China Resources Gas Group Ltd (1193) fair value: what the stock is really worth
We calculate from audited financials what China Resources Gas Group Ltd is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 37 quality factors, updated daily, free.
Compare price with fair valuebelow fair value = cheap, above = expensive
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Utilities · HK · Market cap HK$39.2B (≈ $5.0B) · ISIN BMG2113B1081
At a glance
CRChina Resources Gas Group Ltd1193 · HK
PriceHK$17.14
Fair ValueHK$28.25
Upside+64.8%
Quality48/100
Below-average quality, trading 39% below our fair value of HK$28.25.
As of Aug 23, 2026, the fair value of China Resources Gas Group Ltd is HK$28.25 per share against a price of HK$17.14, so the fair value sits 65% above the price. A model estimate from reported figures, not an analyst target.
!Mixed Growth (revenue 5y +11.8 %/yr)
!Thin margins · 3.6% net margin
✓Low debt · generates free cash flow
·5.83% dividend yield
✓Ranks above peers (9/15)
!Narrow moat 29/100
Evidence: HighRange HK$21.19 to HK$35.31
Fair value as of: Aug 23, 2026
From 24 valuation models · updated 19 days ago
Share price +7.3% over the past month.
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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$17.14 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.
China Resources Gas Group Ltd (1193) currently trades at HK$17.14, while our model-based Fair Value estimate is HK$28.25, implying the stock looks roughly 39.3% 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$17.14 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
Scenario range: HK$21.19 (bear) to HK$35.31 (bull), the price of HK$17.14 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target. The share trades about 24% below its 52-week high and 18% 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 65%, 1193 screens cheaper than that median.
Fair Value models
Based on fiscal year 2025 figures (about 8 months old). Earnings retained since then (HK$0.0348 per share) are deliberately not added.
Each model values the company its own way; the fair value above is the evidence-weighted blend. Evidence (0 to 100) shows how complete a model's inputs are. How we calculate →
ModelBear ⓘ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 IncomeHK$16.30HK$17.48HK$20.1076
FCF DCFHK$20.55HK$35.67HK$77.2675
EPVHK$16.62HK$19.42HK$21.8774
All 24 models by family
DCF Models
FCF DCFHK$20.55HK$35.67HK$77.2675
Owner EarningsHK$29.00HK$64.35HK$136.8871
5Y Revenue ExitHK$23.06HK$45.24HK$84.4769
5Y EBITDA ExitHK$28.31HK$56.80HK$103.8871
5Y P/E ExitHK$20.47HK$41.70HK$68.5668
10Y Revenue ExitHK$21.31HK$45.69HK$79.4064
10Y EBITDA ExitHK$25.90HK$55.33HK$108.5964
10Y P/E ExitHK$20.42HK$40.93HK$75.1861
Earnings-Based
Graham-DoddHK$10.67HK$71.30HK$99.8763
Lynch FVHK$20.85HK$29.79HK$38.7361
PEG = 1.0HK$20.85HK$29.79HK$38.7357
EPVHK$16.62HK$19.42HK$21.8774
Multiples
P/E MultipleHK$21.19HK$28.25HK$35.3163
P/S MultipleHK$20.01HK$26.68HK$33.3558
P/B MultipleHK$20.01HK$26.68HK$33.3555
EV/EBITHK$28.59HK$38.18HK$47.7766
EV/EBITDAHK$32.32HK$43.16HK$53.9967
EV/RevenueHK$23.10HK$33.07HK$43.0453
Asset-Based
NCAV (Graham)HK$9.77HK$13.10HK$19.5554
Growth DCF
Growth DCFHK$19.70HK$39.68HK$76.9274
Rev-Margin DCFHK$23.06HK$46.34HK$80.5370
Economic Profit
Residual IncomeHK$16.30HK$17.48HK$20.1076
ROIC CompounderHK$16.62HK$19.42HK$25.5772
Growth Earnings
Growth-Adj P/EHK$27.18HK$38.83HK$50.4767
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 ratio9.5as of Jul 2, 2026
P/S ratio0.34P/E × margin
EPS (TTM)HK$1.05price ÷ EPS = P/E 9.5
Dividend yield5.8%payout 95.2%
Net margin3.6%FY2025
Return on equity7.7%TTM
More key figures
Profitability
Return on assets (EBIT)6.1%avg 5y
Operating margin4.2%TTM
Growth
Revenue (TTM)HK$97.7BTTM
Revenue growth (YoY)−5.2%3y avg +1.2%
EPS growth (YoY)+78.8%
Balance sheet & cash flow
Free cash flowHK$3.1BFY2025
Net debtHK$16.3BFY2025 · ≈ 5.3 yrs of FCF
Figures from reported company fundamentals · as of Aug 23, 2026. TTM = trailing twelve months.
