China Gas Holdings’ FY2018 Results Largely In Line With Higher Guidance; Increasing FVE to HKD 25.50
Narrow-moat China Gas Holdings, or CGH, reported fiscal 2018 (year ended March) net profit of HKD 6.10 billion, up 47% year over year. Stripping out share-based payments of HKD 644 million, the earnings were largely in line with our expectation. We fine-tune our valuation model and increase our earnings forecasts to incorporate management’s revised guidance on the growth outlook. Consequently, we increase our fair value estimate to HKD 25.50 from HKD 20.50. Nonetheless, we think near-term upside...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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