[ET Net News Agency, 30 August 2019] Goldman Sachs lowered its target price for Kunlun
Energy (00135) to HK$9 from HK$9.25 and maintained its "buy" rating.
The research house said Kunlun's 1H results were slightly lower than Goldman's
expectations, dragged down by delays in gas costs pass-through and increasing weighting of
wholesale business.
However, the outlook remains solid with a management team that is seeking to grow the
downstream gas business. Goldman adjusted its net income forecasts by -6%/-3%/-2% to
reflect the lower than expected gas sales margin and weaker than expected Rmb forex rate.
(KL)