reports
- Ceilica Su Rui
- Ziv Ang Sze Champ
China Resources Gas (1193 HK): 2023: Below expectations; promising out...
CR Gas reported 2023 earnings of HK$5,223.7m (+10.4% yoy), below expectations. Gas sales dollar margin recovered to Rmb0.51/cbm (+Rmb0.06/cbm), but the lower contribution from the gas connection segment weighed on overall margin. Retail gas sales volume was up 8.1% yoy to 38.78b cbm, with 2024 gas sales volume guided to grow 6-8%. Integrated energy recorded sales volume of 1.59b kWh (+58.0% yoy) with huge growth potential ahead. Maintain BUY. Target price: HK$27.70.
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Ceilica Su Rui
- Damon Shen
- Greater China Research Team
- Jieqi Liu
- Jo Yee Ng
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Ken Lee
- Ming San Soong
- Roy Chen Chengzhi
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Tham Mun Hon
- Ziv Ang Sze Champ
Greater China Daily: Tuesday, April 2, 2024
KEY HIGHLIGHTS Economics PMI First expansion in six months. Sector Aviation Airlines: Expecting a turnaround in profitability in 2024 with moderate international travel recovery. Maintain MARKET WEIGHT. Macau Gaming Mar 24 GGR up 6% mom; May 24 Golden Week a potential catalyst. Results China Feihe (6186 HK/BUY/HK$3.68/Target: HK$4.43) 2023: Results in line; healthy channel inventory and improved operating efficiency to drive growth. Upgrade to BUY. China Longyuan Power (916 HK/BUY/HK$5.4...
00144 CHINA MERCHANTS PORT HOLDINGS CO. LTD.
LGX1 CHINA RESOURCES GAS GROUP LIMITED
600132 CHONGQING BREWERY CO.LTD CLASS A
6WX CHINA LONGYUAN POWER GROUP CORP. LTD. CLASS H
00241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD.
600872 JONJEE HI-TECH INDUSTRIAL AND COMMERCIAL HOLDING CO. LTD. CLASS A
01177 SINO BIOPHARMACEUTICAL LIMITED
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
2333 GREAT WALL MOTOR CO. LTD. CLASS H
01810 XIAOMI CORP. CLASS B
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
2877 CHINA SHINEWAY PHARMACEUTICA
1521 FRONTAGE HOLDINGS CORP
6186 CHINA FEIHE LTD
1199 COSCO SHIPPING PORTS LIMITED
02208 XINJIANG GOLDWIND SCIENCE & TECHNOLOGY CO. LTD. CLASS H
06690 HAIER SMART HOME CO. LTD. CLASS H
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
- Bella Lu Yifei
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Ceilica Su Rui
- Damon Shen
- Jieqi Liu
- Johnny Yum Chung Man
- Jonathan Koh
- Jun Sian Tan
- Ken Lee
- Limartha Adhiputra
- Nurul Nazira Binti Abdullah
- Paula Ruth
- Roy Chen Chengzhi
- Sunny Chen
- Ziv Ang Sze Champ
Regional Morning Meeting Notes: Tuesday, April 02, 2024
GREATER CHINA Sector Aviation Airlines: Expecting a turnaround in profitability in 2024 with moderate international travel recovery. Maintain MARKET WEIGHT. Results China Longyuan Power (916 HK/BUY/HK$5.48/Target: HK$6.50) 2023: Below expectations; slower-than-expected pace of capacity expansion. China Overseas Land & Investment (688 HK/BUY/HK$11.26/Target: HK$19.42) 2023: Results beat expectations; watching for stabilisation of profitability in 2024. China Resources Gas (1193 HK/BUY/HK$24.9...
LGX1 CHINA RESOURCES GAS GROUP LIMITED
ADIG ABERDEEN DIVERSIFIED INCOME AND GROWTH TRUST
ERW ERAWAN GROUP
6WX CHINA LONGYUAN POWER GROUP CORP. LTD. CLASS H
01177 SINO BIOPHARMACEUTICAL LIMITED
SSIA SURYA SEMESTA INTERNUSA
ERAA ERAJAYA SWASEMBADA
01810 XIAOMI CORP. CLASS B
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
KREIT KEPPEL REIT
SPSB SP SETIA BHD
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
SUNCON SUNWAY CONSTRUCTION SDN BHD
Z29 029 GROUP SE
- Ziv Ang Sze Champ
China Resources Gas (1193 HK): 1H23: In line; gas sales growth offset ...
