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RTNominal down22.800 -0.300 (-1.299%)
Research Report

19/06/2020 14:08

{I-bank focus}Daiwa lifts China Gas (00384) to HK$29.5

[ET Net News Agency, 19 June 2020] Daiwa raised its target price for China Gas (00384)
to HK$29.5 from HK$27 and upgraded its rating to "outperform" from "hold.
The research house said despite likely weak FY20E (April 2019-March 2020) recurring
profit growth of 12% YoY vs. 25% YoY in 1HFY20, due to the COVID-19 outbreak in 1Q20,
which affected gas sales volume, gas sales dollar margin, new residential connections and
VAS, it believes investors may instead look to a potential earnings recovery in FY21E due
to (1) the resumption of industrial activities; and (2) lower city-gate cost for
incremental volume offered by the CNPC. (RC)

Remark: Real time quote last updated: 07/08/2020 17:58
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