[ET Net News Agency, 15 January 2018] Daiwa Research cut its target price for Towngas
China (TCCL)(01083) to HK$6.7 from HK$6.9, and maintained its "outperform" rating.
The research house said TCCL delivered a 54% share-price return in 2017. For 2018, Daiwa
expects TCCL to come under less dollar margin pressure than its peers, given its improving
sales mix toward more profitable projects, which should give it a more resilient share
price than peers.
Thanks to coal-to-gas initiatives, TCCL's total gas sales volume growth was strong at
17.8% for 11-month 2017, on track to achieve its 18% volume growth guidance for 2017.
Going forward, given: (1) the recovery in industrial activity, and 2) rebound in oil
prices, Daiwa believes gas sales at TCCL's 63 projects (signed from 2007-15), which were
affected by slow industrial sales in 2014-1H 2016, will gradually pick up to meet TCCL's
long-term sales volume target (78% behind currently). (KL)
|
|
|
|
|
|
|
|
|
|
Super Quote | Detail Quote | Interactive Chart | Transaction | Related News | Related Securities | Company Information | Dividend Records | Short Sell
01083 TG SMART ENERGY
Nominal 
3.020 +0.020 (+0.667%) Others
15/01/2018 11:24
[I-bank focus]Daiwa cuts Towngas China (01083) to HK$6.7
| Remark: | Real time quote last updated: 23/04/2024 17:59 |
| Real-time basic market prices of Hong Kong securities are provided by HKEx; a Designated Website authorized by the HKEx Group to provide the Service |