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01193 CHINA RES GAS
RTNominal up42.250 +2.300 (+5.757%)
Research Report

31/12/2019 18:01

{I-bank focus}CR Gas volume outlook remains stable in FY2020

[ET Net News Agency, 31 December 2019] CICC Research expects China Resources Gas
(CRG)(01193) to log in over 15% gas sale volume in the first 11 months of 2019
(consolidated
reporting), and finish the year at the north of 15%, meeting its FY2019 guidance.
This should come ahead of market expectations considering the company reports only 11%
in gas sales in the first 11 months (management reporting excludes several mega JV
projects including in Tianjin and Chongqing), the research house said.
Based on the bottom-up analysis, CICC expects the company to continue the strong
momentum and achieve similar growth in FY2020. The recent acquisition of the Ningbo
project is expected to be closed by January 2020, contributing 1.1bcm volume in FY2020 and
uplifting the overall volume by nearly 4%, CICC estimated.
CICC maintained its target price of HK$45 and "outperform" rating on CRG. (KL)

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