company background image
392

Beijing Enterprises Holdings SEHK:392 Stock Report

Last Price

HK$22.05

Market Cap

HK$27.8b

7D

-6.0%

1Y

-29.2%

Updated

30 Sep, 2022

Data

Company Financials +
392 fundamental analysis
Snowflake Score
Valuation5/6
Future Growth1/6
Past Performance4/6
Financial Health3/6
Dividends4/6

392 Stock Overview

Beijing Enterprises Holdings Limited, an investment holding company, engages in piped gas, brewery, water and environmental, solid waste treatment, and other businesses in Mainland China and Germany.

Beijing Enterprises Holdings Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Beijing Enterprises Holdings
Historical stock prices
Current Share PriceHK$22.05
52 Week HighHK$32.90
52 Week LowHK$21.30
Beta0.37
1 Month Change-5.77%
3 Month Change-20.97%
1 Year Change-29.21%
3 Year Change-38.32%
5 Year Change-50.06%
Change since IPO-44.88%

Recent News & Updates

Sep 04
Beijing Enterprises Holdings' (HKG:392) Dividend Will Be Increased To HK$0.50

Beijing Enterprises Holdings' (HKG:392) Dividend Will Be Increased To HK$0.50

Beijing Enterprises Holdings Limited ( HKG:392 ) has announced that it will be increasing its periodic dividend on the...

Sep 02
Beijing Enterprises Holdings (HKG:392) Use Of Debt Could Be Considered Risky

Beijing Enterprises Holdings (HKG:392) Use Of Debt Could Be Considered Risky

The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says...

Shareholder Returns

392HK Gas UtilitiesHK Market
7D-6.0%-6.7%-5.7%
1Y-29.2%-37.2%-29.1%

Return vs Industry: 392 exceeded the Hong Kong Gas Utilities industry which returned -37.2% over the past year.

Return vs Market: 392 matched the Hong Kong Market which returned -29.1% over the past year.

Price Volatility

Is 392's price volatile compared to industry and market?
392 volatility
392 Average Weekly Movement4.0%
Gas Utilities Industry Average Movement4.4%
Market Average Movement6.4%
10% most volatile stocks in HK Market12.5%
10% least volatile stocks in HK Market3.1%

Stable Share Price: 392 is less volatile than 75% of Hong Kong stocks over the past 3 months, typically moving +/- 4% a week.

Volatility Over Time: 392's weekly volatility (4%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
199735,000Bin Xionghttps://www.behl.com.hk

Beijing Enterprises Holdings Limited, an investment holding company, engages in piped gas, brewery, water and environmental, solid waste treatment, and other businesses in Mainland China and Germany. Its Piped Gas Operation segment distributes and sells piped natural gas and gas-related equipment; provides natural gas transmission services, as well as repair and maintenance services; surveys and plots underground construction projects; and installs gas pipelines and related equipment. The company’s Brewery Operation segment produces, distributes, and sells brewery products.

Beijing Enterprises Holdings Fundamentals Summary

How do Beijing Enterprises Holdings's earnings and revenue compare to its market cap?
392 fundamental statistics
Market CapHK$27.81b
Earnings (TTM)HK$8.63b
Revenue (TTM)HK$86.04b

3.2x

P/E Ratio

0.3x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
392 income statement (TTM)
RevenueHK$86.04b
Cost of RevenueHK$73.14b
Gross ProfitHK$12.89b
Other ExpensesHK$4.26b
EarningsHK$8.63b

Last Reported Earnings

Jun 30, 2022

Next Earnings Date

n/a

Earnings per share (EPS)6.84
Gross Margin14.99%
Net Profit Margin10.03%
Debt/Equity Ratio65.9%

How did 392 perform over the long term?

See historical performance and comparison

Dividends

6.1%

Current Dividend Yield

20%

Payout Ratio
We’ve recently updated our valuation analysis.

Valuation

Is 392 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

5/6

Valuation Score 5/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 392?

Other financial metrics that can be useful for relative valuation.

392 key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue0.9x
Enterprise Value/EBITDA9.4x
PEG Ratio0.9x

Price to Earnings Ratio vs Peers

How does 392's PE Ratio compare to its peers?

392 PE Ratio vs Peers
The above table shows the PE ratio for 392 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average11.3x
135 Kunlun Energy
7.9x1.5%HK$49.1b
3633 Zhongyu Energy Holdings
21.1xn/aHK$16.0b
384 China Gas Holdings
6.7x9.4%HK$51.2b
1193 China Resources Gas Group
9.3x8.8%HK$57.7b
392 Beijing Enterprises Holdings
3.2x3.5%HK$27.8b

Price-To-Earnings vs Peers: 392 is good value based on its Price-To-Earnings Ratio (3.2x) compared to the peer average (11.3x).


Price to Earnings Ratio vs Industry

How does 392's PE Ratio compare vs other companies in the Asian Gas Utilities Industry?

