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China Resources Gas Group
(1193)
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Rating:58Neutral
Price Target:
HK$15.50
â–¼(-19.10% Downside)
Action:Downgraded
Date:05/04/26
The score is driven primarily by stable but softening financial performance (margin/return compression and a 2025 revenue decline), offset by supportive valuation (moderate P/E and strong dividend yield). Technicals remain a headwind with weak momentum and the share trading below key moving averages.
Positive Factors
Regulated utility business
As a city-gas distributor supplying piped gas, LPG and related services across multiple Chinese cities, the company benefits from regulated, essential demand and recurring revenue. This business model supports stable volumes and long-term cash visibility versus cyclical industries.
Negative Factors
Revenue decline
A decline in revenue signals demand softness or adverse tariff/procurement spreads. Over a multi-quarter horizon, falling top-line reduces scale benefits, pressures margins and constrains the company's ability to fund growth projects and maintain return targets without tariff adjustments.
Read all positive and negative factors
Positive Factors
Negative Factors
Regulated utility business
As a city-gas distributor supplying piped gas, LPG and related services across multiple Chinese cities, the company benefits from regulated, essential demand and recurring revenue. This business model supports stable volumes and long-term cash visibility versus cyclical industries.
Read all positive factors
China Resources Gas Group (1193) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$33.55B
Dividend Yield4.43%
Average Volume (3M)4.50M
Price to Earnings (P/E)9.5
Beta (1Y)0.60
Revenue Growth-4.81%
EPS Growth-13.88%
CountryHK
Employees56,193
SectorUtilities
Sector Strength65
IndustryRegulated Gas
Share Statistics
EPS (TTM)1.55
Shares Outstanding2,314,013,000
10 Day Avg. Volume4,087,010
30 Day Avg. Volume4,501,299
Financial Highlights & Ratios
PEG Ratio-1.05
Price to Book (P/B)1.17
Price to Sales (P/S)0.53
P/FCF Ratio16.93
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
HK$19.93Price Target Upside4.04% Upside
Rating ConsensusHold
Number of Analyst Covering3
EPS Forecast (FY)1.57
Revenue Forecast (FY)HK$101.89B
China Resources Gas Group Business Overview & Revenue Model
Company Description
China Resources Gas Group Limited, an investment holding company, engages in the sale of natural and liquefied gas and connection of gas pipelines. The company operates through Sale and Distribution of Gas Fuel and Related Products, Gas Connection...
How the Company Makes Money
The company primarily makes money from downstream gas sales and related services. (1) Piped natural gas sales: It purchases natural gas from upstream suppliers and delivers it through its city-gas pipeline networks to end-users (residential, indus...
China Resources Gas Group Financial Statement Overview
Summary
Income Statement
54
Neutral
Balance Sheet
63
Positive
Cash Flow
59
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 97.73B | 102.68B | 101.27B | 94.34B | 79.64B |
| Gross Profit | 17.42B | 18.26B | 18.45B | 17.97B | 19.10B |
| EBITDA | 9.79B | 10.17B | 13.24B | 12.02B | 13.14B |
| Net Income | 3.55B | 4.09B | 5.22B | 4.73B | 6.40B |
Balance Sheet | |||||
| Total Assets | 136.41B | 132.48B | 137.87B | 112.05B | 106.14B |
| Cash, Cash Equivalents and Short-Term Investments | 8.95B | 7.53B | 10.81B | 6.44B | 10.09B |
| Total Debt | 24.15B | 23.52B | 27.12B | 22.97B | 12.01B |
| Total Liabilities | 67.51B | 68.51B | 74.49B | 59.76B | 52.10B |
| Stockholders Equity | 44.18B | 41.17B | 40.77B | 39.33B | 41.26B |
Cash Flow | |||||
| Free Cash Flow | 3.06B | 2.80B | 4.51B | -2.14B | 2.85B |
| Operating Cash Flow | 6.31B | 7.00B | 10.16B | 4.28B | 8.80B |
| Investing Cash Flow | -3.82B | -2.23B | -4.53B | -15.13B | -11.14B |
| Financing Cash Flow | -3.17B | -7.43B | -1.96B | 7.62B | -3.35B |
China Resources Gas Group Technical Analysis
Negative
19.16
Price Trends
17.62
Negative
18.71
Negative
19.64
Negative
Market Momentum
-0.78
Positive
14.25
Positive
5.79
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:1193, the sentiment is Negative. The current price of 19.16 is above the 20-day moving average (MA) of 16.77, above the 50-day MA of 17.62, and below the 200-day MA of 19.64, indicating a bearish trend. The MACD of -0.78 indicates Positive momentum. The RSI at 14.25 is Positive, neither overbought nor oversold. The STOCH value of 5.79 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:1193.
