TC

12/09/2019 16:48

{I-bank focus}Goldman upgrades CR Gas (01193) to "neutral"

[ET Net News Agency, 12 September 2019] Goldman Sachs maintained its target price for
China Resources Gas (CRG)(01193) at HK$37.8 unchanged but upgraded its rating to "neutral"
from "sell".
The research house said CRG's underperformance of 11% since 12 July, coupled with its
high-quality gas distribution assets as well as its strong balance sheet and healthy cash
flow are factors in the upgrade.
With the stock's valuation now having re-rated to near its long-term average at 16.5x
P/E (12-mth rolling forward) versus the long-term historical average of 16.3x P/E, Goldman
thinks it deserves an upgrade.
As of June, CRG has a total of 249 city gas projects, mostly located in economically
developed cities, including 14 provincial capital cities. Its balance sheet is less
leveraged than peers, said the research house. (KL)

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