Price-To-Earnings vs Industry: 392 is good value based on its Price-To-Earnings Ratio (3.2x) compared to the Asian Gas Utilities industry average (16.2x)


Price to Earnings Ratio vs Fair Ratio

What is 392's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

392 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio3.2x
Fair PE Ratio10.4x

Price-To-Earnings vs Fair Ratio: 392 is good value based on its Price-To-Earnings Ratio (3.2x) compared to the estimated Fair Price-To-Earnings Ratio (10.4x).


Share Price vs Fair Value

What is the Fair Price of 392 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 392 (HK$22.05) is trading below our estimate of fair value (HK$77.85)

Significantly Below Fair Value: 392 is trading below fair value by more than 20%.


Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.


Discover undervalued companies

Future Growth

How is Beijing Enterprises Holdings forecast to perform in the next 1 to 3 years based on estimates from 7 analysts?

Future Growth Score

1/6

Future Growth Score 1/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


3.5%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: 392's forecast earnings growth (3.5% per year) is above the savings rate (1.6%).

Earnings vs Market: 392's earnings (3.5% per year) are forecast to grow slower than the Hong Kong market (17% per year).

High Growth Earnings: 392's earnings are forecast to grow, but not significantly.

Revenue vs Market: 392's revenue (2.3% per year) is forecast to grow slower than the Hong Kong market (9.8% per year).

High Growth Revenue: 392's revenue (2.3% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: 392's Return on Equity is forecast to be low in 3 years time (8.6%).


Discover growth companies

Past Performance

How has Beijing Enterprises Holdings performed over the past 5 years?

Past Performance Score

4/6

Past Performance Score 4/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


4.3%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: 392 has high quality earnings.

Growing Profit Margin: 392's current net profit margins (10%) are lower than last year (10.5%).


Past Earnings Growth Analysis

Earnings Trend: 392's earnings have grown by 4.3% per year over the past 5 years.

Accelerating Growth: 392's earnings growth over the past year (7.4%) exceeds its 5-year average (4.3% per year).

Earnings vs Industry: 392 earnings growth over the past year (7.4%) exceeded the Gas Utilities industry -7.8%.


Return on Equity

High ROE: 392's Return on Equity (8.5%) is considered low.


Discover strong past performing companies

Financial Health

How is Beijing Enterprises Holdings's financial position?

Financial Health Score

3/6

Financial Health Score 3/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Debt Coverage

  • Interest Coverage

Financial Position Analysis

Short Term Liabilities: 392's short term assets (HK$53.8B) do not cover its short term liabilities (HK$58.3B).

Long Term Liabilities: 392's short term assets (HK$53.8B) do not cover its long term liabilities (HK$57.1B).


Debt to Equity History and Analysis

Debt Level: 392's net debt to equity ratio (36.6%) is considered satisfactory.

Reducing Debt: 392's debt to equity ratio has reduced from 82.2% to 65.9% over the past 5 years.

Debt Coverage: 392's debt is not well covered by operating cash flow (10.6%).

Interest Coverage: 392's interest payments on its debt are well covered by EBIT (5.3x coverage).


Balance Sheet


Discover healthy companies

Dividend

What is Beijing Enterprises Holdings's current dividend yield, its reliability and sustainability?

Dividend Score

4/6

Dividend Score 4/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Cash Flow Coverage


6.12%

Current Dividend Yield

Dividend Yield vs Market

Beijing Enterprises Holdings Dividend Yield vs Market
How does Beijing Enterprises Holdings dividend yield compare to the market?
SegmentDividend Yield
Company (Beijing Enterprises Holdings)6.1%
Market Bottom 25% (HK)3.0%
Market Top 25% (HK)8.9%
Industry Average (Gas Utilities)4.4%
Analyst forecast in 3 Years (Beijing Enterprises Holdings)7.7%

Notable Dividend: 392's dividend (6.12%) is higher than the bottom 25% of dividend payers in the Hong Kong market (2.98%).

High Dividend: 392's dividend (6.12%) is low compared to the top 25% of dividend payers in the Hong Kong market (8.91%).


Stability and Growth of Payments

Stable Dividend: 392's dividends per share have been stable in the past 10 years.

Growing Dividend: 392's dividend payments have increased over the past 10 years.


Earnings Payout to Shareholders

Earnings Coverage: With its low payout ratio (19.7%), 392's dividend payments are well covered by earnings.


Cash Payout to Shareholders

Cash Flow Coverage: 392 is paying a dividend but the company has no free cash flows.


Discover strong dividend paying companies

Management

How experienced are the management team and are they aligned to shareholders interests?

8.2yrs

Average management tenure


CEO

Bin Xiong (55 yo)

1.5yrs

Tenure

HK$1,035,000

Compensation

Mr. Bin Xiong serves as Executive Chairman of Beijing Enterprises Water Group Limited since July 11 2022 He serves as Non-Executive Vice Chairman of the Board at China Gas Holdings Limited since March 08,...


