Stock data
| Market cap. | US$1071.8m |
| Last close | US$7.85 |
| High / Low (52 weeks) | US$13.5 / US$5.5 |
| Stock market listing | AIM |
| Forecast net debt (US$m) | 196.9 |
| Forecast gearing ratio (%) | 29 |
| Team | Resources - Oil & Gas |
| Sector | Oil & Gas |
Price performance
| % | 1m | 3m | 12m |
|---|---|---|---|
| Actual | (9.64) | (18.44) | (38.91) |
| Relative * | (5.2) | (11.74) | (32.86) |
* % Relative to local index
Other companies covered in sector
| Y/E Dec | Revenue (US$m) | EBITDA (US$m) | PBT (US$m) | EPS (fd) (c) | P/E (x) | P/CF (x) |
|---|---|---|---|---|---|---|
| 2010A | 49.7 | (0.2) | (11.9) | (10.1) | N/A | N/A |
| 2011A | 75.2 | (4.0) | (16.2) | (13.5) | N/A | N/A |
| 2012E | 105.9 | 8.3 | (7.3) | (5.4) | N/A | N/A |
| 2013E | N/A | N/A | N/A | N/A | N/A | N/A |
Last updated on 18/04/2012
Latest research
The story remains intact
Outlook | Oil & Gas | 22/11/2011
Drilling unit spin-off
Update | Oil & Gas | 07/03/2011
Volume poised to surge
Outlook | Oil & Gas | 02/02/2011
Unique gas play
QuickView | Oil & Gas | 21/04/2010
Investment summary
Green Dragon Gas's (GDG) 2011 earnings were disappointing with a significant loss at the EBITDA level. The key negatives were a lag between drilling activity and CBM volume and a sharp increase in overhead. Volume, particularly in H2, appears to have been constrained by gas compression issues while rising overheads reflected the expansion of the upstream and downstream infrastructure. On a positive note, in 2011, the pipeline operations boosted EBIT sharply while the gas station unit achieved a turnaround from an EBIT loss to profit. Management's key near-term objective is to boost annualised CBM volume from 1.68bcf at the end of 2011 to 18bcf. This should result in a comfortably positive EBITDA.
Last updated on 23/04/2012
Industry outlook
The Chinese government is promoting the use of natural gas as a low carbon fossil fuel. It is also attempting to reduce dependence on imported energy sources. The key objective is to raise the weighting of natural gas in the energy mix to 10% by 2020. CBM is expected to account for about 10% of natural gas production.
Last updated on 23/04/2012
Key management
| Randeep Grewal, Chairman & CEO |
| Alfred Yan, CFO |
Company address
| Suite 3308 Two Exchange Square Central Hong Kong Hong Kong +852 3710 0168 View website |
