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00135 KUNLUN ENERGY
RTNominal up4.740 +0.080 (+1.717%)
Research Report

21/10/2019 09:48

{I-bank focus}Daiwa upgrades Kunlun Energy (00135) to "buy"

[ET Net News Agency, 21 October 2019] Daiwa Research lowered its target price for
Kunlun Energy (00135) to HK$7.8 from HK$9.6 but upgraded its rating to "buy" from
"outperform".
The research house said Kunlun's share price has dropped by 18% year-to-date on
potential pipeline spinoff at subpar valuation. Although the details on the pipeline
spinoff are not yet confirmed, Daiwa believes investors will start to focus on its
city-gas development.
Daiwa thinks the price correction is overdone as the current valuation reflects the
downstream gas business at only <1x PBR, a bargain compared with major gas distributors
with >3x PBR. Daiwa trimmed its 2019-21 EPS forecasts by 1-2% to reflect the higher
city-gate price. (KL)

Remark: Real time quote last updated: 09/04/2020 17:59
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