Hong Kong and China Gas FVE Lowered to HKD 13.50 on 1-for-10 Bonus Issue
Our fair value for Hong Kong and China Gas is lowered to HKD 13.50 from HKD 14.80 on the 1-for-10 bonus issuance. The ex-rights date for the new issuance was June 8 and the new issuance starts trading today. Our earnings per share is reduced by 4.8% in 2018 and 9% thereafter but there is no change to the underlying fundamentals of the company and our long-term view. Its core gas operation continues to be a strong free cash flow driver and underpins our narrow economic moat rating for the company...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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