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00384 CHINA GAS HOLD
RTNominal down21.150 -0.250 (-1.168%)
Research Report

26/02/2021 16:46

CCBIS lifts China Gas (00384) to HK$36.5; "outperform"

[ET Net News Agency, 26 February 2021] CCB International Securities (CCBIS) lifted its
target price for China Gas Holdings (00384) to HK$36.5 from HK$34.5 and maintained its
"outperform" rating.
The research house anticipates earnings and cash flow visibility improvement in the
medium term. The company is trading at 12.9x FY2022 P/E, on par with its past-five-year
historical average, and CCBIS views the valuation as undemanding.
It tweaked its FY2022-23 earnings forecasts by 1% each to reflect slightly higher gas
volume assumptions. CCBIS expects a continuous pick up in industrial demand, stronger
seasonal demand from residential customers, and a low base to accelerate retail volume
growth to 22% in 2H FY2021, or 17% for FY2021. (KL)

Remark: Real time quote last updated: 27/09/2021 17:59
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