[ET Net News Agency, 9 December 2020] CMB International Securities (CMBIS) initiated
coverage on China Resource Gas (CRG)(01193) with a "hold" rating and a target price of
HK$42.
The research house said CRG has the best project quality among the top three gas
distributors in China. Supported by CRG's SOE background and parent company CR Holding's
resources, CRG has edges in the participation of large-scale equity reform projects such
as Ningbo and Taiyuan which serve as a highlight in 2020/21.
In 2020, however, CMBIS projected CRG's operations to suffer drag from COVID-19,
especially from commercial gas sales and residential connections. It expects CRG's net
profit to suffer a slight drag of 7.6% due to slower gas sales growth and a decline in
connection in 2020, and earnings to resume growth to HK$5,691/6,728mn in FY2021/22. (KL)
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01193 CHINA RES GAS
Nominal 
26.200 0.000 (0.000%) Research Report
09/12/2020 17:56
CMBIS starts China Resource Gas (01193) at "hold" and HK$42
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