China Resources Gas Group Ltd (1193) Fair Value & Analysis

Utilities · HK · Market cap HK$33.1B (≈ $4.2B) · ISIN BMG2113B1081

What is China Resources Gas Group Ltd really worth?

CR China Resources Gas Group Ltd 1193 · HK

PriceHK$16.70

Fair ValueHK$28.25

Upside+69.2%

Quality48/100

Below-average quality, trading 41% below our fair value of HK$28.25.

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Strengths

✓Low debt · generates free cash flow

✓Ranks above peers (9/15)

Risks

!Mixed Growth (revenue 5y +11.8 %/yr)

!Thin margins · 3.6% net margin

!Narrow moat 29/100

For context

·5.99% dividend yield

Evidence: High Range HK$21.19 – HK$35.31

Fair value as of: Aug 23, 2026

From 24 valuation models · updated 13 days ago

Share price +3.4% 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$21.19). The market is more pessimistic than our downside scenario.
Solid quality (48/100) at a price below fair value, the discount is the argument here, not the business quality.

Price vs Fair Value (5 years)

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 23, 2026.

How to read this chart

60‑month range HK$14.66 – HK$42.18 · fair‑value band HK$21.19 – HK$35.31 · the HK$16.70 price screens below the HK$28.25 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 23, 2026.

Full chart & analysis →

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Analysis

China Resources Gas Group Ltd (1193) currently trades at HK$16.70, while our model-based Fair Value estimate is HK$28.25, implying the stock looks roughly 40.9% undervalued today. The Quality Score stands at 48/100 (below-average quality), in the Utilities sector. Bull case: the DCF Models group reads highest at a median of HK$45.24 per share, and 23 of the 24 models we run sit above the HK$16.70 price. Bear case: the Asset-Based group reads lowest at HK$13.10, and 1 of the 24 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, China Resources Gas Group Ltd generated revenue of HK$97.7B at a net margin of 3.6%. Revenue declined 5.2% year over year. It earns a return on equity of 7.7%. Net debt stands at HK$16.3B. Fundamentals as of Aug 23, 2026

Our scenario range runs from HK$21.19 (bear case) to HK$35.31 (bull case); at HK$16.70, 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 26% below its 52-week high and 15% above its 52-week low, currently below its 200-day average. For context, the median of 10 Utilities peers we cover trades at −24% fair-value upside, at 69%, 1193 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$0.0338 per share, which is 0.1 % 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

Residual Income HK$16.30 HK$17.48 HK$20.10 76

FCF DCF HK$20.55 HK$35.67 HK$77.26 75

EPV HK$16.62 HK$19.42 HK$21.87 74

All 24 models by family

DCF Models

FCF DCF HK$20.55 HK$35.67 HK$77.26 75

Owner Earnings HK$29.00 HK$64.35 HK$136.88 71

5Y Revenue Exit HK$23.06 HK$45.24 HK$84.47 69

5Y EBITDA Exit HK$28.31 HK$56.80 HK$103.88 71

5Y P/E Exit HK$20.47 HK$41.70 HK$68.56 68

10Y Revenue Exit HK$21.31 HK$45.69 HK$79.40 64

10Y EBITDA Exit HK$25.90 HK$55.33 HK$108.59 64

10Y P/E Exit HK$20.42 HK$40.93 HK$75.18 61

Earnings-Based

Graham-Dodd HK$10.67 HK$71.30 HK$99.87 63

Lynch FV HK$20.85 HK$29.79 HK$38.73 61

PEG = 1.0 HK$20.85 HK$29.79 HK$38.73 57

EPV HK$16.62 HK$19.42 HK$21.87 74

Multiples

P/E Multiple HK$21.19 HK$28.25 HK$35.31 63

P/S Multiple HK$20.01 HK$26.68 HK$33.35 58

P/B Multiple HK$20.01 HK$26.68 HK$33.35 55

EV/EBIT HK$28.59 HK$38.18 HK$47.77 66

EV/EBITDA HK$32.32 HK$43.16 HK$53.99 67

EV/Revenue HK$23.10 HK$33.07 HK$43.04 53

Asset-Based

NCAV (Graham) HK$9.77 HK$13.10 HK$19.55 54

Growth DCF

Growth DCF HK$19.70 HK$39.68 HK$76.92 74

Rev-Margin DCF HK$23.06 HK$46.34 HK$80.53 70

Economic Profit

Residual Income HK$16.30 HK$17.48 HK$20.10 76

ROIC Compounder HK$16.62 HK$19.42 HK$25.57 72

Growth Earnings

Growth-Adj P/E HK$27.18 HK$38.83 HK$50.47 67

Widest divergence: DCF Models (HK$45.24) versus Asset-Based (HK$13.10). Highest evidence: Residual Income (76).

