TC

20/08/2019 17:45

{I-bank focus}Citi lowers Towngas China (01083) to HK$6.05

[ET Net News Agency, 20 August 2019] Citi Research lowered its target price for Towngas
China (01083) to HK$6.05 from HK$6.7 and maintained its "neutral" rating, noting its 9.8x
2020 PER looks fairly valued versus around 10% recurring net profit CAGR in 2018-21.
The research house said TCCL's operating profit before finance cost was up 4% to HK$950m
in 1H, dragged down by the dollar margin cut and a 5.7% Rmb/HK$ depreciation in the
period. TCCL hopes its dollar margin will rise HoH in 2H; whether this could be achieved
will depend on winter natural gas price hike in the period.
Citi trimmed its 2019-21 net profits forecasts by 13-14% mainly for lower dollar
margins. (KL)

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