CR Gas reported 1H23 earnings of HK$3,545.3m (+16.4% yoy). Earnings growth was partly boosted by the HK$694m one-off gain from associate disposal, considering gross profit was flat yoy. Although retail gas sales volume was 6.9% higher yoy, it was offset by the 21.7% yoy decline in new residential connections. Dollar margin recovered to Rmb0.50 per cbm given the gradual completion of cost pass-through for residential users. Maintain BUY. Target price: HK$26.90.
- Ziv Ang Sze Champ
Regional Morning Notes - Monday, August 28, 2023
GREATER CHINA Results Anhui Conch (914 HK/BUY/HK$22.00/Target: HK$28.30): 1H23: In line; industry-leading performance. China Resources Gas (1193 HK/BUY/HK$22.35/Target: HK$26.90): 1H23: In line; gas sales growth offset by weak new connections. China Tourism Group Duty Free (601888 CH/BUY/Rmb107.50/Target: Rmb138.00): 2Q23: Margin a key concern. EVE Energy (300014 HK/BUY/Rmb48.60/Target: Rmb92.00): 2Q23: Miss on margins but beat on revenue. Maintain BUY. Cut target price to Rmb92.00. Frontage Hol...
LGX1 CHINA RESOURCES GAS GROUP LIMITED
000858 WULIANGYE YIBIN CO. LTD. CLASS A
600585 ANHUI CONCH CEMENT COMPANY LIMITED CLASS A
5347 TENAGA NASIONAL BHD
01177 SINO BIOPHARMACEUTICAL LIMITED
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
T TELEKOM MALAYSIA BHD
BAB BUMI ARMADA BERHAD
REXI REX INTERNATIONAL HOLDING LTD
1833 PING AN 1833 HK PAGD
1521 FRONTAGE HOLDINGS CORP
GREATEC GREATECH TECHNOLOGY BHD
ADRO ADARO ENERGY INDONESIA TBK PT
- Ziv Ang Sze Champ
China Resources Gas (1193 HK): 2022: Below expectations; gas shortages...
CR Gas reported 2022 earnings of HK$4,733.5m (-26.0% yoy), below market expectations. Gross margin declined 4.9ppt to 19.2%, mainly due to a decline in gas distribution’s dollar margin to Rmb0.45/cbm. Gas sales volume was up 5.3% yoy to 35,890m cbm, slower than the previously guided high single-digit growth. New residential connection was rather resilient at 4.08m households (+15.7% yoy). Maintain BUY. Target price: HK$35.10.
- Carol Dou Xiao Qin
- Damon Shen
- Jessie Guo Yuting
- Jieqi Liu
- Jo Yee Ng
- Johnny Yum Chung Man
- Kate Luang
- Kelvin Chau Siu Pong
- Ken Lee
- Roy Chen Chengzhi
- Sunny Chen
- Terence Chiu
- Tham Mun Hon
- Zhifeng Shen
- Ziv Ang Sze Champ
Greater China Daily: Monday, April 3, 2023
KEY HIGHLIGHTS Economics PMI Points to further recovery, but employment still soft. Results China Longyuan Power (916 HK/BUY/HK$8.97/Target: HK$11.50) 2022: Below expectations; recognition of RMB2,045m in impairment provision. China Merchants Port (144 HK/BUY/HK$12.04/Target: HK$13.48) 2022: Core earnings a slight beat; expecting earnings decline in 2023. Maintain BUY. China Overseas Land & Investment (688 HK/BUY/HK$18.96/Target: HK$27.14) 2022: Results below expectations; targeting 20% sale...
