018, it served 9,721 industrial customers and 168,964 commercial customers; and 24,570,321 residential households. China Gas Holdings Limited is based in Wan Chai, Hong Kong.

Details
Name: China Gas Holdings Limited
384
Exchange: SEHK
Founded:
HK$128,352,049,111
5,217,562,972
Website: http://www.chinagasholdings.com.hk
Address: China Gas Holdings Limited
Capital Centre,
16th Floor,
Wan Chai,
Hong Kong
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SEHK 384 Ordinary Shares The Stock Exchange of Hong Kong Ltd. HK HKD 02. Jan 1996
OTCPK CGHO.F Ordinary Shares Pink Sheets LLC US USD 02. Jan 1996
DB EBZ Ordinary Shares Deutsche Boerse AG DE EUR 02. Jan 1996
SHSC 384 Ordinary Shares Stock Exchange of Hong Kong Limited - Shanghai - Hong Kong Stock Connect HK HKD 02. Jan 1996
SZSC 384 Ordinary Shares The Stock Exchange of Hong Kong - Shenzhen - Hong Kong Stock Connect HK HKD 02. Jan 1996
OTCPK CGHL.Y UNSPONSORED ADR Pink Sheets LLC US USD 07. Jun 2012
Number of employees
Current staff
Staff numbers
48,000
China Gas Holdings employees.
Industry
Gas Utilities
Utilities
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/26 12:34
End of day share price update: 2019/05/24 00:00
Last estimates confirmation: 2019/05/24
Last earnings filing: 2018/12/17
Last earnings reported: 2018/09/30
Last annual earnings reported: 2018/03/31


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.

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