Hokkaido Gas Co., Ltd. (JP:9534)
:9534
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Hokkaido Gas Co., Ltd.
(9534)
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Rating:74Outperform
Price Target:
¥1,015.00
▲(48.83% Upside)
Action:ReiteratedDate:01/31/26
The score is driven primarily by solid financial performance (improving profitability and reduced leverage, offset by volatile and weakening free-cash-flow trends), supported by strong technical uptrend signals and an attractive valuation (low P/E with a moderate dividend yield).
Positive Factors
Regulated utility business model
As a regulated city-gas utility with pipeline network and retail customers, the company benefits from structurally stable demand, asset-backed distribution economics and regulated/contract tariff mechanics. This creates predictable long-term cash flows and a durable local market franchise.
Negative Factors
Free cash flow volatility
Inconsistent and recently decelerating free cash flow weakens the company’s ability to self-fund investments, smooth dividends and absorb shocks. Volatile FCF increases reliance on external financing and makes capital allocation outcomes less predictable over a 2–6 month horizon.
Read all positive and negative factors
Positive Factors
Negative Factors
Regulated utility business model
As a regulated city-gas utility with pipeline network and retail customers, the company benefits from structurally stable demand, asset-backed distribution economics and regulated/contract tariff mechanics. This creates predictable long-term cash flows and a durable local market franchise.
Read all positive factors
Hokkaido Gas Co., Ltd. (9534) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥76.61B
Dividend Yield2.88%
Average Volume (3M)96.14K
Price to Earnings (P/E)19.0
Beta (1Y)0.69
Revenue Growth2.77%
EPS Growth10.64%
CountryJP
Employees1,536
SectorUtilities
Sector Strength65
IndustryRegulated Gas
Share Statistics
EPS (TTM)9.98
Shares Outstanding88,689,030
10 Day Avg. Volume73,430
30 Day Avg. Volume96,140
Financial Highlights & Ratios
PEG Ratio-0.41
Price to Book (P/B)0.52
Price to Sales (P/S)0.26
P/FCF Ratio3.03
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Hokkaido Gas Co., Ltd. Business Overview & Revenue Model
Company Description
Hokkaido Gas Co., Ltd. engages in gas, and heat and power supply businesses in Japan. The company is also involved in the purification and sale of gas by-products; production and sale of gas appliances, as well as related construction works; and o...
How the Company Makes Money
Hokkaido Gas makes money primarily by selling city gas to end users in its service areas. Its key revenue stream is retail gas sales, where revenue is driven by the volume of gas consumed by residential, commercial, and industrial customers and th...
Hokkaido Gas Co., Ltd. Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
70
Positive
Cash Flow
62
Positive
| Breakdown | TTM | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 173.93B | 170.29B | 173.88B | 174.84B | 126.96B | 118.16B |
| Gross Profit | 54.64B | 50.37B | 49.09B | 44.94B | 37.00B | 34.29B |
| EBITDA | 33.31B | 29.81B | 30.28B | 27.77B | 21.25B | 19.97B |
| Net Income | 12.46B | 10.40B | 11.63B | 9.96B | 5.24B | 4.29B |
Balance Sheet | ||||||
| Total Assets | 195.22B | 197.84B | 188.36B | 185.37B | 161.88B | 152.54B |
| Cash, Cash Equivalents and Short-Term Investments | 8.79B | 11.32B | 9.47B | 2.72B | 9.57B | 6.14B |
| Total Debt | 58.36B | 51.66B | 62.73B | 68.09B | 58.81B | 69.75B |
| Total Liabilities | 101.57B | 109.35B | 109.35B | 117.37B | 102.68B | 98.30B |
| Stockholders Equity | 91.39B | 86.35B | 76.89B | 65.89B | 57.12B | 52.19B |
Cash Flow | ||||||
| Free Cash Flow | 16.09B | 14.73B | 15.86B | -14.60B | 8.22B | 11.66B |
| Operating Cash Flow | 29.91B | 29.83B | 31.68B | 6.70B | 19.71B | 22.40B |
| Investing Cash Flow | -15.93B | -20.06B | -16.75B | -22.56B | -11.11B | -10.25B |
| Financing Cash Flow | -8.13B | -7.92B | -8.17B | 9.03B | -5.18B | -7.55B |
Hokkaido Gas Co., Ltd. Technical Analysis
Neutral
682.00
Price Trends
866.30
Negative
802.24
Positive
715.07
Positive
Market Momentum
6.62
Positive
45.96
Neutral
42.59
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:9534, the sentiment is Neutral. The current price of 682 is below the 20-day moving average (MA) of 892.75, below the 50-day MA of 866.30, and below the 200-day MA of 715.07, indicating a neutral trend. The MACD of 6.62 indicates Positive momentum. The RSI at 45.96 is Neutral, neither overbought nor oversold. The STOCH value of 42.59 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for JP:9534.
