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China Gas Industry Investment Holdings Co. Ltd (1940) Fair Value & Analysis

Utilities · HK · Market cap HK$1.2B

CG China Gas Industry Investment Holdings Co. Ltd 1940 · HK
PriceHK$1.03
Fair ValueHK$1.57
Upside+52.2%
Quality63/100
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Healthy Growth
Solidly profitable · 10.2% net margin
Low debt · generates free cash flow
Ranks above peers (13/13)
Moderate moat 54/100
Evidence: High Range HK$1.10 – HK$2.18 Share as image

Fair value as of: Aug 13, 2026

From 23 valuation models · updated 3 days ago

Fair value updated Aug 13, 2026, revised from HK$1.80 to HK$1.57 (−12.9%) since Aug 5, 2026. Share price −12.0% over the past month.

A solid business, screening 52% undervalued on our models.

What matters now

  • The price is below even our cautious bear case (HK$1.10). The market is more pessimistic than our downside scenario.
  • Solid quality (63/100) at a price below fair value, the discount is the argument here, not the business quality.
  • A fairly wide model range (HK$1.10 to HK$2.18) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

HK$3.82 HK$0.3050 Fair Value HK$1.57 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$0.3050 – HK$3.82 · fair‑value band HK$1.10 – HK$2.18 · the HK$1.03 price screens below the HK$1.57 fair value. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

China Gas Industry Investment Holdings Co. Ltd (1940) currently trades at HK$1.03, while our model-based Fair Value estimate is HK$1.57, implying the stock looks roughly 52.2% undervalued today. The Quality Score stands at 63/100 (solid 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: high), always confirm before acting.

Over the trailing twelve months, China Gas Industry Investment Holdings Co. Ltd generated revenue of HK$1.5B at a net margin of 10.2%. Revenue grew 22.9% year over year. It earns a return on equity of 9.1%. Net debt stands at HK$127M. Fundamentals as of Aug 13, 2026

Our scenario range runs from HK$1.10 (bear case) to HK$2.18 (bull case); at HK$1.03, 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 49% below its 52-week high and 131% 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 52%, 1940 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$0.9500 HK$1.24 HK$1.57 80
Residual Income HK$1.19 HK$1.25 HK$1.35 76
Rev-Margin DCF HK$1.37 HK$2.16 HK$2.98 74
All 23 models by family
DCF Models
FCF DCF HK$0.9300 HK$1.24 HK$1.62 38
Owner Earnings HK$1.04 HK$1.38 HK$1.81 31
5Y Revenue Exit HK$1.37 HK$2.15 HK$3.11 39
5Y EBITDA Exit HK$1.51 HK$2.40 HK$3.38 41
5Y P/E Exit HK$1.25 HK$1.94 HK$2.61 38
10Y Revenue Exit HK$1.13 HK$1.74 HK$2.50 36
10Y EBITDA Exit HK$1.25 HK$1.90 HK$2.68 37
10Y P/E Exit HK$1.11 HK$1.62 HK$2.18 35
Earnings-Based
Graham-Dodd HK$0.8600 HK$1.89 HK$2.41 54
PEG = 1.0 HK$0.3000 HK$0.4300 HK$0.5600 46
EPV HK$1.29 HK$1.47 HK$1.62 59
Multiples
P/E Multiple HK$1.71 HK$2.28 HK$2.85 63
P/S Multiple HK$1.62 HK$2.16 HK$2.70 58
P/B Multiple HK$1.62 HK$2.16 HK$2.70 55
EV/EBIT HK$2.24 HK$2.99 HK$3.74 53
EV/EBITDA HK$2.22 HK$2.96 HK$3.70 54
EV/Revenue HK$1.81 HK$2.59 HK$3.37 43
Asset-Based
NCAV (Graham) HK$0.7500 HK$1.00 HK$1.50 50
Growth DCF
Growth DCF HK$0.9500 HK$1.24 HK$1.57 80
Rev-Margin DCF HK$1.37 HK$2.16 HK$2.98 74
Economic Profit
Residual Income HK$1.19 HK$1.25 HK$1.35 76
ROIC Compounder HK$1.29 HK$1.47 HK$1.67 72
Growth Earnings
Growth-Adj P/E HK$1.28 HK$1.83 HK$2.38 68

