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Research Report

30/12/2019 10:04

{I-bank focus}Citi ups China Resources Gas (01193) to HK$48

[ET Net News Agency, 30 December 2019] Citi Research raised its target price for China
Resources Gas (CRG)(01193) to HK$48 from HK$46 and maintained its "buy" rating.
The research house increased its 2019-21 net profit estimates of CRG by 2-3% to reflect
higher retail natural gas (NG) sales volume including 15.3% growth in the first 11 months
of 2019, and an HK$190m one-off deemed disposal gain from the listing of its associate,
Chengdu Gas (Shanghai code: 603053) on 17 December.
Citi thinks CRG's dollar margin of retail NG sales would likely rise hoh in 2H, with
higher proportion of incremental costs passing through to the end users. It raised CRG's
dollar margin of retail NG sales to Rmb0.59/m3 in 2019 versus Rmb0.58/m3 before. Citi
assumed the dollar margin to be Rmb0.57/m3 in 2020. (KL)

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