Transfer of Coverage of Hong Kong and China Gas Company; Narrow Moat and FVE of 12 Reaffirmed
We are transferring coverage of Hong Kong and China Gas Company, or HKCG, with our narrow economic moat rating, stable moat trend, and fair value of HKD 12 reaffirmed. We continue to see the company as overvalued with the upside from its China assets factored into current share price.Founded in 1862, Hong Kong and China Gas, or HKCG, is the oldest public utility company in Hong Kong and has an unregulated monopoly position in the Hong Kong distribution and retail gas markets. It produces and di...
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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