[ET Net News Agency, 29 March 2021] Daiwa Research lifted its target price for China
Resources Gas (CRG) (01193) to HK$46 from HK$41 and upgraded its rating to "outperform"
from "hold".
The research house said CRG's 2020 net profit of HK$5.15bn beat Daiwa's forecast of
HK$4.95bn, led by a resilient dollar margin despite surging spot LNG during 2020-21
winter.
For 2021, CRG guided for connections of 3.2m, slightly below Daiwa's original forecast
of 3.3m. CRG expects double-digit growth for gas sales in 2021, in line with Daiwa's
forecast of a 16% hike. (KL)