[ET Net News Agency, 14 April 2020] Macquarie Research cut its target price for China
Gas Holdings (CGH)(00384) to HK$37 from HK$37.2 and maintained its "outperform" rating.
The research house expects a slowdown of CGH's FY2020 gas volume and profit growth due
to the COVID-19 pandemic. It lowered its FY2020 (April 2019-March 2020) estimate for
retail gas volume growth for CGH to 7.8% from 18.4% due to the impact of COVID-19 on 1Q.
Macquarie expects CGH's 2-month 2020 gas sales volume to drop 15%, versus an 11% drop
for China Resources Gas (01193) and a 5% drop for ENN Energy Holdings (02688), with 7% of
total gas sales volume from Hubei versus 4% for China Resources Gas and 0% for ENN Energy.
It believes that CGH will see a limited impact on urban and rural residential connection
volumes from COVID-19 for FY2020. After factoring in lower gas volume offset by higher LPG
profit, Macquarie lowered its FY2020/21 net profit estimates for CGH by 1.1%/3.4%, for
10%/24% growth. (KL)
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00384 CHINA GAS HOLD
Nominal 
7.250 +0.130 (+1.826%) Research Report
14/04/2020 17:30
{I-bank focus}Macquarie cuts China Gas (00384) to HK$37
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