Outlook Remains Stable; Maintain Our Fair Value Estimate of HKD 13.00 per Share
We maintain our fair value estimate of HKD 13.00 per share for Hong Kong and China Gas, or HKCG, following our recent review of the company’s business, and we remain comfortable with our long-term assumptions. Growth will continue to be driven by its China towngas operations, in which we estimate 9% average annual growth of gas sales volume to 2020. China is targeting for natural gas consumption to reach 8.3%-10% of total energy consumption by 2020, up from 5.9% in 2015, according to the latest ...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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