[ET Net News Agency, 10 March 2020] DBS Group Research lowered its target price for
China Gas Holdings (CGH)(00384) to HK$37 from HK$37.5 and maintained its "buy" rating.
The research house thinks CGH's plunge of 7.5% yesterday has been overdone as the
current slump in oil price, unlike the one back in 2015, has minimum impact on gas demand.
In fact, DBS expects strong rebound in gas volume growth of around 35% in FY2021 due to
(1) general economic recovery after the COVID-19 outbreak can be contained in 1Q, and (2)
early reduction in city-gate price by at least 20% to benchmark level. Coupled with a
stable dollar margin, DBS expects CGH to register an earnings CAGR of 20% from FY2019 to
FY2022. (KL)
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00384 CHINA GAS HOLD
Nominal 
7.010 +0.020 (+0.286%) Research Report
10/03/2020 18:01
{I-bank focus}DBS trims China Gas (00384) to HK$37; "buy"
| Remark: | Real time quote last updated: 18/04/2024 17:59 |
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