Quote | Super Quote
Super Quote   |   Detail Quote   |   Interactive Chart   |   Transaction   |   Related News   |   Related Securities   |   Company Information   |   Dividend Records   |   Short Sell
00384 CHINA GAS HOLD
RTNominal down7.060 -0.190 (-2.621%)
Research Report

08/04/2020 17:37

{I-bank focus}Citi lowers China Gas (00384) to HK$32; "buy"

[ET Net News Agency, 8 April 2020] Citi Research lowered its target price for China Gas
Holdings (00384) to HK$32 from HK$33 to reflect the profit cuts and maintained its "buy"
rating.
The research house trimmed China Gas's net profit estimates by 4% for FY2020 and 3% for
FY2021, mainly to reflect lower retail natural gas sales volume growth, impacted mostly by
COVID-19.
Citi now assumed China Gas to achieve positive free cash flow from FY2022 (versus FY2021
earlier), taking into account slower subsidy payment from local governments.
Citi calculated that China Gas's dollar margin of retail natural gas sales was
Rmb0.60/m3 for FY2020, including Rmb0.62/m3 in 1H and Rmb0.59/m3 in 2H. The mild dollar
margin contraction was conceivable due to higher gas sales mix to the residential sector
(with lower margins) as a result of heat supply and some discounts offered to especially
small industrial end-users as per the PRC government's request. (KL)

Remark: Real time quote last updated: 28/03/2024 18:00
  Real-time basic market prices of Hong Kong securities are provided by HKEx; a Designated Website authorized by the HKEx Group to provide the Service
A Member of HKET Holdings
Customer Service Hotline:(852) 2880 7004     Customer Service Email:cs@etnet.com.hk
Copyright 2024 ET Net Limited. http://www.etnet.com.hk ET Net Limited, HKEx Information Services Limited, its Holding Companies and/or any Subsidiaries of such holding companies, and Third Party Information Providers endeavour to ensure the availability, completeness, timeliness, accuracy and reliability of the information provided but do not guarantee its availability, completeness, timeliness, accuracy or reliability and accept no liability (whether in tort or contract or otherwise) any loss or damage arising directly or indirectly from any inaccuracies, interruption, incompleteness, delay, omissions, or any decision made or action taken by you or any third party in reliance upon the information provided. The quotes, charts, commentaries and buy/sell ratings on this website should be used as references only with your own discretion. ET Net Limited is not soliciting any subscriber or site visitor to execute any trade. Any trades executed following the commentaries and buy/sell ratings on this website are taken at your own risk for your own account.