China Gas Holdings Reports Largely in Line First-Half Results; Positive Guidance Intact
We are increasing our fair value estimates for China Resources Gas, or CRG, and ENN Energy, or ENN, to HKD 38.00 (from HKD 36.50) and HKD 88.00 (from HKD 83.00) respectively, after taking into account the time value of money and our updated foreign exchange rates assumption. Meanwhile, our fair value estimate for China Gas Holdings, or CGH, remains unchanged at HKD 29.00. Our narrow moat and stable trend ratings for CGH, CRG, and ENN are intact. In our view, CRG and ENN are undervalued while CGH...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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