[ET Net News Agency, 27 August 2020] Credit Suisse cut its target price for Kunlun
Energy (00135) to HK$8.2 from HK$8.5 and maintained its "outperform" rating.
The research house said Kunlun's 1H core net profit of Rmb2.6 bn (down 19% YoY/ down 13%
HoH) was a miss versus expectations, tracking 41% of Credit Suisse's FY2020 estimates.
This weaker-than-expected 1H result might put its share price under pressure in the near
term, but Credit Suisse believes management's guidance on PipeChina will be a more
dominating factor on a 3-6-month horizon. Credit Suisse cut its 2020-22 EPS forecasts by
2-11%. (KL)