Raising Fair Value Estimates for City Gas Operators After Extending Our Forecast Periods
After extending our explicit forecast periods to 10 years from five years, we have raised our fair value estimate for China Gas Holdings, or CGH, to HKD 11.40 from HKD 10.30; that for China Resources Gas Group, or CRG, to HKD 27.50 from HKD 22.50; and that for ENN Energy Holdings, or ENN, to HKD 50.00 from HKD 44.00. We think CGH, CRG, and ENN still have further room to grow, as their penetration rates, at 52%, 45%, and 55%, respectively, are still relatively low compared with the average level ...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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