Hong Kong and China Gas Reports Solid 2017 Result, Boosted by Higher Gas Demand in China
Narrow-moat Hong Kong and China Gas, or Towngas, reported a fiscal 2017 result ahead of our expectations on a better-than-expected volume increase in China. Revenue was 5.6% ahead of our forecast at HKD 32.5 billion and excluding revaluation and one-off items, adjusted net profit of HKD 7.66 billion was 2% ahead of our forecast. A final dividend of HKD 0.23 takes the full-year dividend to HKD 0.35, in line with our expectations.Our fair value is lifted to HKD 14.80 from HKD 12 as we lift our ga...
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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