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01083 TG SMART ENERGY
RTNominal down3.000 -0.100 (-3.226%)
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13/06/2018 15:36

[I-bank focus]Citi raises Towngas China (01083) to HK$8.5

[ET Net News Agency, 13 June 2018] Citi Research raised its target price for Towngas
China (01083) to HK$8.5 from HK$7.9, and retained its "buy" rating.
The research house raised its Towngas 2018-20 net profits forecasts by 1-6% on more
household connections. The rating was based on (1) strong retail NG sales volume +18.4%
yoy in the first four months of 2018 and +17.4% yoy in 2018; (2) higher dollar margin of
the NG sales from 2Q; and (3) new household connections to rise from 860k in 2017 to 1m in
2018.
Citi said Towngas trades at attractive 12.6x 2019 PER and 1.1x PB, versus 14.7% 2018-20
EPS CAGR. (KL)

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