HKCG’s First-Half Result In Line; Remain Cautious on Upstream New Energy Business
Narrow-moat Hong Kong and China Gas' first-half 2016 result was broadly within expectations, with 3% year-over-year growth in recurring profit to HKD 3.8 billion, making up 48% of our full-year forecast. While HKCG's mainland business was negatively affected by the depreciation of the renminbi, we see decent 9% gas volume growth in the first half, recovering from only 2% in 2015, and management’s positive guidance reaffirmed our view that continued urbanization in China and the government’s pro-...Hong Kong & China Gas is engaged in the production, distribution and marketing of gas, water supply and energy businesses in Hong Kong and the People's Republic of China (the PRC). Co. is also engaged in property development and investment activities in Hong Kong. As of Dec 31 2014, Co. had 202 projects on the mainland, spread across 24 provinces, autonomous regions and municipalities. These projects encompass upstream, midstream and downstream natural gas sectors, water sectors, energy applications, energy resources' exploration and utilisation, as well as telecommunications. Inclusive of Towngas China, Co. had a total of 127 city-gas projects, serving around 18.98 million customers.
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