[ET Net News Agency, 5 October 2018] Credit Suisse raised its target price for China
Gas Holdings (CGH)(00384) to HK$39 from HK$37.5 on higher long-term earnings boost from
Northeast China, and maintained its "outperform" rating.
With meaningful exposure to Northeast China and potential supply upside from LNG
imports, CGH is likely to be the largest beneficiary of China's next gas supply boom, said
the research house.
Credit Suisse said Northeast China accounts for 20% of CGH's total urban population
coverage (versus less than 5% for most peers). It expects CGH to participate in at least
two new terminals (assuming a 30% stake in each terminal) and these additional earnings
are likely to arrive after FY2021, but help support possible long-term dollar-margin
recovery.
Credit Suisse raised its FY2020-21 EPS forecasts by 2-7%, mainly driven by new earnings
contribution from LNG imports and higher heating gas demand in Northeast China thanks to
Russian gas imports. (KL)
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00384 CHINA GAS HOLD
Nominal 
7.120 -0.060 (-0.836%) Others
05/10/2018 17:42
[I-bank focus]Credit Suisse lifts China Gas (00384) to HK$39
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