Higher Gas Demand in China Underpin Hong Kong and China Gas' Solid 1H Result
Higher gas demand in China underpinned Hong Kong and China Gas, or HKCG’s, solid first-half result. The result does not alter our view on the company and the mature Hong Kong operation will continue to generate strong cash flow to be redeployed for growth in China and its new energy business. The new energy business maintained its positive momentum with improving profitability and we expect this to continue in the medium term.Our fair value is unchanged and we believe the upside for its China o...
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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