[ET Net News Agency, 17 July 2019] HSBC Global Research lifted slightly its target
price for Kunlun Energy (00135) to HK$10.71 from HK$10.7 and maintained its "buy" rating.
The research house noted that the NDRC announced official regulation on city gas
connection fees on 3 July. Secondly, the NEA put forward notice regarding "coal-to-gas"
and "coal-to-power". HSBC thinks both policies should have a minimal impact on Kunlun
Energy.
It said Kunlun has the lowest exposure to connection fees (only 4% of 2018 total
revenue). HSBC has also incorporated a slower coal-to-gas transition in its modeling
assumptions. But it cut earnings forecasts by 1%/5%/4% in 2019-2021, and its new EPS
estimates are RMB0.70/0.75/0.80. (KL)
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00135 KUNLUN ENERGY
Nominal 
7.600 +0.100 (+1.333%) Research Report
17/07/2019 17:16
[I-bank focus]HSBC tweaks Kunlun Energy (00135) to HK$10.71
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