Inchon City Gas인천도시가스

Inchon City Gas is a thin-margin gas distributor with trailing profit near ₩17.2B, a low P/E, and a 5.4% dividend yield, but its share price has slipped over the past year.

Inchon City Gas distributes natural gas to about 840,000 customers in parts of Incheon and Gimpo, buying all its supply from Korea Gas Corporation with retail prices set by a wholesale cost plus an approved supply cost. On trailing figures to H1 2026 it had revenue of ₩906B, operating income of ₩19.8B and net income of ₩17.2B, with the shares closing at ₩25,600 on 23 October 2026, near the lower part of their 52-week range.

What stands out

• Trailing operating margin is about 2.2% and net margin about 1.9%, so the business runs on thin profitability.
• Revenue grew 2.1% in 2025 after a 20.8% rise in 2024, while operating income has been roughly flat at about ₩19B since 2024.
• Trailing P/E of 6.5 and P/B of 0.5 sit well below the company's own history of 28x P/E in 2021, and the dividend yield is 5.4%.
• Trailing free cash flow of about ₩10.3B and cash of about ₩140B are reported; liabilities are about 101% of equity.
• Filings in 2026 include a cash dividend decision, a corporate value-up plan and a half-year report, but no news headlines were included in the data.

What to watch

• The next filings with quarterly or annual results and whether operating margin holds near 2%.
• The company's value-up plan and any dividend decisions, since the dividend yield is a large part of the stock's appeal in the data.
• Regulated pricing for gas supply: the data says retail prices track wholesale cost plus an approved margin, so changes in those approvals or in Korea Gas Corporation supply costs could affect earnings.