[ET Net News Agency, 15 June 2020] Credit Suisse lowered its target price for Kunlun
Energy (00135) to HK$8.5 from HK$6.5 and maintained its "outperform" rating.
The research house said Kunlun's downstream gas sales volumes were robust year-to-date
despite the COVID-19 disruption, achieving +20% in 4-month which is significantly higher
than city-gas peers whose average 4-month volumes were -3%.
Apart from downstream gas, Kunlun's other segments have also witnessed notable
improvement in 2Q quarter-to-date. LNG Terminal utilisation has reached 75% of late and is
tracking higher than the 65-70% target for 2020. LNG Processing Plant utilisation has also
improved higher than 44% in 2019.
With a potential 2H catalyst in sight (PipeChina roll-out), Credit Suisse believes this
will trigger a round of re-rating and close the valuation gap versus peers. (KL)
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00135 KUNLUN ENERGY
Nominal 
7.080 -0.170 (-2.345%) Research Report
15/06/2020 18:01
{I-bank focus}CS lowers Kunlun Energy (00135) to HK$8.5
| Remark: | Real time quote last updated: 16/04/2024 17:59 |
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