[ET Net News Agency, 20 April 2020] Daiwa Research maintained its target price for
China Gas (CGHL)(00384) at HK$23.5 but upgraded its rating to "hold" from "underperform".
The research house sees only two share price overhangs remaining in 2Q-3Q: share options
issuance and subsidy on rural gas projects. Despite these, Daiwa thinks CGHL's 12.5x
FY2021 PER has become more reasonable.
Daiwa expects CGHL to record weak FY2020 earnings as the gas sales volume growth, new
gas connection, and VAS gross profit growth guidance was all cut. CGHL was able to achieve
breakeven in gas sales volume only in April due to COVID-19, implying a less exciting
start for its 1H FY2021 (April-September 2020) outlook. (KL)
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00384 CHINA GAS HOLD
Nominal 
8.110 +0.520 (+6.851%) Research Report
20/04/2020 10:04
{I-bank focus}Daiwa upgrades China Gas (00384) to "hold"
| Remark: | Real time quote last updated: 10/05/2024 17:59 |
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