Quality Score breakdown
Overall quality48/100
Of which business quality 47
· Market factors (momentum, volatility) 45
Profitability33
Margins and returns on capital today
Quality Growth34
Are margins and returns improving?
Cashflow42
Earnings quality: real cash, not paper profit
Fin. Strength39
Balance sheet, leverage, solvency risk
Investment80
Disciplined investing over empire-building
Low Volatility84
Calm price path (market factor)
Momentum29
Price trend over the last 3–12 months (market factor)
52W Momentum28
Distance to the 52-week high (market factor)
Net Issuance76
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
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.
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.
−1.5%
Earnings growth per share plus dividend yield: the value created per share and year.
Earnings growth per share−7.3%
Dividend yield5.8%
Trend ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.5Y −7.3% vs 10Y 1.7%, flattening
Operating margin (EBIT) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.12.8% (2020) → 5.9% (2025) · falling
Worst earnings drop53% (2009) · in HKD
Revenue+5.3%/yr
FY21HK$79.6B
FY22HK$94.3B
FY23HK$101B
FY24HK$103B
FY25HK$97.7B
Net income−13.7%/yr
FY21HK$6.4B
FY22HK$4.7B
FY23HK$5.2B
FY24HK$4.1B
FY25HK$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).
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "China Resources Gas Group Ltd Fair Value". https://www.fairvalue-calculator.com/stock/1193
Peer Group
Utilities - Regulated Gas · 104 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.
Valuation
Quality Score48 · Below median
Fair Value upside+69% · Top 25%
Profitability
Return on equity (TTM)8% · Below median
Return on assets3% · Below median
Net margin (TTM)4% · Below median
Operating margin (TTM)4% · Bottom 25%
Growth and dividend
Revenue growth−5% · Below median
Dividend yield (TTM)5.8% · Top 25%
Balance sheet
Debt / equity0.19× · Below median
Valuation Multiples vs Utilities - Regulated Gas median · lower = cheaper
P/E (TTM)9.5× · Cheapest 25%
P/B0.75× · Cheapest 25%
P/S (TTM)0.34× · Cheapest 25%
P/FCF1.4× · Cheaper than median
EV/EBITDA3.5× · Cheapest 25%
PEG2.16× · Cheaper than median
What the price implies (reverse DCF)
The inverse question: what free-cash-flow growth must China Resources Gas Group Ltd deliver for ten years so that today's price is fair in our DCF model? Same formula, same discount rate as the fair value.
Implied FCF growth, 10 years+5.6 % per year
Achieved revenue growth, 5 years+11.8 % p.a.
Sector median revenue growth+0.7 %
FCF yield on price7.79 %
Discount rate (WACC) in the models9.5 %
The price demands less growth than the company recently delivered: even a weaker business would justify the price. Ranking of the largest stocks →
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 stockSector peers
VALUE100· sector 28
FUTURE0· sector 0
PAST31· sector 35
HEALTH91· sector 85
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).
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$17.14, about +65% 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$17.14.
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 price target for China Resources Gas Group Ltd (1193)?
