Added to YB: 2026-04-07
Pitch date: 2026-04-03
9537.T [bullish]
Hokuriku Gas Co.,Ltd.
+6.94%
current return
Author Info
No bio for this author
Company Info
Hokuriku Gas Co.,Ltd. operates gas business in Japan. The company produces, sells, and supplies gas to customers in Niigata, Nagaoka, Sanjo, Mitsuke, Ojiya, Kashiwazaki, and Kamo cities, as well as in Tagami town and Kariwa village.
Market Cap
JPY 20.0B
Pitch Price
JPY 4.3K
Price Target
10.7K (+132%)
Dividend
N/A
EV/EBITDA
1.98
P/E
6.61
EV/Sales
0.28
Sector
Gas Utilities
Category
value
The last local monopoly nobody is watching - Hokuriku Gas Co.,Ltd.
9537.T: 112-yr Niigata gas monopoly w/ 5,700km buried pipes (¥30B BV), 400K captive customers, zero competition since 2017 deregulation. Trading 0.42x book (¥4,515 vs ¥10,735 BV/share), 1.9x EV/EBITDA, 15% FCF yield. ¥5.2B net cash, 75% equity ratio. FY26 op profit ¥3.14B (+123% YoY) post-LNG normalization. Acquiring municipal systems (Ojiya ¥3.2B for 11,495 customers). Risks: illiquidity, Niigata depopulation (-16% since 2000), LNG lag losses, earthquake exposure.
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