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China Resources Gas Group (1193) Fair Value & Analysis

Utilities · HK · Market cap HK$33.1B

CR China Resources Gas Group 1193 · HK
PriceHK$15.64
Fair ValueHK$28.25
Upside+80.6%
Quality48/100
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Mixed Growth
Thin margins · 3.6% net margin
Low debt · generates free cash flow
6.38% dividend yield
Ranks above peers (9/15)
Narrow moat 29/100
Evidence: Medium Range HK$21.19 – HK$35.31 Share as image

Fair value as of: Aug 13, 2026

From 24 valuation models · updated yesterday

Share price +2.9% over the past month.

Below-average quality, screening 81% undervalued on our models.

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.
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Price vs Fair Value (5 years)

HK$42.18 HK$14.66 Fair Value HK$28.25 Mar 2021 Aug 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$14.66 – HK$42.18 · fair‑value band HK$21.19 – HK$35.31 · the HK$15.64 price screens below the HK$28.25 fair value. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

China Resources Gas Group (1193) currently trades at HK$15.64, while our model-based Fair Value estimate is HK$28.25, implying the stock looks roughly 80.6% undervalued today. The Quality Score stands at 48/100 (below-average quality), in the Utilities sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: medium), always confirm before acting.

Over the trailing twelve months, China Resources Gas Group 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 13, 2026

Our scenario range runs from HK$21.19 (bear case) to HK$35.31 (bull case); at HK$15.64, 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 31% below its 52-week high and 8% above its 52-week low, currently below its 200-day average. For context, the median of 10 Utilities peers we cover trades at 2% fair-value upside, at 81%, 1193 screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted 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.

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
Growth DCF HK$19.70 HK$39.68 HK$76.92 80
Residual Income HK$16.30 HK$17.48 HK$20.10 76
Rev-Margin DCF HK$23.06 HK$46.34 HK$80.53 74
All 24 models by family
DCF Models
FCF DCF HK$20.55 HK$35.67 HK$77.26 38
Owner Earnings HK$29.00 HK$64.35 HK$136.88 31
5Y Revenue Exit HK$23.06 HK$45.24 HK$84.47 39
5Y EBITDA Exit HK$28.31 HK$56.80 HK$103.88 41
5Y P/E Exit HK$20.47 HK$41.70 HK$68.56 38
10Y Revenue Exit HK$21.31 HK$45.69 HK$79.40 36
10Y EBITDA Exit HK$25.90 HK$55.33 HK$108.59 37
10Y P/E Exit HK$20.42 HK$40.93 HK$75.18 35
Earnings-Based
Graham-Dodd HK$10.67 HK$71.30 HK$99.87 54
Lynch FV HK$20.85 HK$29.79 HK$38.73 50
PEG = 1.0 HK$20.85 HK$29.79 HK$38.73 46
EPV HK$16.62 HK$19.42 HK$21.87 59
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 53
EV/EBITDA HK$32.32 HK$43.16 HK$53.99 54
EV/Revenue HK$23.10 HK$33.07 HK$43.04 43
Asset-Based
NCAV (Graham) HK$9.77 HK$13.10 HK$19.55 50
Growth DCF
Growth DCF HK$19.70 HK$39.68 HK$76.92 80
Rev-Margin DCF HK$23.06 HK$46.34 HK$80.53 74
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 68

Widest divergence: DCF Models (HK$45.24) versus Asset-Based (HK$13.10). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) HK$97.7B
Revenue growth (YoY) -5.2%
Net margin 3.6%
Return on equity 7.7%
Free cash flow HK$3.1B FY2025
P/E ratio 9.5 as of Jul 2, 2026
More key figures
Operating margin 4.2%
EPS (TTM) HK$1.05
Dividend yield 6.4%
EPS growth (YoY) +78.8%
Net debt HK$16.3B FY2025

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

Quality Score breakdown

Overall quality 48/100

Of which business quality 47 · Market factors (momentum, volatility) 36

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 17
Price trend over the last 3–12 months (market factor)
52W Momentum 15
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.

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 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. 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. 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. 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%
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 pp

of which total revenue +13.8 pp · buybacks/dilution −0.6 pp

EBIT margin −8.3 pp
Tax rate +0.8 pp
Residual (interest, one-offs) −1.7 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

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China Resources Gas Group · Fair Value
HK$28.25 +81%Fair Value
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Cite: Fair Value Calculator (2026). "China Resources Gas Group 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.

Quality Score 48 · Below median
Fair Value upside +81% · 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) 6.4% · 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

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.

VALUE 100 · sector 27
FUTURE 0 · sector 0
PAST 31 · sector 34
HEALTH 91 · sector 87
DIVIDEND 100 · sector 67

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

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Utilities - Regulated Gas stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
Naturgy Energy Group NTGY €28.94 €31.58 +9%
Atmos Energy Corporation ATO $169.59 $85.67 -49%
NiSource Inc NI $42.01 $28.59 -32%
Uniper SE UN0 €47.45 €48.32 +2%
The Hong Kong and China Gas Company 0003 HK$6.76 HK$4.79 -29%
GAIL (India) Limited GAIL ₹177.95 ₹130.21 -27%
Adani Total Gas Limited ATGL ₹660.35 ₹101.36 -85%
ENN Natural Gas Co 600803 ¥17.32 ¥25.71 +48%
ENN Energy Holdings 2688 HK$47.16 HK$107.98 +129%
China Suntien Green Energy Corporation 600956 ¥7.26 ¥7.37 +2%

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Frequently asked questions

Is China Resources Gas Group (1193) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of HK$28.25 versus a price of HK$15.64, about +81% (undervalued).
What is the fair value of 1193?
Our model-based fair value for China Resources Gas Group is HK$28.25 (as of Aug 13, 2026), built from audited fundamentals. The current price is HK$15.64.
What is the quality score of 1193?
China Resources Gas Group 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 (1193)?
China Resources Gas Group reported trailing-twelve-month revenue of about HK$97.7B (latest available figure, as of Aug 13, 2026).
What is the net profit margin of 1193?
The net profit margin of China Resources Gas Group 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 pay a dividend?
China Resources Gas Group currently shows a dividend yield of about 6.38% relative to its recent price (as of Aug 13, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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