[ET Net News Agency, 27 April 2020] HSBC Global Research lowered its target price for
China Gas Holdings (00384) to HK$33 from HK$36 and maintained its "buy" rating.
The research house said key shareholder SK E&S's sell-down should alleviate further
selling pressure on the stock.
Gas volume sales were down 11%-13% for January-March, implying that the original
guidance of 25% full-year growth looks unrealistic, given 1H was only up 15%. HSBC thus
lowered its volume assumption for FY2020-21 to reflect the COVID-19 impact and delayed gas
supply from Russia.
At 12x PE for FY2021, the stock looks attractive on HSBC's profit CAGR of 16% over
FY2019-22. (KL)
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00384 CHINA GAS HOLD
Nominal 
6.880 -0.330 (-4.577%) Research Report
27/04/2020 17:31
{I-bank focus}HSBC trims China Gas (00384) to HK$33
| Remark: | Real time quote last updated: 16/04/2024 17:59 |
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