China Resources Gas Reports Strong 2018 Volume Growth with Dollar Margin Improvement
Narrow-moat China Resources Gas’, or CRG’s, 2018 net profit of HKD 4.45 billion, up 22% year over year, was within our expectation. We increase our fair value estimate to HKD 40.00 from HKD 38.00, after fine-tuning and rolling forward our earnings model. In addition, we also reduce our uncertainly rating for CRG to medium from high, as earnings from more stable recurring natural gas sales have overtaken those from one-off gas connection fees. Going forward, we believe CRG will be less affected b...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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