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Kunlun Energy (0135) Fair Value & Analysis

Energy · HK · Market cap HK$55.5B (≈ $7.1B) · ISIN BMG5320C1082

What is Kunlun Energy really worth?

KE Kunlun Energy 0135 · HK
PriceHK$7.43
Fair ValueHK$11.93
Upside+60.6%
Quality60/100

A solid business, trading 38% below our fair value of HK$11.93.

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Strengths

✓Low debt · generates free cash flow
✓Ranks above peers (12/14)

Risks

!Mixed Growth (revenue 5y +11.6 %/yr)
!Thin margins · 2.8% net margin
!Narrow moat 32/100
!Evidence only low, so the estimate is less certain
!Weak on future: 13 out of 100

For context

·4.58% dividend yield
Evidence: Low Range HK$8.95 – HK$14.91

Fair value as of: Aug 13, 2026

From 26 valuation models · updated 22 days ago

Fair value updated Aug 13, 2026, revised from HK$11.91 to HK$11.93 (+0.2%) since Aug 2, 2026. Share price +6.1% over the past month.

What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

What matters now

  • The price is below even our cautious bear case (HK$8.95). The market is more pessimistic than our downside scenario.
  • The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.
  • Solid quality (60/100) at a price below fair value, the discount is the argument here, not the business quality.

Price vs Fair Value (5 years)

HK$8.47 HK$3.92 Fair Value HK$11.93 Apr 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range HK$3.92 – HK$8.47 · fair‑value band HK$8.95 – HK$14.91 · the HK$7.43 price screens below the HK$11.93 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 13, 2026.

Full chart & analysis →

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Analysis

Kunlun Energy (0135) currently trades at HK$7.43, while our model-based Fair Value estimate is HK$11.93, implying the stock looks roughly 37.7% undervalued today. The Quality Score stands at 60/100 (solid quality), in the Energy sector. Bull case: the Growth DCF group reads highest at a median of HK$26.33 per share, and 22 of the 26 models we run sit above the HK$7.43 price. Bear case: the Dividend Discount group reads lowest at HK$5.00, and 4 of the 26 models stay below the price. Evidence for this calculation is low.

Over the trailing twelve months, Kunlun Energy generated revenue of HK$194B at a net margin of 2.8%. Revenue grew 2.5% year over year. It earns a return on equity of 9.4%. The balance sheet holds a net cash position of HK$9.9B. Fundamentals as of Aug 13, 2026

Our scenario range runs from HK$8.95 (bear case) to HK$14.91 (bull case); at HK$7.43, the current price sits below that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 14% below its 52-week high and 17% above its 52-week low, currently below its 200-day average. For context, the median of 10 Energy peers we cover trades at −59% fair-value upside, at 61%, 0135 screens cheaper than that median.

Fair Value models

This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly HK$0.0204 per share, which is 0.2 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.

