1. Taiwan, Province of China Stocks

  2. •

    Utilities

  3. •

    Regulated Gas
ShinHsiung Natural Gas Inc.

ShinHsiung Natural Gas Inc.

8908.TWO
ShinHsiung Natural Gas Inc.TW flagTaipei Exchange
39.00
TWD
-0.35
- -
12.26BMarket Cap
ShinHsiung Natural Gas Inc.
8908.TWO
(Taipei Exchange)

Recent

price

39.00

P/E

ratio

- -

div

yld

- -

ROIC.AI

2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
FRC
5.91
7.46
14.27
17.91
19.04
16.98
15.64
19.05
22.98
26.24
20.09
20.59
22.9
22.07
25.87
- -
32.99
Revenue per Share
0.4
0.26
0.57
0.71
0.83
0.66
0.63
0.85
1.04
1.27
1.22
1.53
1.68
1.65
1.82
- -
2.16
Basic EPS, GAAP
0.03
0.57
0.6
0.67
0.32
0.24
0.3
-0.1
1.21
1.74
-1.61
-0.67
-1.99
1.09
0.74
- -
-0.5
Free Cash Flow per Basic Share
- -
- -
- -
- -
0.28
0.31
0.26
0.28
0.38
0.47
0.51
0.25
0.28
0.65
0.72
- -
- -
Dividend per Share
2.89
3.09
3.63
4.55
4.77
5.02
5.33
5.84
6.42
7.12
7.7
8.85
10.15
10.97
11.9
- -
12.6
Book Value per Share
3.02
3.27
3.83
4.56
5.11
5.45
5.82
6.4
7.06
7.86
8.67
9.93
11.39
12.43
13.68
- -
14.46
Tangible Book Value per Share
315
315
315
315
315
315
315
315
315
315
315
315
315
315
315
- -
315
Basic Weighted Avg Shares
1,861
2,352
4,501
5,648
6,004
5,355
4,931
6,007
7,246
8,274
6,335
6,494
7,220
6,960
8,157
10,390
10,390
Sales/Revenue/Turnover
8.65
4.45
4.95
4.83
5.3
4.81
4.96
5.46
5.7
6.12
7.36
9.39
9.21
9.54
9.13
8.19
8.19
Operating Margin (%)
150
168
183
196
214
231
260
271
280
294
311
344
378
417
421
431
431
Depreciation Expense
127
82
179
224
261
207
200
268
329
402
385
484
530
520
573
679
679
Net Income, GAAP
17.24
17.87
17.12
16.96
16.98
17.46
17.95
17.24
19.82
20.02
19.45
20.35
19.84
20.39
21.11
20.03
20.03
Effective Tax Rate (%)
6.8
3.48
3.98
3.97
4.36
3.86
4.05
4.47
4.54
4.86
6.08
7.45
7.34
7.47
7.03
6.54
6.54
Profit Margin (%)
-246
-324
-262
-172
-126
-385
-490
-426
-380
-107
-202
41
-122
30
362
1,186
1,186
Working Capital
370
322
230
234
204
148
102
255
190
505
589
933
911
1,024
1,057
2,362
2,362
LT Debt
958
1,036
1,213
1,437
1,612
1,719
1,837
2,018
2,225
2,479
2,734
3,133
3,592
3,919
4,313
4,554
4,554
Total Equity
8.1
4.72
9.43
10.96
11.99
8.99
7.9
9.8
10.87
12.2
9.78
10.7
10.16
8.84
9.01
8.97
8.97
Return on Invested Capital (%)
8.49
5.16
9.96
11.5
12.57
9.48
8.57
10.56
11.81
13.31
11.07
11.76
11.2
9.78
9.89
9.99
9.99
Return on Capital (%)
14.93
8.68
16.89
17.41
17.8
13.39
12.23
15.24
17
18.83
16.5
18.53
17.7
15.61
15.9
17.6
17.6
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Jun'25
Sep'25
Dec'25
ST Debt
1,197
1,621
1,450
LT Borrowings
1,426
1,419
2,157
LT Finance Leases
182
205
205
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
315
315
314
Market Capitalization
12,776
12,898
13,953

Working Capital

FRC

•

in mil. unless spec.
Jun'25
Sep'25
Dec'25
Total Current Assets
4,208
4,372
5,125
Cash, Cash Equivalents & STI
1,160
1,107
1,560
Accounts Receivable, Net
889
895
783
Inventories
1,839
2,085
2,500
Total Current Liabilities
3,740
4,104
3,938
Payables & Accruals
- -
- -
- -
ST Debt
1,197
1,621
1,450
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
10.27%
10.8%
5.59%
Free Cash Flow
-183.18%
-42.74%
-167.18%
Net Income, GAAP
13.35%
12.38%
18.45%
Sales/Revenue/Turnover
7.99%
10.93%
27.37%
Total Cash Common Dividend
23.65%
35.37%
75.5%

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2023
1,724
1,808
1,698
1,730
6,960
2024
1,726
1,748
1,984
2,699
8,157
2025
2,670
2,714
2,513
2,493
10,390

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2023
0.3
0.47
0.34
- -
1.65
2024
0.3
0.43
0.43
- -
1.82
2025
0.5
0.57
0.47
- -
- -

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2023
- -
- -
- -
- -
0.65
2024
- -
- -
- -
- -
0.72
2025
- -
- -
- -
- -
- -
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Public Joint-Stock Company GAZ-Tek (GAZT.ME)
Business
ShinHsiung Natural Gas Inc. is a Taiwan-based company principally engaged in the supply of natural gas and petroleum gas. The company operates through three main segments: Gas Sale Department, Installation Department, and Solar Electricity Sale Department. Its core products and services include natural gas transmission via pipelines, the design and installation of gas supply pipelines and related equipment, sale of electricity generated from solar energy, and energy-related technology services. Additionally, the company is involved in equity holding activities, real estate buying, selling, renting, and development, as well as solar energy optoelectronics. ShinHsiung Natural Gas’s natural gas is supplied primarily to household, industrial, and commercial customers across 13 administrative districts in Taiwan. Founded in 1975, the company is headquartered in Kaohsiung City, Taiwan. Recent major changes include a strategic expansion of its electricity sales segment with new solar energy product offerings and a significant increase in installation services revenue, reflecting business growth in pipeline infrastructure projects. The company has also enhanced its energy technology services and real estate business activities, capitalizing on opportunities in Taiwan’s regulated gas and renewable energy sectors. ShinHsiung Natural Gas was formerly known as Shin Hsiung Petroleum Gas Co. Ltd. until it changed its name in June 2004 to reflect a broader focus on natural gas and renewable energy markets. Operating within the regulated gas industry, ShinHsiung Natural Gas serves a diverse market encompassing residential, commercial, and industrial users in Taiwan, with a business strategy that integrates traditional natural gas supply with expanding renewable energy solutions. The company’s subsidiaries and equity holdings support both its core energy distribution and its solar electricity generation businesses, positioning it as a comprehensive energy solutions provider in its regional market. The company is publicly listed on the Taipei Exchange under the ticker 8908.TWO.