China Resources Gas Group Peers Comparison
UnderperformOutperform
Sector (66)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
67 Neutral | HK$46.27B | 6.67 | 12.72% | 4.30% | 1.89% | -0.52% | |
66 Neutral | $17.65B | 18.10 | 5.60% | 3.62% | 6.62% | 11.55% | |
63 Neutral | HK$30.78B | 11.08 | 5.14% | 6.44% | -7.13% | -16.11% | |
58 Neutral | HK$33.55B | 9.54 | 8.10% | 4.43% | -4.81% | -13.88% | |
57 Neutral | HK$124.27B | 21.48 | 9.73% | 4.94% | -2.07% | -0.42% | |
55 Neutral | HK$10.87B | 6.58 | 6.35% | 6.38% | -1.89% | -5.33% | |
54 Neutral | HK$13.08B | 46.15 | 3.04% | 1.17% | -3.75% | 77.10% |
* Utilities Sector Average
HK:1193
China Resources Gas Group
14.79
-4.27
-22.38%
HK:0384
China Gas Holdings
5.65
-1.23
-17.91%
HK:0003
Hong Kong & China Gas Co
6.66
0.39
6.22%
HK:1083
Towngas China Co
2.96
-0.77
-20.62%
HK:2688
ENN Energy Holdings
40.98
-18.46
-31.06%
HK:1635
Shanghai Dazhong Public Utilities (Group) Co., Ltd. Class H
2.29
0.18
8.53%
China Resources Gas Group Corporate Events
China Resources Gas Wins Shareholder Backing for Dividend, Board Slate and New Auditor
May 28, 2026
China Resources Gas Group said shareholders approved all resolutions at its 28 May 2026 annual general meeting, including the receipt of 2025 audited accounts and a final dividend of HK$0.65 per share. Investors also backed the re-election of exec...
China Resources Gas Updates Board Roles and Governance Committees
May 28, 2026
China Resources Gas Group has updated the composition of its board of directors and outlined the specific roles each director holds across its governance committees. The board comprises executive, non-executive and independent non-executive direct...
China Resources Gas Completes Acquisition of CR Energy Service After Clean Audit
May 8, 2026
China Resources Gas Group has completed the acquisition of equity interests in CR Energy Service after all conditions precedent were satisfied and a transition audit confirmed no impairment of the target’s accumulated owners’ equity. T...
China Resources Gas Sets AGM to Approve Dividend, New Auditor and Share Issue Mandate
Apr 30, 2026
China Resources Gas Group has called its annual general meeting for 28 May 2026 in Hong Kong, where shareholders will review the audited financial statements for the year ended 31 December 2025 and vote on a proposed final dividend of HK$0.65 per ...
China Resources Gas Plans Auditor Switch From KPMG to Deloitte in 2026
Apr 30, 2026
China Resources Gas Group has announced a proposed change of independent auditor as part of efforts to strengthen corporate governance and preserve the independence and objectivity of its external audit function. KPMG, which has served as auditor ...
China Resources Gas Subsidiary Chongqing Gas Sees Profit Drop in 2025 but Maintains Dividends
Apr 17, 2026
China Resources Gas Group has reported principal financial information for its subsidiary Chongqing Gas Group Corporation for the year ended 31 December 2025, showing relatively stable assets but weaker profitability. Chongqing Gas’s total a...
China Resources Gas Subsidiary Chongqing Gas Narrows Q1 Loss on Slightly Lower Revenue
Apr 17, 2026
China Resources Gas has reported the unaudited first-quarter 2026 financial results of its subsidiary Chongqing Gas, showing revenue of RMB 2.63 billion, down slightly from a year earlier. Chongqing Gas narrowed its net loss to RMB 33.1 million fr...
China Resources Gas Raises RMB2.5 Billion in Second Tranche Medium Term Notes
Apr 10, 2026
China Resources Gas Group has completed the issuance of a second tranche of medium term notes in mainland China via its wholly owned subsidiary, China Resources Gas Investment (China) Company Limited. The notes total RMB2.5 billion, carry a three-...
China Resources Gas Unit to Acquire CR Energy Service in RMB91.5 Million Connected Deal
Apr 8, 2026
China Resources Gas Group’s indirect wholly owned subsidiary CR Supercharge Technology has agreed to acquire 100% of CR Energy Service from fellow China Resources unit CR Financial Leasing for approximately RMB91.52 million. The transaction,...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.