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Key figures & financial health

P/E ratio 9.5 as of Jul 2, 2026

P/S ratio 0.34 P/E × margin

EPS (TTM) HK$1.05 price ÷ EPS = P/E 9.5

Dividend yield 6.0% payout 95.2%

Net margin 3.6% FY2025

Return on equity 7.7% TTM

More key figures

Profitability

Return on assets (EBIT) 6.1% avg 5y

Operating margin 4.2% TTM

Growth

Revenue (TTM) HK$97.7B TTM

Revenue growth (YoY) −5.2% 3y avg +1.2%

EPS growth (YoY) +78.8%

Balance sheet & cash flow

Free cash flow HK$3.1B FY2025

Net debt HK$16.3B FY2025 · ≈ 5.3 yrs of FCF

Figures from reported company fundamentals · as of Aug 23, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 48/100

Of which business quality 47 · Market factors (momentum, volatility) 43

Profitability 33

Margins and returns on capital today

Quality Growth 34

Are margins and returns improving?

Cashflow 42

Earnings quality: real cash, not paper profit

Fin. Strength 39

Balance sheet, leverage, solvency risk

Investment 80

Disciplined investing over empire-building

Low Volatility 84

Calm price path (market factor)

Momentum 26

Price trend over the last 3–12 months (market factor)

52W Momentum 25

Distance to the 52-week high (market factor)

Net Issuance 76

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

Full company description

China Resources Gas Group Limited, an investment holding company, engages in the sale of liquefied gas and connection of gas pipelines. The company operates through Sale and Distribution of Gas Fuel and Related Products, Gas Connection, Comprehensive Services, Design and Construction Services, and Gas Stations segments. The Sale and Distribution of Gas Fuel and Related Products segment sells natural gas and liquefied petroleum gas for residential, commercial, and industrial use. The Gas Connection segment engages in the construction of gas pipeline networks under gas connection contracts. The Comprehensive Services segment sells gas appliances and related products. The Design and Construction Services segment provides design, construction, consultancy, and management services for gas connection projects. The Gas Stations segment engages in the sale of gas fuel in natural gas filling stations. China Resources Gas Group Limited was incorporated in 1994 and is based in Wan Chai, Hong Kong. China Resources Gas Group Limited is a subsidiary of CRH (Gas) Limited.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

China Resources Gas Group Ltd reported revenue of HK$97.7B in FY2025 versus HK$79.6B in FY2021, a compound +5.3%/yr. Reported net income was HK$3.5B in FY2025, compounding −13.7%/yr from FY2021.

Growth Quality 74/100

Revenue is growing, but margins or cash flow do not fully confirm the trend.

Latest Revenue (FY 2025)

HK$97.7B

Latest YoY

−4.8%

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.

+1.2%

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.

+11.8%

Avg. revenue growth/yr (26Y) ⓘ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.

+28.0%

Value creation/yr (5Y) ⓘEarnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.

−1.3% (−7.3 + 6.0)

Revenue +5.3%/yr

FY21 HK$79.6B

FY22 HK$94.3B

FY23 HK$101B

FY24 HK$103B

FY25 HK$97.7B

Net income −13.7%/yr

FY21 HK$6.4B

FY22 HK$4.7B

FY23 HK$5.2B

FY24 HK$4.1B

FY25 HK$3.5B

Character of growth · EPS growth decomposed (2014-2025) +4.0 % p.a.

Revenue per share +13.2 %

of which total revenue +13.8 % · buybacks/dilution −0.5 %

EBIT margin −8.3 %

Tax rate +0.8 %

Residual (interest, one-offs) −0.6 %

Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).

