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00384 CHINA GAS HOLD
RTNominal down7.060 -0.190 (-2.621%)
Others

17/01/2020 12:35

{I-bank focus}HSBC starts China Gas (00384) at "buy" & HK$38

[ET Net News Agency, 17 January 2020] HSBC Global Research initiated coverage on China
Gas Holdings (CGH)(00384) with a "buy" rating and a target price of HK$38.
It said CGH is one of the leading gas distributors in China, with 582 piped gas projects
that cover a connectable population of 160m people. While the business was founded by a
private management team more than 20 years ago, success was also supported by state-owned
Beijing Enterprises (00392), the company's largest single shareholder since 2013.
HSBC believes this unique combination of a state and private background has enabled CGH
to act commercially, achieve solid execution capabilities, supported by a strong line of
bank credit facilities. It estimated CGH's core net profit to grow at a CAGR of 20% over
FY2019-22. (KL)

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