Widest divergence: Multiples (HK$2.28) versus Asset-Based (HK$1.00). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) HK$1.5B
Revenue growth (YoY) +22.9%
Net margin 10.2%
Return on equity 9.1%
Free cash flow HK$129M FY2025
P/E ratio 6.6 as of Jul 2, 2026
More key figures
Operating margin 18.7%
EPS (TTM) HK$0.0600
EPS growth (YoY) +4.4%
Net debt HK$127M FY2025

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

Quality Score breakdown

Overall quality 63/100

Of which business quality 61 · Market factors (momentum, volatility) 37

Profitability 40
Margins and returns on capital today
Quality Growth 56
Are margins and returns improving?
Cashflow 53
Earnings quality: real cash, not paper profit
Fin. Strength 73
Balance sheet, leverage, solvency risk
Investment 73
Disciplined investing over empire-building
Low Volatility 4
Calm price path (market factor)
Momentum 41
Price trend over the last 3–12 months (market factor)
52W Momentum 69
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.

About the company

China Gas Industry Investment Holdings Co. Ltd., an investment holding company, produces and supplies industrial gases in the People's Republic of China. It operates through three segments: Supply of Industrial Gas; LNG and Gas Transmission Services; and Technical Support and Management Service.

Full company description

China Gas Industry Investment Holdings Co. Ltd., an investment holding company, produces and supplies industrial gases in the People's Republic of China. It operates through three segments: Supply of Industrial Gas; LNG and Gas Transmission Services; and Technical Support and Management Service. The company is involved in supply of industrial gas products, including oxygen, nitrogen, argon, hydrogen, and carbon dioxide for use in the production of iron and steel. It also engages in the supply of pipeline industrial gas and LNG; provision of technical support and management services; and the supply of LNG and provision of gas transmission services. In addition, the company operates an automobile LNG filling station. China Gas Industry Investment Holdings Co., Ltd. was founded in 2004 and is headquartered in Tangshan, the People's Republic of China.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

China Gas Industry Investment Holdings Co. Ltd reported revenue of HK$1.5B in FY2025 versus HK$1.2B in FY2021, a compound +5.3%/yr. Reported net income was HK$152M in FY2025.

Growth Quality 73/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
HK$1.5B
Latest YoY
+13.4%
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.
+0.2%
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.
+4.6%
Avg. growth/yr (8Y) ⓘ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.
+4.8%
Revenue +5.3%/yr
FY21 HK$1.2B
FY22 HK$1.5B
FY23 HK$1.5B
FY24 HK$1.3B
FY25 HK$1.5B
Net income
FY21 −HK$26.8M
FY22 HK$113M
FY23 HK$128M
FY24 HK$130M
FY25 HK$152M

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China Gas Industry Investment Holdings Co. Ltd · Fair Value
HK$1.57 +52%Fair Value
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Cite: Fair Value Calculator (2026). "China Gas Industry Investment Holdings Co. Ltd Fair Value". https://www.fairvalue-calculator.com/stock/1940

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 63 · Top 25%
Fair Value upside +52% · Top 25%
Return on equity (TTM) 9% · Above median
Return on assets 7% · Top 25%
Net margin (TTM) 10% · Above median
Operating margin (TTM) 19% · Above median
Revenue growth 23% · Top 25%
Debt / equity 0.09× · Lower than median

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

P/E (TTM) 6.6× · Cheaper than 75% of peers
P/B 0.66× · Cheaper than 75% of peers
P/S (TTM) 0.78× · Cheaper than median
P/FCF 1.2× · Cheaper than median
EV/EBITDA 3.2× · Cheaper than 75% of peers

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 23
FUTURE 100 · sector 0
PAST 36 · sector 34
HEALTH 96 · sector 87
DIVIDEND 0 · sector 74

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 ₹654.05 ₹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 Gas Industry Investment Holdings Co. Ltd (1940) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of HK$1.57 versus a price of HK$1.03, about +52% (undervalued).
What is the fair value of 1940?
Our model-based fair value for China Gas Industry Investment Holdings Co. Ltd is HK$1.57 (as of Aug 13, 2026), built from audited fundamentals. The current price is HK$1.03.
What is the quality score of 1940?
China Gas Industry Investment Holdings Co. Ltd has a Quality Score of 63/100. 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 Gas Industry Investment Holdings Co. Ltd (1940)?
China Gas Industry Investment Holdings Co. Ltd reported trailing-twelve-month revenue of about HK$1.5B (latest available figure, as of Aug 13, 2026).
What is the net profit margin of 1940?
The net profit margin of China Gas Industry Investment Holdings Co. Ltd is about 10.2%, meaning it keeps roughly 10.2% of revenue as net income. Based on the latest reported figures.

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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