[ET Net News Agency, 27 July 2020] Daiwa Research raised its target price for Kunlun
Energy (00135) to HK$7.6 from HK$6.8 and maintained its "buy" rating.
PetroChina announced the transfer of O&G pipelines, LNG terminals and O&G storage
facilities to PipeChina. PetroChina stated that "the proceeds from the transaction are
expected to be used for dividend distribution"
The research house believes Kunlun's SJ Pipeline spin-off to PipeChina will likely be a
pure cash offer without any equity offer. In case PetroChina declares a special dividend,
Daiwa believes it is highly likely that Kunlun would declare a special dividend as well.
(KL)