Model Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
FCF DCF HK$16.44 HK$24.73 HK$51.06 76
Residual Income HK$6.51 HK$6.96 HK$7.69 76
Growth DCF HK$15.59 HK$27.27 HK$50.84 75
All 26 models by family
DCF Models
FCF DCF HK$16.44 HK$24.73 HK$51.06 76
Owner Earnings HK$10.43 HK$21.14 HK$43.61 71
5Y Revenue Exit HK$13.94 HK$23.43 HK$42.64 70
5Y EBITDA Exit HK$11.58 HK$18.51 HK$31.57 73
5Y P/E Exit HK$10.56 HK$18.73 HK$29.31 69
10Y Revenue Exit HK$14.22 HK$28.21 HK$40.38 66
10Y EBITDA Exit HK$12.97 HK$23.40 HK$42.32 65
10Y P/E Exit HK$12.23 HK$21.32 HK$36.72 62
Earnings-Based
Graham-Dodd HK$4.10 HK$28.61 HK$40.15 63
Lynch FV HK$9.63 HK$13.75 HK$17.88 61
PEG = 1.0 HK$9.63 HK$13.75 HK$17.88 57
EPV HK$9.32 HK$10.53 HK$11.59 74
Dividend Discount
Gordon GGM HK$2.85 HK$5.93 HK$9.40 66
DDM Multi-Stage HK$2.85 HK$5.00 HK$6.22 66
Multiples
P/E Multiple HK$6.33 HK$8.45 HK$10.56 63
P/S Multiple HK$7.69 HK$10.26 HK$12.82 58
P/B Multiple HK$7.69 HK$10.26 HK$12.82 55
EV/EBIT HK$10.47 HK$13.28 HK$16.09 66
EV/EBITDA HK$9.78 HK$12.36 HK$14.94 67
EV/Revenue HK$12.27 HK$16.66 HK$21.04 54
Asset-Based
NCAV (Graham) HK$3.93 HK$5.26 HK$7.85 54
Growth DCF
Growth DCF HK$15.59 HK$27.27 HK$50.84 75
Rev-Margin DCF HK$13.94 HK$26.33 HK$45.60 70
Economic Profit
Residual Income HK$6.51 HK$6.96 HK$7.69 76
ROIC Compounder HK$10.65 HK$14.47 HK$17.57 72
Growth Earnings
Growth-Adj P/E HK$10.95 HK$15.65 HK$20.34 67

Widest divergence: Growth DCF (HK$26.33) versus Dividend Discount (HK$5.00). Highest evidence: FCF DCF (76).

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Key figures & financial health

P/E ratio 9.1 as of Jul 1, 2026
P/S ratio 0.25 P/E × margin
EPS (TTM) HK$0.3700 price ÷ EPS = P/E 9.1
Dividend yield 4.6% payout 91.9%
Net margin 2.8% FY2025
Return on equity 9.4% TTM
More key figures
Profitability
Return on assets (EBIT) 10.3% avg 5y
Operating margin 5.1% TTM
Growth
Revenue (TTM) HK$194B TTM
Revenue growth (YoY) +2.5% 3y avg +3.2%
EPS growth (YoY) −17.7%
Balance sheet & cash flow
Free cash flow HK$7.4B FY2025
Net cash HK$9.9B FY2025

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 60/100

Of which business quality 60 · Market factors (momentum, volatility) 56

Profitability 42
Margins and returns on capital today
Quality Growth 32
Are margins and returns improving?
Cashflow 50
Earnings quality: real cash, not paper profit
Fin. Strength 77
Balance sheet, leverage, solvency risk
Investment 89
Disciplined investing over empire-building
Low Volatility 92
Calm price path (market factor)
Momentum 40
Price trend over the last 3–12 months (market factor)
52W Momentum 44
Distance to the 52-week high (market factor)
Net Issuance 82
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

Kunlun Energy Company Limited, an investment holding company, engages in the exploration, development, production, and sale of crude oil and natural gas in the Republic of Kazakhstan, the Sultanate of Oman, and the Kingdom of Thailand.

Full company description

Kunlun Energy Company Limited, an investment holding company, engages in the exploration, development, production, and sale of crude oil and natural gas in the Republic of Kazakhstan, the Sultanate of Oman, and the Kingdom of Thailand. The company operates through Natural Gas Sales; Sales of Liquefied Petroleum Gas (LPG); Liquefied Natural Gas (LNG) Processing and Terminal; and Exploration and Production segments. It is also involved in the processing, unloading, storing, gasification, and entrucking of LNG; trading, distribution, and retail sale of various natural gas products; and wholesale and retail of various LPG products. The company was formerly known as CNPC (Hong Kong) Limited and changed its name to Kunlun Energy Company Limited in March 2010. Kunlun Energy Company Limited was incorporated in 1991 and is based in Hong Kong, Hong Kong. Kunlun Energy Company Limited operates as a subsidiary of PetroChina Hong Kong Limited.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Kunlun Energy reported revenue of 189B CNY in FY2025 versus 139B CNY in FY2021, a compound +8.1%/yr. Reported net income was 5.2B CNY in FY2025, compounding −31.0%/yr from FY2021.

