China Gas Holdings Limited (0384.HK) stock analysis

In our weekly check, China Gas Holdings Limited is graded D (A to F). Of 25 checks on debt, profit, cash flow and trend: 12 pass, warnings: 5, red flags: 8.

About China Gas Holdings Limited

China Gas Holdings Limited is an Utilities company (Regulated Gas) based in Hong Kong, listed on HKSE as 0384.HK.

What our checks show for 0384.HK

Red flags

• Net debt is 6.1x a year of EBITDA (debt/equity 1.16). That limits room in a downturn and raises refinancing risk.
• Operating profit does not cover the interest bill (0.4x): interest is paid from cash or new debt.
• The net margin fell by 5 points over 5 years, to 3.7%: the company keeps less of each sale as profit.
• The gross margin fell by 3.1 points, to 14.8%: costs are rising faster than prices.
• Revenue fell 7.2% a year over the last 3 years.
• The net margin is only 3.7%: little room if costs rise.
• The dividend takes 786% of profit: little cushion if profit falls.
• The stock has fallen as much as 88% from a peak. Would you have held through that?

Warning signs

• Analysts expect only about 1.4% a year of growth in revenue.
• Earnings per share fell 14.5% a year over the last 3 years.
• Net profit fell 14.1% a year over the last 3 years.
• Free cash flow is only 1.9% of revenue.
• Return on capital (ROCE) is only 5.5%.

Strengths

• Operating cash flow is 2.15x net profit: the profit arrives as real cash.
• The price is 9.7 times earnings (P/E), reasonable for its growth.
• Actively traded: about 13.9 million shares a day.
• Pay in shares is only 0% of free cash flow.

Next earnings report: 2026-11-30

Similar companies

NTGY.MC · ATO · NI · 6033.KL · SRG.MI · 1193.HK

Questions

What grade does China Gas Holdings Limited (0384.HK) have?

In our weekly check, China Gas Holdings Limited is graded D (A to F). Of 25 checks on debt, profit, cash flow and trend: 12 pass, warnings: 5, red flags: 8. The grade is a risk check, not a buy or sell recommendation.

What are the main risks of 0384.HK stock?

This week's biggest flags for China Gas Holdings Limited: High debt, Weak interest cover, Margins falling. In total 13 of 25 checks show a warning or a red flag.

What does China Gas Holdings Limited do?

China Gas Holdings Limited is an Utilities company (Regulated Gas) based in Hong Kong, listed on HKSE as 0384.HK.

When does China Gas Holdings Limited report earnings next?

The next earnings report is expected on 2026-11-30. We re-run the checks every week, so the grade can change after it.

The grade is a risk check, not a price forecast, and not investment advice. In our 10-year test (S&P 500, 2016-2026), stocks we graded A or B fell more than 30% 2-3 times less often than D or F, without a lower average return.

Updated 2026-10-31

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