China Gas’ outlook remains promising on the back of sustained demand growth for natural gas.
We are impressed with narrow-moat China Gas Holdings’ first-half fiscal 2018 earnings, which beat our expectation and doubled year over year to CNY 3.4 billion. The robust results were underpinned by stronger earnings from all segments, especially natural gas sales and pipeline connection fees. We raise our earnings forecasts for fiscal 2018-19 by 27%-33% to factor in the better-than-expected operating figures. We increase our fair value estimate to HKD 19.60 from HKD 14.20, but we think the ste...China Gas Holdings and its subsidiaries is a gas operator and service provider primarily engaged in the investment, construction and operation of city gas pipeline infrastructure facilities, gas terminals, storage and transportation facilities, and gas logistics systems, transmission of natural gas and liquefied petroleum gas (LPG) to residential, industrial and commercial customers, construction and operation of compressed natural gas/liquefied natural gas refilling stations as well as the development and application of technologies relating to natural gas and LPG in China.
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