KOGAS stock holds Buy ratings as receivables climb again

Published on 09/18/2026 at 21:14 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

KOGAS stock remains rated Buy with a KRW 50,000 target as of September 18, 2026, while analysts flag rising civil gas receivables. The company’s first-half operating profit grew 28 percent year over year on stronger overseas LNG projects.

KOGAS, KR7036460004, Illustration mit AI erstellt.

Korea Gas Corporation (KOGAS, ISIN KR7036460004) stock is backed by fresh Buy ratings with a KRW 50,000 price target as of September 18, 2026, even as analysts warn that civil gas receivables are climbing again. According to a report on September 18, 2026 from Hanwha Investment & Securities, the broker kept its Buy rating and KRW 50,000 target price unchanged, highlighting solid first-half earnings but a darker outlook for receivables recovery.

Fresh analyst calls and first-half figures

On September 18, 2026, NH Investment & Securities also reiterated a Buy rating on KOGAS with a KRW 50,000 target price, matching its previous target from March 9, 2026 and positioning the shares about 37.4 percent below that level based on the prior close.Newspim This target stands roughly 2.6 percent above the six-month average target of KRW 48,727 but 15.3 percent below the highest house target of KRW 59,000 from Eugene Investment & Securities, underscoring a still constructive but not overly aggressive stance on upside potential.Newspim

The fundamental backdrop for these ratings is a clear improvement in operating performance. As of the first half of 2026, KOGAS reported operating profit that increased by 28 percent year over year, helped by lower LNG procurement costs and strong overseas project contributions.Financial News The higher profitability came even though domestic sales prices fell with weaker oil benchmarks, as lower input costs and overseas earnings helped to offset domestic pressure.

Receivables risk and overseas LNG support

At the same time, analysts are again drawing attention to the build-up of civil gas receivables, a key risk factor for equity investors. According to Hanwha Investment & Securities on September 18, 2026, civil gas receivables at KOGAS surged from about KRW 1.8 trillion in 2021 to KRW 14.2 trillion by the third quarter of 2025 before showing the first decline in the fourth quarter of 2025.Financial News The latest reports emphasize that recent energy price spikes are again clouding the outlook for recovering these receivables, which could restrain future shareholder returns despite better headline profits.Hanwha Investment & Securities

Overseas LNG projects remain a counterweight to these domestic challenges. As reported on September 17, 2026, KOGAS saw stronger earnings contributions from assets such as its Canadian LNG project, the GLNG project in Australia and the Coral FLNG project in Mozambique.Financial News In Canada, rising production volumes supported higher profits, while in Australia the reduced proportion of third-party gas purchases improved margins; the Coral FLNG project benefited from both higher sales volumes and stronger realized prices.

Profit distribution and shareholder perspective

Despite the 28 percent year-over-year increase in consolidated operating profit in the first half of 2026, the picture for shareholder distributions is more mixed. Financial News notes that consolidated net income improved thanks to equity-method gains from holdings such as the Surgil project in Uzbekistan, supporting overall earnings quality.Financial News However, separate net income, which typically forms the basis for dividend decisions, fell by 29.1 percent compared with the prior year, indicating that capacity for higher cash distributions may remain constrained even as group-level profitability rises.Financial News

For investors, this combination of improving operating metrics and weaker dividend capacity underscores why the trajectory of civil gas receivables matters as much as quarterly profit figures. If energy prices stay high and receivables remain difficult to collect, the state-owned gas utility could face ongoing pressure to prioritize balance-sheet stability over aggressive shareholder payouts, even with overseas LNG growth supporting earnings. The Buy calls and KRW 50,000 target therefore reflect confidence in long-term earnings power and asset quality, but they also assume that policy and tariff decisions will eventually help normalize receivables and enable better cash returns.

KOGAS stock price and trading context

Per a market wrap published on September 18, 2026, KOGAS shares closed at KRW 36,400 on the Korea Exchange in the latest completed session, implying around 37.4 percent upside potential to the KRW 50,000 target highlighted by major brokerages.BuffettLab The same commentary confirms that Hanwha Investment & Securities is maintaining its Buy rating and KRW 50,000 target, aligning with NH Investment’s stance and suggesting a relatively consistent domestic analyst view on the stock.