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Research Report

19/12/2019 17:55

{I-bank focus}Morgan raises China Resources Gas to HK$49

[ET Net News Agency, 19 December 2019] Morgan Stanley raised its target price for China
Resources Gas (CRG)(01193) to HK$49 from HK$40 and maintained its "equal-weight" rating.
The research house noted two key positive fundamental themes. Compared with other peers,
CRG has the highest percentage of earnings coming from piped gas sales, which is the most
sustainable. In addition, Morgan expects the possibility of M&A could provide further
potential for upside in the longer term because the company is an SOE.
Morgan trimmed its recurring EPS estimates 3.6% for 2019, 6.8% for 2020, and 7.5% for
2021, mainly to reflect 6-7% RMB depreciation forecasts versus HKD. (KL)

Remark: Real time quote last updated: 29/05/2020 17:58
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