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00384 CHINA GAS HOLD
RTNominal down7.060 -0.190 (-2.621%)
Research Report

23/03/2020 09:34

{I-bank focus}Daiwa lowers China Gas (00384) to HK$25

[ET Net News Agency, 23 March 2020] Daiwa Research lowered its target price for China
Gas (CGHL)(00384) to HK$25 from HK$26.5 but upgraded its rating to "hold" from
"underperform" on valuation.
The research house remains cautious about CGHL's profitability due to the COVID-19
pandemic and its rural gas model, but it believes negatives have been priced in after a
20% year-to-date price correction.
Daiwa believes CGHL will find it difficult to achieve its FY2020 dollar margin target of
CNY0.61/m3 (1H FY2020: CNY0.621/m3) and its 25% gas sales volume growth target for FY2020
(1H FY2020: +15%) due to sluggish industrial gas sales under COVID-19. It lowered its
FY2020 earnings by 2%. (KL)

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