Recent Pullback on Gas Utilities Presents a Good Opportunity to Accumulate Undervalued Stocks
The share prices of China Gas Holdings, or CGH; China Resources Gas, or CRG; and ENN Energy, or ENN, have fallen by close to 30% or more from their recent peaks following the announcement of the Chongqing People’s Congress proposal to abolish up-front construction fees in the city gas sector. However, we do not expect the policy will lead to cancellation of connection fees nationwide, and we believe the recent correction is overdone. CRG is the only operator with meaningful exposure to Chongqing...China Resources Gas Group is an investment holding company. Co. operates a gas utilities group in China that is principally engaged in downstream city gas distribution business including piped natural gas distribution and natural gas filling stations operations. Co. and its subsidiaries' operating segments are as follows: sale and distribution of gas fuel and related products; which is engaged in the sale of natural gas and liquefied petroleum gas for residential, commercial and industrial use; and Gas connection, which engaged in the construction of gas pipelines networks under gas connection contracts.
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