Unification of City-Gate Prices Has Muted Impact on City Gas Operators; Positive for PetroChina
We think the National Development and Reform Commission’s, or NDRC’s, decision to unify residential and nonresidential city-gate prices will have limited earnings impact on city gas operators, as we believe these distributors will be able to pass through the city-gate price hikes to their customers. We maintain our fair value estimates for China Gas Holdings, China Resources Gas, and ENN Energy Holdings. Our narrow moat ratings on all three operators are intact, given their service-territory mon...ENN Energy Holdings is an investment holding company. Through its subsidiaries, Co. is engaged in the gas supply business in the People's Republic of China, including but not limited to the sales of piped gas, gas connection, construction and operation of vehicles gas refuelling stations, wholesale of gas, sales of other energy and sales of gas appliances and materials.
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