Raising Fair Value Estimates for City Gas Operators After Extending Our Forecast Periods
After extending our explicit forecast periods to 10 years from five years, we have raised our fair value estimate for China Gas Holdings, or CGH, to HKD 11.40 from HKD 10.30; that for China Resources Gas Group, or CRG, to HKD 27.50 from HKD 22.50; and that for ENN Energy Holdings, or ENN, to HKD 50.00 from HKD 44.00. We think CGH, CRG, and ENN still have further room to grow, as their penetration rates, at 52%, 45%, and 55%, respectively, are still relatively low compared with the average level ...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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