China Gas Holdings Ltd CGHLY

UtilitiesNatural Gas UtilitiesHong Kong

Last close 16.50 USD on Nov 2, 2026, −37.7% year to date

Quant rating

Quant rating D Rank 81 of 89 in Utilities

Growth D 69 of 89
Valuation D 67 of 89
Quality D 72 of 89
Revisions D 66 of 89
Momentum D 77 of 89

Wall Street consensus Hold (3.00)Average target 0.81 USD −95.1%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 3.5B
Enterprise value: 11.4B
52-week range: 15.45 – 28.28
3-year range: 15.45 – 28.28
Dividend yield: 6.76%
Beta (5 years): 0.12
Shares outstanding: 5,448M
Next earnings: Nov 26, 2026

About the company

China Gas Holdings Ltd is an investment holding company principally engaged in the gas business. The Company operates its business through six segments. The Sales of Piped Gas segment is engaged in the sale of piped gas through urban and township pipeline networks, trade and direct supply pipelines. The Sales of Liquefied Petroleum Gas (LPG) segment is engaged in the distribution of LPG for industrial users and commercial users. The Gas Connection segment is engaged in the provision of gas connection services for customers. The Engineering, Design and Construction segment is engaged in the gas pipeline construction business. The Value-Added Services segment is engaged in the sale of wall-hung boilers, kitchen gas appliances, smart home, bellows, alarms and bottled water. The Zhongyu Gas segment is mainly engaged in the natural gas sale and gas pipeline construction businesses.

Growth and profitability fiscal year ends March 31

Growth and profitability by fiscal year
	2026	2025	2024	2023	2022	5Y avg
Revenue (mil)	9,390	10,187	10,403	11,719	11,265	–
Revenue growth	−7.8%	−2.1%	−11.2%	4.0%	25.1%	0.8%
EPS (basic, normalized)	0.06	0.08	0.09	0.10	0.18	–
EPS growth	−16.6%	−19.0%	−7.6%	−42.3%	–	–
Gross margin	–	–	–	–	–	–
Net margin	3.7%	4.1%	3.9%	4.7%	8.7%	5.0%
ROE	4.9%	6.0%	5.7%	7.1%	13.3%	7.4%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Current ratio	–
Long-term debt (mil)	–
Net debt (mil)	–
Total equity (mil)	–
Net debt / equity	–
Net debt / EBITDA	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2026 actual	9,390	−7.8%	1.2x	1,432	+18.2%	7.9x	0.06	−16.6%	258.8x
2027	9,662	+2.9%	1.2x	1,184	−17.3%	9.6x	0.07	+4.1%	248.5x
2028	9,654	−0.1%	1.2x	1,232	+4.1%	9.2x	0.07	+4.8%	237.0x
2029	9,817	+1.7%	1.2x	1,290	+4.7%	8.8x	0.07	+5.8%	224.0x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2027	9,662	0.0%	−0.4%	−3.9%	0.07	−1.0%	−4.0%	−12.8%
2028	9,654	0.0%	−0.7%	−5.2%	0.07	−1.0%	−4.1%	−15.7%
2029	9,817	−0.1%	−0.2%	−8.6%	0.07	−1.2%	−0.9%	−17.4%

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
	FQ-9	FQ-8	FQ-7	FQ-6	FQ-5	FQ-4	FQ-3	FQ-2	FQ-1	FQ0
Sales reported (mil)	–	–	–	–	–	–	–	–	–	–
Sales mean (mil)	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–
EPS reported	–	–	–	–	–	–	–	–	–	–
EPS mean	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–

FQ0 is the most recent reported quarter, FQ-1 the one before, and so on.

Peer comparison Natural Gas Utilities

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
CGHLY China Gas Holdings Ltd	3.5B	–	3.7%	0.48x	248.5x	237.0x	9.6x	9.2x
SR Spire Inc	5.3B	–	10.4%	1.47x	22.1x	16.2x	14.4x	11.5x
OGS ONE Gas, Inc.	5.0B	4.37x	10.9%	1.42x	16.3x	16.0x	10.1x	9.4x
CGASY China Resources Gas Group Ltd	4.8B	–	3.6%	0.81x	101.6x	97.8x	7.3x	7.0x
EE Excelerate Energy, Inc.	3.9B	5.46x	3.2%	5.70x	22.2x	17.4x	12.8x	11.0x
CPK Chesapeake Utilities Corporation	3.4B	4.84x	15.1%	2.01x	21.6x	19.0x	13.1x	11.8x
Mean		4.89x	7.8%	1.98x	72.1x	67.2x	11.2x	10.0x
Median		4.84x	7.0%	1.44x	22.2x	18.2x	11.5x	10.2x

