TC

20/08/2019 15:03

{I-bank focus}Huatai lowers Towngas China (01083) to HK$6.1

[ET Net News Agency, 20 August 2019] Huatai Research lowered its target price for
Towngas China (TCCL)(01083) to HK$6.1 from HK$6.5 and maintained its "hold" rating.
The research house remains cautious on TCCL's potential growth considering no new
acquisitions nor other new business plans. Huatai cut its earnings forecasts for 2019/20
by 3/5%, to reflect the slowdown in the growth of domestic gas demand and a further
decline in connection margin.
The NDRC announced on 3 July new rules to regulate the gas connection market by setting
reasonable returns on connection fees. Huatai expects the new regulations will have
limited impact on gas companies. Without further concerns on policy uncertainties, it
forecast the operating margin of connection business to stay at 43% in 2019. (KL)

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