State Gas Limited (STGSF)

State Gas Limited (STGSF) — VMCI valuation read

Headline read on STGSF: VMCI of 33/100 versus a Energy sector median of 50. The 17-point below-median position is what makes State Gas Limited a relative-value laggard in the mid-cap cohort, before any pillar-level review.

Form 4 filings on STGSF: zero in the trailing 30 days. The absence of insider transactions is itself a data point, just a low-information one. The thesis runs on financials and price action until that changes.

**Investor frame.** Three reads on STGSF: value (STGSF trades at 17.0x earnings, 6% below the Energy median of 18.0x), quality (ROIC of 19.0% sits 9.0pp above the Energy median (10.0%)), and risk (net debt to EBITDA of 1.1x leaves covenant headroom). The value read also implies an EV/EBITDA gap of +4.0x against the Energy 12.0x baseline.

STGSF fell 2.4% over the trailing 7 days, with a -15.0% read on a 30-day basis.