Technical analysis

1M−7.0%
3M−5.1%
1Y−33.8%
3Y−14.3%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, China Gas Holdings Ltd, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Total revenue	9,390	10,187	10,403	11,719	11,265	9,001
Cost of revenue	8,002	8,739	8,959	10,186	9,255	6,673
Gross profit	1,388	1,448	1,445	1,533	2,010	2,329
Selling, general & administrative expenses	667	787	818	773	808	703
Research & development	–	–	–	–	–	–
Interest expense (income), operating	−6.5	−28.5	−6.5	−71.7	−14.6	−71.2
Unusual expense (income)	−8.1	−65.6	−35.5	−38.4	−32.9	8.0
Other operating expenses	−35.5	−86.0	−103	−105	−131	−99.1
Operating income	772	841	772	975	1,380	1,788
Net interest income (expense)	−168	−175	−182	−205	−2.7	24.3
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	604	666	589	769	1,377	1,812
Provision for taxes	155	128	97.1	118	256	311
Minority interest	−102	−121	−85.4	−105	−143	−154
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	347	418	407	547	978	1,348
Extraordinary items	–	–	–	–	–	–
Net income	347	418	407	547	978	1,348
EBIT, normalized	757	747	730	864	1,333	1,725
EBITDA, normalized	1,164	1,135	1,102	1,223	1,664	2,000
Basic EPS, normalized	0.06	0.08	0.09	0.10	0.18	–

Balance sheet in millions of USD, fiscal years

Balance sheet, China Gas Holdings Ltd, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Assets
Cash & short-term investments	1,574	1,143	1,038	1,343	1,291	1,155
Receivables	3,307	3,110	3,154	3,512	4,007	3,728
Total inventory	533	551	605	720	728	682
Prepaid expenses	320	306	310	293	275	197
Other current assets	706	617	675	784	775	720
Total current assets	6,440	5,726	5,782	6,653	7,076	6,482
Property, plant & equipment	9,505	9,156	8,968	9,049	9,326	8,103
Goodwill	396	384	393	412	443	424
Intangibles	381	390	415	459	517	493
Long-term investments	3,223	3,197	3,244	3,324	3,309	2,447
Note receivable	–	–	–	–	–	–
Other long-term assets	177	198	199	142	157	152
Total assets	20,122	19,051	19,002	20,038	20,830	18,102
Liabilities
Accounts payable	1,577	1,610	1,657	1,866	2,080	1,933
Payable/accrued	–	–	–	–	–	–
Accrued expenses	99.0	83.0	67.3	51.4	41.5	61.8
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	3,832	2,718	2,952	2,817	2,854	2,249
Other current liabilities	1,538	1,617	1,761	1,863	1,955	1,714
Total current liabilities	7,047	6,028	6,438	6,597	6,931	5,958
Long-term debt	4,656	5,048	4,618	5,004	4,513	4,274
Minority interest	971	882	871	878	1,084	1,020
Other liabilities	155	169	183	184	185	170
Total liabilities	12,828	12,128	12,110	12,662	12,713	11,421
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	7.0	7.0	6.9	6.9	6.9	6.7
Additional paid-in capital	2,591	2,611	2,585	2,583	2,589	1,482
Retained earnings (accumulated deficit)	5,379	5,415	5,316	5,267	5,223	5,032
Treasury stock	−138	−139	−139	−138	−139	–
Other equity	−546	−970	−879	−343	437	160
Total equity	7,294	6,923	6,891	7,376	8,118	6,681
Total liabilities & shareholders' equity	20,122	19,051	19,002	20,038	20,830	18,102

Cash flow statement in millions of USD, fiscal years

Cash flow statement, China Gas Holdings Ltd, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Operating activities
Net income	604	666	589	769	1,377	1,812
Depreciation, depletion & amortization	407	388	372	358	331	275
Deferred taxes	–	–	–	–	–	–
Non-cash items	155	153	228	118	18.7	−52.3
Changes in working capital	−270	−379	260	32.1	−466	−970
Cash from operations	895	828	1,449	1,277	1,261	1,065
Investing activities
Capital expenditures	−571	−601	−775	−759	−1,150	−1,074
Other investing cash flows	293	372	−126	−197	−408	3.3
Cash from investing	−278	−229	−901	−956	−1,558	−1,071
Financing activities
Financing cash flow items	−299	−423	−385	−653	−768	−291
Cash dividends paid	−348	−339	−382	−381	−391	−336
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	358	272	17.8	855	1,631	738
Cash from financing	−288	−489	−749	−180	472	111
Foreign exchange effects	110	−12.2	−98.3	−86.3	44.8	45.6
Net change in cash	438	97.6	−300	54.6	219	151
Free cash flow	324	227	675	518	111	−9.2

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.