[ET Net News Agency, 20 March 2020] Huatai Research lowered its target price for Hong
Kong and China Gas (HKCG)(00003) to HK$11.8 from HK$12.8 and maintained its "sell" rating
on the limited earnings growth potential and weak energy demand in Hong Kong.
The research house said HKCG's 2019 net profit missed Huatai's estimates by 21%.
Excluding a revaluation surplus from the International Finance Centre, recurring net
profit declined by 7% to HK$6.7bn in 2019.
Huatai cut its net profit estimates for 2020/21 by 8%/12%, factoring in lower gas sales
volume growth in Mainland China and a decrease in power demand in Hong Kong. (KL)
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00003 HK & CHINA GAS
Nominal 
5.660 -0.030 (-0.527%) Research Report
20/03/2020 15:17
{I-bank focus}Huatai trims HK & China Gas (00003) to HK$11.8
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