Our model-based price target is the fair value of HK$28.25 (as of Aug 23, 2026) from 24 valuation models. Cautious scenario HK$21.19, optimistic scenario HK$35.31. It is a calculation from audited fundamentals, not an analyst target.
What is the China Resources Gas Group Ltd stock forecast for 2026?
Our models put fair value at HK$28.25, about +65% upside versus a price of HK$17.14 (undervalued). Cautious scenario HK$21.19, optimistic scenario HK$35.31. The calculation is refreshed regularly with new filings.
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 5.83% relative to its recent price (as of Aug 23, 2026).
What growth is priced into China Resources Gas Group Ltd (1193)?
For today's price to be fair in a discounted-cash-flow model, China Resources Gas Group Ltd would have to grow free cash flow by +5.6 % per year for ten years (discount rate 9.5 %, then 2 % perpetual growth). Over the last 5 years revenue grew +11.8 % per year. As of Aug 23, 2026.
What discount rate (WACC) does the fair value of 1193 use?
Our models discount China Resources Gas Group Ltd at 9.5 %: a base by market capitalisation (mid), damped by beta 0.70, country premium for Hong Kong. The same rate applies in all 26 models.
What is the intrinsic value of China Resources Gas Group Ltd (1193)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For China Resources Gas Group Ltd it is HK$28.25 per share (as of Aug 23, 2026), against a price of HK$17.14. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is China Resources Gas Group Ltd stock overvalued or undervalued in 2026?
As of Aug 23, 2026, 1193 trades below its calculated fair value: price HK$17.14, fair value HK$28.25, a gap of about +65% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 1193?
No. The price is what the market pays today (HK$17.14); the fair value is what the company's own numbers justify (HK$28.25). For China Resources Gas Group Ltd the two are HK$11.11 per share apart. That gap is exactly why we show both numbers side by side.
How much is China Resources Gas Group Ltd worth?
The market values China Resources Gas Group Ltd at about HK$39.2B (market capitalisation, as of Aug 23, 2026). Per share that is HK$17.14; our models calculate a fair value of HK$28.25 per share.
What do the bullish and bearish scenarios say about 1193?
Our models span a range for China Resources Gas Group Ltd: cautious scenario HK$21.19, base HK$28.25, optimistic HK$35.31 per share (as of Aug 23, 2026, price HK$17.14). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 1193?
China Resources Gas Group Ltd trades at a price-to-earnings ratio of 9.5 (as of Aug 23, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of HK$28.25 is built from several models across several years. Other multiples: PEG 2.2, P/B 0.8, P/S 0.3, EV/EBITDA 3.5.
What is the PEG ratio of 1193?
The PEG ratio of China Resources Gas Group Ltd is 2.16 (P/E divided by earnings growth, as of Aug 23, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of China Resources Gas Group Ltd (1193)?
Balance-sheet figures for China Resources Gas Group Ltd (as of Aug 23, 2026): return on equity 7.7%, debt of 0.19 per unit of equity. They feed the Quality Score of 48/100, which measures business quality independently of the share price.
How far is 1193 from its 52-week high?
China Resources Gas Group Ltd trades at HK$17.14, about 24% below its 52-week high of HK$22.55 and 18% above the low of HK$14.53 (as of Aug 23, 2026). Distance from the high says nothing about value: that is what the fair value of HK$28.25 is for.
Which stocks are comparable to China Resources Gas Group Ltd?
From the same area (Utilities) we also value Naturgy Energy Group, Atmos Energy Corporation, NiSource Inc, Uniper SE, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is China Resources Gas Group Ltd stock attractive at the current price?
The data as of Aug 23, 2026: price HK$17.14, calculated fair value HK$28.25 (+65%), Quality Score 48/100, from 24 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 1193 calculated?
We run China Resources Gas Group Ltd through 24 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of HK$28.25, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 32.6 % above its aggregate fair value. China Resources Gas Group Ltd currently trades 65 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on <a href="/is-it-worth-investing-now/">is it worth investing now</a>.
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