[ET Net News Agency, 29 January 2020] Daiwa Research lowered its target price for Hong
Kong & China Gas (HKCG)(00003) to HK$16.2 from HK$17.2 and downgraded its rating to "hold"
from "outperform".
The research house said HKCG's core business is highly correlated to hospitality (ie,
restaurants and hotels), which will be impacted by the current outbreak of the Wuhan
coronavirus. It said, during the SARS outbreak in 2003, HKCG's share price fell by 6%
versus HK utilities peers' 5-26% return.
Daiwa also noted that during the 2002-05 SARS period and GFC (global financial crisis)
in 2008, bonus share issuances were halted. But with the appointment of the two new
chairmen in 2019, sons of Lee Shau Kee, Daiwa does not expect a major change in the
dividend policy. (KL)
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00003 HK & CHINA GAS
Nominal 
5.660 -0.030 (-0.527%) Others
29/01/2020 10:29
{I-bank focus}Daiwa lowers HK & China Gas (00003) to HK$16.2
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