Growth Quality 80/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
HK$189B
Latest YoY
+1.0%
Avg. revenue growth/yr (3Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+3.2%
Avg. revenue growth/yr (5Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+11.6%
Avg. revenue growth/yr (30Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+37.8%
Value creation/yr (5Y) ⓘEarnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.
−6.9% (−11.5 + 4.6)
Revenue +8.1%/yr
FY21 139B CNY
FY22 172B CNY
FY23 177B CNY
FY24 187B CNY
FY25 189B CNY
Net income −31.0%/yr
FY21 23.0B CNY
FY22 5.2B CNY
FY23 5.7B CNY
FY24 6.0B CNY
FY25 5.2B CNY

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HK$11.93 +38%Fair Value
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Cite: Fair Value Calculator (2026). "Kunlun Energy Fair Value". https://www.fairvalue-calculator.com/stock/0135

Recent news

External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.

Peer Group

Oil & Gas Refining & Marketing · 109 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 60 · Above median
Fair Value upside +61% · Top 25%
Return on equity (TTM) 9% · Above median
Return on assets 5% · Above median
Net margin (TTM) 3% · Above median
Operating margin (TTM) 5% · Below median
Revenue growth 3% · Below median
Dividend yield (TTM) 4.6% · Above median
Debt / equity 0.20× · Lower than median

Valuation Multiples vs Oil & Gas Refining & Marketing median · lower = cheaper

P/E (TTM) 9.1× · Cheaper than 75% of peers
P/B 0.82× · Cheaper than median
P/S (TTM) 0.29× · Cheaper than median
P/FCF 1.0× · Cheaper than median
EV/EBITDA 2.4× · Cheaper than 75% of peers

Strength profile in five axes (Snowflake)

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE100 · sector 13
FUTURE13 · sector 15
PAST37 · sector 33
HEALTH90 · sector 83
DIVIDEND92 · sector 55

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

Oil & gas

Similar stocks

10 more Oil & Gas Refining & Marketing stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
Reliance Industries Limited RELIANCE ₹1,314 ₹835.66 −36%
Valero Energy Corporation VLO $352.36 $127.32 −64%
Marathon Petroleum Corporation MPC $368.83 $133.18 −64%
Phillips 66 PSX $246.58 $99.41 −60%
Neste Oyj NESTE €31.28 €3.83 −88%
Formosa Petrochemical Corporation 6505 75.80 TWD 15.32 TWD −80%
HF Sinclair Corporation DINO $87.93 $44.96 −49%
Bharat Petroleum Corporation BPCL ₹318.00 ₹846.81 +166%
SK Innovation Co 096770 131,500 KRW 53,541 KRW −59%
Sunoco LP, SUN $75.55 $53.36 −29%

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Frequently asked questions

Is Kunlun Energy (0135) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of HK$11.93 versus a price of HK$7.43, about +61% upside (undervalued).
What is the fair value of 0135?
Our model-based fair value for Kunlun Energy is HK$11.93 (as of Aug 13, 2026), built from audited fundamentals. The current price: HK$7.43.
What is the quality score of 0135?
Kunlun Energy has a Quality Score of 60/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Kunlun Energy (0135)?
Kunlun Energy reported trailing-twelve-month revenue of about HK$194B (latest available figure, as of Aug 13, 2026).
What is the net profit margin of 0135?
The net profit margin of Kunlun Energy is about 2.8%, meaning it keeps roughly 2.8% of revenue as net income. Based on the latest reported figures.
Does Kunlun Energy pay a dividend?
Kunlun Energy currently shows a dividend yield of about 4.58% relative to its recent price (as of Aug 13, 2026).
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