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01193 CHINA RES GAS
RTNominal up24.950 +0.250 (+1.012%)
Research Report

28/01/2021 16:07

{I-bank focus}Goldman ups China Resources Gas to HK$43

[ET Net News Agency, 28 January 2021] Goldman Sachs raised its target price for China
Resources Gas (CRG) (01193) to HK$43 from HK$41 and maintained its "neutral" rating.
The research house assigned CRG a lower target multiple of 15.6x P/E, which is lower
than the historical average of 17.3x, due to a lack of clarity on new growth drivers that
could neutralize the challenges of slower new connections and gas sales growth.
Goldman said key risks include (1) stronger-/weaker-than-expected gas sales margins and
volumes, given that CRG is more sensitive to changes in gas sales profits than peers; and
(2) negative impact from potential direct supply policies. (KL)

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