Initiating Coverage of China Resources Gas With HKD 22.50 FVE and Narrow Moat Rating
We are initiating coverage of China Resources Gas with a HKD 22.50 fair value estimate and narrow moat and stable moat trend ratings. CRG is a state-owned gas utilities group in China that engages in downstream city gas distribution. CRG deserves a narrow moat rating, in our view, with intangible assets and efficient scale the key sources of competitive advantages. We expect CRG to generate returns above its cost of capital over the next decade, supporting our narrow moat rating.CRG owns exclus...
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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