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China Resources Gas Group Ltd · Fair Value
HK$28.25 +41%Fair Value
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<a href="https://www.fairvalue-calculator.com/stock/1193" target="_blank" rel="nofollow noopener" style="display:inline-flex;align-items:center;gap:12px;box-sizing:border-box;font-family:system-ui,-apple-system,Segoe UI,Roboto,sans-serif;text-decoration:none;background:#0f1814;color:#eaf2ed;border:1px solid #2a3a30;border-radius:12px;padding:12px 16px;max-width:360px"><span style="line-height:1.35"><span style="font-size:12px;color:#9fb0a8">China Resources Gas Group Ltd · Fair Value</span><br><b style="font-size:20px">HK$28.25</b> <span style="color:#7BB290;font-weight:700;font-size:14px">+41%</span></span><span style="font-size:11px;color:#7BB290;font-weight:700;margin-left:auto;text-align:right;line-height:1.3">Fair&nbsp;Value<br>Calculator&nbsp;→</span></a>

Cite: Fair Value Calculator (2026). "China Resources Gas Group Ltd Fair Value". https://www.fairvalue-calculator.com/stock/1193

Peer Group

Utilities - Regulated Gas · 105 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 48 · Below median

Fair Value upside +69% · Top 25%

Return on equity (TTM) 8% · Below median

Return on assets 3% · Below median

Net margin (TTM) 4% · Below median

Operating margin (TTM) 4% · Bottom 25%

Revenue growth −5% · Below median

Dividend yield (TTM) 6.0% · Top 25%

Debt / equity 0.19× · Lower than median

Valuation Multiples vs Utilities - Regulated Gas median · lower = cheaper

P/E (TTM) 9.5× · Cheaper than 75% of peers

P/B 0.75× · Cheaper than 75% of peers

P/S (TTM) 0.34× · Cheaper than 75% of peers

P/FCF 1.4× · Cheaper than median

EV/EBITDA 3.5× · Cheaper than 75% of peers

PEG 2.16× · Cheaper than median

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.

This stock

Sector peers

VALUE100 · sector 27

FUTURE0 · sector 0

PAST31 · sector 35

HEALTH91 · sector 87

DIVIDEND100 · sector 71

Values & ESG

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

None of the checked exposures detected

Similar stocks

10 more Utilities - Regulated Gas stocks, each showing price versus our Fair Value estimate (as of Aug 23, 2026).

Stock	Price	Fair Value	vs Fair Value
Naturgy Energy Group NTGY	€29.60	€31.58	+7%
Atmos Energy Corporation ATO	$166.65	$85.67	−49%
NiSource Inc NI	$40.96	$28.59	−30%
Uniper SE UN0	€47.45	€48.32	+2%
The Hong Kong and China Gas Company 0003	HK$7.31	HK$4.79	−34%
GAIL (India) Limited GAIL	₹171.10	₹130.21	−24%
Italgas S.p.A IG	€8.67	€8.63	−1%
Adani Total Gas Limited ATGL	₹654.05	₹101.36	−85%
ENN Natural Gas Co 600803	¥17.51	¥25.71	+47%
UGI Corporation UGI	$38.01	$26.72	−30%

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Frequently asked questions

Is China Resources Gas Group Ltd (1193) overvalued or undervalued?

As of Aug 23, 2026, our model estimates a fair value of HK$28.25 versus a price of HK$16.70, about +69% upside (undervalued).

What is the fair value of 1193?

Our model-based fair value for China Resources Gas Group Ltd is HK$28.25 (as of Aug 23, 2026), built from audited fundamentals. The current price: HK$16.70.

What is the quality score of 1193?

China Resources Gas Group Ltd has a Quality Score of 48/100. 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 China Resources Gas Group Ltd (1193)?

China Resources Gas Group Ltd reported trailing-twelve-month revenue of about HK$97.7B (latest available figure, as of Aug 23, 2026).

What is the net profit margin of 1193?

The net profit margin of China Resources Gas Group Ltd is about 3.6%, meaning it keeps roughly 3.6% of revenue as net income. Based on the latest reported figures.

Does China Resources Gas Group Ltd pay a dividend?

China Resources Gas Group Ltd currently shows a dividend yield of about 5.99% relative to its recent price (as of Aug 23, 2026).

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