China Gas Holdings Reports Largely In-Line 1H Results; Positive Guidance Intact
Stripping out HKD 198 million in gains from one-off items, narrow-moat China Gas Holdings' first-half fiscal 2019 (ending March) net profit of HKD 4.2 billion, up 24% year over year, was largely in line with our expectation. We have fine-tuned our valuation model to incorporate management’s guidance on margins and raised our fair value estimate to HKD 29 per share from HKD 25.50. We think near-term upside for CGH’s share price will be capped due to the lack of catalysts as the company’s strong g...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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