22/08/2019 17:44

{I-bank focus}Goldman raises Tian Lun Gas (01600) to HK$12.2

[ET Net News Agency, 22 August 2019] Goldman Sachs raised its target price for China
Tian Lun Gas (01600) by 6% to HK$12.2 and maintained its "buy" rating.
The research house said Tian Lun reported a strong 1H result, which was mainly driven by
strong gas sales and better urban area connections, supported by both organic growth and
projects acquisition.
Goldman expects Tian Lun's gas volume growth to continue to outpace most listed peers
(3-year CAGR 16%) and the national average (10%), as Tian Lun is focusing on developing
lower-tier cities where gas penetration rate is relatively low.
Goldman raised its EPS forecasts by 5%/3%/3% to incorporate the latest results. (KL)

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