CEO Compensation Analysis

Bin Xiong's Compensation vs Beijing Enterprises Holdings Earnings
How has Bin Xiong's remuneration changed compared to Beijing Enterprises Holdings's earnings?
DateTotal Comp.SalaryCompany Earnings
Jun 30 2022n/an/a

HK$9b

Mar 31 2022n/an/a

HK$9b

Dec 31 2021HK$1mHK$1m

HK$10b

Compensation vs Market: Bin's total compensation ($USD131.85K) is below average for companies of similar size in the Hong Kong market ($USD706.44K).

Compensation vs Earnings: Insufficient data to compare Bin's compensation with company performance.


Leadership Team

Experienced Management: 392's management team is seasoned and experienced (8.2 years average tenure).


Board Members

Experienced Board: 392's board of directors are seasoned and experienced ( 14.5 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

SEHK:392 Recent Insider Transactions by Companies or Individuals
DateValueNameEntityRoleSharesMax Price
17 May 22BuyHK$1,040,000Bin XiongIndividual40,000HK$26.00

Ownership Breakdown

What is the ownership structure of 392?
Owner TypeNumber of SharesOwnership Percentage
Individual Insiders62,0000.005%
Institutions133,688,76810.6%
General Public341,143,71227.0%
Private Companies786,358,78862.3%

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Top 25 shareholders own 71.58% of the company
OwnershipNameSharesCurrent ValueChange %Portfolio %
62%
Beijing Enterprises Group Company Limited
781,967,788HK$17.2b0%no data
1.67%
The Vanguard Group, Inc.
21,059,408HK$464.4m0.59%no data
1.21%
BlackRock, Inc.
15,300,232HK$337.4m0.08%no data
1.1%
T. Rowe Price Group, Inc.
13,897,000HK$306.4m-0.15%no data
1.04%
Hermes Investment Management Limited
13,054,904HK$287.9m0%0.24%
0.78%
Dimensional Fund Advisors LP
9,892,885HK$218.1m-0.93%0.01%
0.57%
State Street Global Advisors, Inc.
7,154,672HK$157.8m1.27%no data
0.46%
Norges Bank Investment Management
5,831,590HK$128.6m0%no data
0.35%
Beijing Enterprises Group Real-Estate Co., Ltd
4,391,000HK$96.8m0%no data
0.34%
Nordea Investment Management AB
4,283,258HK$94.4m-1.3%0.01%
0.32%
Hua An Fund Management Co., Ltd.
4,007,500HK$88.4m0%0.06%
0.31%
Cohen & Steers Capital Management, Inc.
3,899,500HK$86.0m0%0.02%
0.23%
Geode Capital Management, LLC
2,921,926HK$64.4m6.42%no data
0.2%
Charles Schwab Investment Management, Inc.
2,519,642HK$55.6m1.12%no data
0.16%
Northern Trust Global Investments
2,041,581HK$45.0m2.97%no data
0.14%
Wellington Management Group LLP
1,779,008HK$39.2m0.79%no data
0.12%
First Trust Advisors LP
1,451,304HK$32.0m1671.96%no data
0.093%
Mackenzie Financial Corporation
1,175,277HK$25.9m-0.08%no data
0.074%
Amundi Asset Management
936,213HK$20.6m1.27%no data
0.073%
Grantham Mayo Van Otterloo & Co. LLC
925,500HK$20.4m0%0.01%
0.071%
Teachers Insurance and Annuity Association-College Retirement Equities Fund
898,679HK$19.8m0.62%no data
0.07%
Goldman Sachs Asset Management, L.P.
882,880HK$19.5m-1.06%no data
0.069%
Strategic Advisers LLC
875,999HK$19.3m5.09%no data
0.066%
UBS Asset Management
837,500HK$18.5m2.01%no data
0.066%
Deutsche Asset & Wealth Management
835,880HK$18.4m0%no data

Company Information

Beijing Enterprises Holdings Limited's employee growth, exchange listings and data sources


Key Information

  • Name: Beijing Enterprises Holdings Limited
  • Ticker: 392
  • Exchange: SEHK
  • Founded: 1997
  • Industry: Gas Utilities
  • Sector: Utilities
  • Implied Market Cap: HK$27.811b
  • Shares outstanding: 1.26b
  • Website: https://www.behl.com.hk

Number of Employees


Location

  • Beijing Enterprises Holdings Limited
  • Central Plaza
  • 66th Floor
  • Wan Chai
  • Hong Kong


Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
BJIN.FOTCPK (Pink Sheets LLC)YesOrdinary SharesUSUSDMay 1997
BJEBDB (Deutsche Boerse AG)YesOrdinary SharesDEEURMay 1997
392SEHK (The Stock Exchange of Hong Kong Ltd.)YesOrdinary SharesHKHKDMay 1997
392SHSC (Stock Exchange of Hong Kong Limited - Shanghai - Hong Kong Stock Connect)YesOrdinary SharesHKHKDMay 1997
392SZSC (The Stock Exchange of Hong Kong - Shenzhen - Hong Kong Stock Connect)YesOrdinary SharesHKHKDMay 1997

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/09/30 00:00
End of Day Share Price2022/09/30 00:00
Earnings2022/06/30
Annual Earnings2021/12/31


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.