[ET Net News Agency, 22 March 2018] Credit Suisse lifted its target price for Hong Kong
and China Gas (HKCG)(00003) to HK$10.5 from HK$10, and reiterated its "underperform"
rating.
The research house said HKCG's 8% recurring profit growth in FY2017 was slightly ahead
of Credit Suisse's expectations due to strong China city-gas volume and new energy
business. The HK gas business remained stable (+4% YoY). China registered 9% core earnings
growth.
Management expects a >12% gas volume CAGR in the next five years, driven by on-going
coal-to-gas conversion, space heating demand, and expanding distributed energy systems.
Credit Suisse raised its FY2018-19 EPS forecasts slightly by 3-4%, mainly on better
city-gas volume growth. (KL)
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00003 HK & CHINA GAS
Nominal 
5.980 -0.040 (-0.664%) Others
22/03/2018 10:46
[I-bank focus]CS lifts HK & China Gas (00003) to HK$10.5
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