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00135 KUNLUN ENERGY
RTNominal down6.530 -0.130 (-1.952%)
Others

07/02/2020 14:52

{I-bank focus}Daiwa lowers Kunlun Energy (00135) to HK$9

[ET Net News Agency, 7 February 2020] Daiwa Research lowered its target price for
Kunlun Energy (00135) to HK$9 from HK$9.3 and maintained its "buy" rating.
The research house expects Kunlun's 60% stake in the Shaanxi-Beijing (SJ) pipeline to be
spun off as part of the setup of the National Oil & Gas Company (NPC) in 2020.
After the reorganisation of downstream gas projects of PetroChina (00857) and Kunlun
since October last year, Kunlun said its main focus will be the development of downstream
city-gas projects.
Daiwa considers Kunlun to be trading at an attractive valuation of 0.8x 2020 PB, which
implies its downstream assets are at less than 1x PB compared with more than 3x PB for
major distributors. (KL)

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