[ET Net News Agency, 23 March 2021] Credit Suisse lifted its target price for Hong Kong
and China Gas (HKCG) (00003) to HK$10.1 from HK$9.6 and maintained its "underperform"
rating.
The research house said HKCG's FY2020 core earnings of HK$7.3bn (+3%) was slightly ahead
of market expectations, driven by strong operating earnings rebound in 2H (+20%).
At the conference call, management guided (1) 13-15% growth in Mainland China gas volume
in 2021 with dollar margin stable at Rmb0.60 per c.m. (2) developing smart energy with a
five-year plan including 10GW rooftop PV, 3.8GWh power storage, etc.
Credit Suisse raised its FY2021-22 EPS forecasts by 5% on higher gas growth in HK and
Mainland China. Despite HKCG's highest DPS growth among HK utilities, Credit Suisse
believes CKI (01038) and PAH (00006) offer more attractive yields (5-6%). (KL)
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00003 HK & CHINA GAS
Nominal 
5.620 -0.070 (-1.230%) Research Report
23/03/2021 17:12
{I-bank focus}Credit Suisse lifts HK & China Gas to HK$10.1
| Remark: | Real time quote last updated: 19/04/2024 09:58 |
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