I might be late to the name. With 30% foreign ownership, the story may already be well circulated—but I believe its M&A engine is just getting started. Here’s a super quick take on why the next chapter could be even more compelling.

Financial metrics:

Market Cap: Y 323 Bn, PE (3/26) 23.13x, PB 4.81x ROE 16.5% (IMPROVED LAST 6 YEARS), Equity ratio: 43.2% dividend yield 3.58%,

OP growth 7.83%

Div payout 100%: They believe they can cover this by cash flow (FCF improved last several years) and balance sheet optimization (reducing capital to asset ratio from 48% to 40%)

Both LPG residential margin and the electricity margin are rising.

The metrics summary is provided at the end of a note which is available to my clients.

Is this the kind of stock you’re interested in?

If so, I’d love to hear why—and if not, I’m curious what makes it less compelling.

If you’re interested in learning more about Nicigas and its growth potential, I’d like to invite you to experience my service—completely free of charge. I am confident that once you discover the value, convenience, and quality I offer, you’ll be glad you gave me a try.