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00003 HK & CHINA GAS
RTNominal down5.930 -0.210 (-3.420%)
Research Report

12/11/2020 11:22

{I-bank focus}Daiwa upgrades HK & China Gas (00003) to HK$13

[ET Net News Agency, 12 November 2020] Daiwa Research raised its target price for Hong
Kong & China Gas (HKCG) (00003) to HK$13 from HK$10.7 and upgraded its rating to
"outperform" from "hold" in view of a likely HK gas sales recovery.
The research house believes the HK Government's quarantine-free movement is likely to
boost HK gas sales in 2021. The "travel bubble" deal with Singapore, with a quota of 200
per day in each direction, albeit small, it is indicative of possible further relaxation
in movement between Asian hubs.
Daiwa expects the relaxation of travel restrictions to foster a much-needed recovery in
the hardest-hit HK commercial segment. It raised its 2021-22 EPS forecasts by 1% on higher
growth of 2021 HK gas sales at 6% (from 5%). (KL)

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