[ET Net News Agency, 22 November 2018] Nomura lifted its target price for China
Resources Gas Group (CRG)(01193) to HK$38.7 from HK$36 and upgraded its rating to "buy"
from "neutral".
The research house expects CRG's gas volume growth to remain strong at 19% CAGR
(2017-20). It raised its 2018 and 2019 dollar margin forecasts by 13-15% to CNY0.60/cm and
CNY0.58/cm respectively.
The company has increased its dividend payout ratio from 15% to 33% since it started to
generate positive free cash flow in 2013. Nomura believes the payout ratio will continue
to rise to 45% in 2020, supported by strong free cash flow generation, and robust balance
sheet (only 1% net gearing).
It raised its 2018-20 EPS forecasts by 2-5% to reflect higher dollar margin assumption,
partly offset by lower gas volume forecasts. (KL)
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Super Quote | Detail Quote | Interactive Chart | Transaction | Related News | Related Securities | Company Information | Dividend Records | Short Sell
01193 CHINA RES GAS
Nominal 
24.900 +0.750 (+3.106%) Others
22/11/2018 11:10
[I-bank focus]Nomura upgrades CR Gas (01193) to HK$38.7
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