Hokkaido Gas Co., Ltd. Peers Comparison
UnderperformOutperform
Sector (66)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | ¥93.71B | 8.94 | 9.07% | 3.61% | 9.39% | 77.24% | |
75 Outperform | ¥107.15B | 8.99 | 7.99% | 3.89% | 1.08% | 37.11% | |
74 Outperform | ¥76.61B | 19.04 | ― | 2.88% | 2.77% | 10.64% | |
73 Outperform | ¥459.75B | 28.19 | 6.03% | 1.81% | 7.08% | 43.50% | |
69 Neutral | ¥22.41B | -17.01 | ― | 2.18% | 6.66% | ― | |
66 Neutral | $17.65B | 18.10 | 5.60% | 3.62% | 6.62% | 11.55% | |
62 Neutral | ¥44.04B | 11.82 | ― | 1.81% | 0.93% | 1212.45% |
* Utilities Sector Average
JP:9534
Hokkaido Gas Co., Ltd.
878.00
360.50
69.66%
JP:9533
TOHO GAS Co
4,791.00
788.12
19.69%
JP:9536
SAIBU GAS HOLDINGS CO. LTD.
2,531.00
861.45
51.60%
JP:9543
SHIZUOKA GAS CO. LTD.
1,487.00
382.39
34.62%
JP:9537
Hokuriku Gas Co., Ltd.
4,675.00
1,260.58
36.92%
JP:9539
Keiyo Gas Co., Ltd.
1,351.00
297.18
28.20%
Hokkaido Gas Co., Ltd. Corporate Events
Hokkaido Gas Lifts Profits and Full-Year Outlook on Strong Nine-Month Results
Feb 9, 2026
Hokkaido Gas Co., Ltd. reported consolidated net sales of ¥114.8 billion for the nine months ended December 31, 2025, up 3.3% year on year, with operating profit surging 56.0% to ¥8.1 billion and profit attributable to owners of parent c...
Hokkaido Gas Lifts Full-Year Earnings Forecast on Stronger Demand and Efficiency Gains
Jan 29, 2026
Hokkaido Gas has raised its full-year consolidated and non-consolidated earnings forecasts for the fiscal year ending March 31, 2026, citing higher-than-expected gas sales volumes driven by temperature-related demand, steady growth in customer num...
Hokkaido Gas Lifts Nine-Month Profit Over 50% and Raises Full-Year Forecast
Jan 29, 2026
Hokkaido Gas reported consolidated net sales of ¥114.8 billion for the nine months ended December 31, 2025, up 3.3% year on year, with operating profit surging 56.0% to ¥8.1 billion and profit attributable to owners of parent jumping 55....
Hokkaido Gas to Consolidate Ishikari Gas-Fired Power Business in Wholly Owned Subsidiary
Dec 25, 2025
Hokkaido Gas will transfer the assets, rights and obligations of its natural gas-fired thermal power generation business at the Kitagas Ishikari Power Plant to its wholly owned subsidiary Energy Solution Co., Ltd. via an absorption-type company sp...
Hokkaido Gas Completes Adjusted Disposal of Treasury Shares for Employee Share Plan
Dec 22, 2025
Hokkaido Gas has completed payment procedures for the disposal of treasury shares under its restricted stock allotment system through the company’s Employee Shareholding Association, as previously approved by its board on July 31, 2025. Due ...
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.