[ET Net News Agency, 15 March 2021] Morgan Stanley lifted its target price for Kunlun
Energy (00135) to HK$9 from HK$7.5 and maintained its "overweight" rating.
The research house estimated that Kunlun's 2020 gas sales volume growth was 27% - yet
despite the strong growth, Kunlun sold only 28% of parent's CNPC domestic gas production.
Morgan expects Kunlun's natural gas sales volume (wholesale and retail) will continue to
grow at >20% p.a. in the next three years.
With oil prices and Asian spot LNG prices rebounding, Morgan expects Kunlun's low-cost
gas supply to generate continued strong growth momentum.
The deal to dispose of the Beijing Gas Pipeline was approved on 12 March. Morgan expects
completion of the disposal by 2Q, with proceeds of >HK$40bn to be received (50% to be paid
as HK$2.5/share dividend in July 2021). (KL)
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00135 KUNLUN ENERGY
Nominal 
7.940 +0.190 (+2.452%) Research Report
15/03/2021 16:55
{I-bank focus}Morgan lifts Kunlun Energy (00135) to HK$9
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