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00135 KUNLUN ENERGY
RTNominal up7.450 +0.080 (+1.085%)
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18/07/2018 17:41

[I-bank focus]Citi lowers Kunlun Energy (00135) to HK$5.3

[ET Net News Agency, 18 July 2018] Citi Research cut its target price for Kunlun Energy
(00135) to HK$5.3 from HK$10.5, and downgraded its rating to "sell" from "buy".
The research house believes pipeline profitability will continue to trend down due to
the lower-than-expected transmission tariff. It also expects the volume ramp-up of
Shaan-jing IV line to be slower and it might be capped by natural gas imports from Russia
starting in late 2019.
The potential pipeline nationalization will continue to be an overhang on the share
price and Citi sees it as fundamentally destructive for earnings and cash flow.
Citi slashed its EPS forecast by 15-24% in FY2018-20 as it factored in a lower pipeline
tariff and slower ramp-up schedule of the Shaan-jing IV line. (KL)

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