In today’s briefing:
- China Gas Holdings (384 HK): Earnings Have Stabilised
China Gas Holdings (384 HK): Earnings Have Stabilised
- Despite China Gas Holdings (384 HK)‘s marginal 3.8% drop in 1H FY25 net profit, it has rebounded from a 25.8% collapse in FY24. It maintained an interim DPS of HK$0.15.
- Dollar margin expanded Rmb0.02/cu.m. and gross margin was up 0.8pp. Profit from value-added services grew 15.4%, though overall earnings are dragged by LPG and JVs.
- FY25 is a year of profit recovery. Its improving cash flow, reduction in capex, and stronger balance sheet should support a stable dividend, putting it on a 7.8% yield.
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