China Resources Gas’ Robust Volume Growth in 1H Offset By Lower Margin; Shares Fairly Valued
Narrow-moat China Resources Gas’, or CRG’s, first-half 2017 net profit of CNY 2.11 billion, up 8% year over year, was within our expectation and we leave our earnings forecasts largely unchanged after fine-tuning our assumptions. Although the firm’s margin was negatively affected by competition, this was mitigated by stronger sales volume and higher contribution from a joint venture. We raise our fair value estimate to HKD 31.50 from HKD 31.00 to take into account the time value of money and we ...China Resources Gas Group is an investment holding company. Co. operates a gas utilities group in China that is principally engaged in downstream city gas distribution business including piped natural gas distribution and natural gas filling stations operations. Co. and its subsidiaries' operating segments are as follows: sale and distribution of gas fuel and related products; which is engaged in the sale of natural gas and liquefied petroleum gas for residential, commercial and industrial use; and Gas connection, which engaged in the construction of gas pipelines networks under gas connection contracts.
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