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
00144 CHINA MERCHANTS PORT HOLDINGS CO. LTD.
LGX1 CHINA RESOURCES GAS GROUP LIMITED
01177 SINO BIOPHARMACEUTICAL LIMITED
000338 WEICHAI POWER CO. LTD. CLASS A
601919 COSCO SHIPPING HOLDINGS CO. LTD. CLASS A
601633 GREAT WALL MOTOR CO. LTD. CLASS A
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
2333 GREAT WALL MOTOR CO. LTD. CLASS H
2338 WEICHAI POWER CO. LTD. CLASS H
853 MICROPORT SCIENTIFIC CORP
COSCO SHIPPING HOLDINGS CO. LTD. CLASS H
2202 XINJIANG GOLDWIND SCIENCE&TECHNOLOGY
916 CHINA LONGYUAN POWER GROUP-H
6862 HAIDILAO INTERNATIONAL HOLDING LTD
189 DONGYUE GROUP LTD
06690 HAIER SMART HOME CO. LTD. CLASS H
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Damon Shen
- Jessie Guo Yuting
- Jieqi Liu
- Jo Yee Ng
- Johnny Yum
- Kampon Akaravarinchai
- Keith Wee Teck Keong
- Ken Lee
- Philip Wong
- Singapore Research Team
- Stevanus Juanda
- Sunny Chen
- Tanaporn Visaruthaphong
- Zhifeng Shen
- Ziv Ang Sze Champ
Regional Morning Notes - Monday, April 3, 2023
GREATER CHINA Results China Longyuan Power (916 HK/BUY/HK$8.97/Target: HK$11.50) :2022: Below expectations; recognition of Rmb2,045m in impairment provisions. China Overseas Land & Investment (688 HK/BUY/HK$18.96/Target: HK$27.14): 2022: Results below expectations; targeting 20% sales growth in 2023 with strengthened landbank. China Resources Gas (1193 HK/BUY/HK$28.95/Target: HK$35.10): 2022: Below expectations; gas shortages in 4Q22 weighed on margins. China Tourism Group Duty Free Corp (601888...
LGX1 CHINA RESOURCES GAS GROUP LIMITED
TU THAI UNION GROUP PUBLIC COMPANY LIMITED
PTTEP PTT EXPLORATION & PRODUCTION PLC
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
2333 GREAT WALL MOTOR CO. LTD. CLASS H
853 MICROPORT SCIENTIFIC CORP
MNHB MYNEWS HOLDINGS BHD
916 CHINA LONGYUAN POWER GROUP-H
6862 HAIDILAO INTERNATIONAL HOLDING LTD
BUKA BUKALAPAK.COM PT TBK
06690 HAIER SMART HOME CO. LTD. CLASS H
- Greater China Research Team
- Johnny Yum
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
- Vincent Khoo Boo Aik
REG: Strategy: Alpha Picks - March 2023
GREATER CHINA Strategy Alpha Picks: March Conviction Calls: We expect higher volatility in March, adding Zhongsheng Group to our SELL list. New BUY ideas include Anhui Conch, CM Bank, Desay SV, Fenjiu, and Sunny Optical. INDONESIA Strategy Alpha Picks: Portfolio Overhaul After Gains in Feb 23: Our picks: HMSP, ROTI, BBYB, BMRI, BUKA, SMGR, EXCL, KLBF and MAPI. MALAYSIA Strategy Alpha Picks: Blockchain And Reopening Winners: Our Alpha Picks fell significantly more than the FBMKLCI in Feb 23. Ma...
00823 LINK REAL ESTATE INVESTMENT TRUST
LGX1 CHINA RESOURCES GAS GROUP LIMITED
01109 CHINA RESOURCES LAND LIMITED
600809 SHANXI XINGHUACUN FEN WINE FACTORY CO. LTD. CLASS A
U96 SEMBCORP INDUSTRIES LTD.
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
300015 AIER EYE HOSPITAL GROUP CO. LTD. CLASS A
KLBF PT KALBE FARMA TBK
COM7 COM7
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
600585 ANHUI CONCH CEMENT COMPANY LIMITED CLASS A
600036 CHINA MERCHANTS BANK CO. LTD. CLASS A
BMRI PT BANK MANDIRI (PERSERO) TBK
ORI1 ORIENT OVERSEAS (INTERNATIONAL) LIMITED
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
MAPI MITRA ADIPERKASA
BN4 KEPPEL CORPORATION LIMITED
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
ROTI NIPPON INDOSARI CORPINDO
YNS YINSON HOLDINGS BHD
MLT MAPLETREE LOGISTICS TRUST
PTTEP-R PTT EXPLORATION & PRODUCTION PCL NVDR
HMSP HM SAMPOERNA TBK PT
ROTH BRITISH AMERICAN TOBACCO BHD
881 ZHONGSHENG GROUP HOLDINGS
MYEG MY EG SERVICES BHD
CPALL TB CP ALL
GENM GENTING MALAYSIA BHD
MAHB MALAYSIA AIRPORTS HLDGS BHD
SCB-R SIAM COMMERCIAL BANK PCL NVDR
FEH FOOD EMPIRE HOLDINGS LTD
WHA TB WHA CORP PCL
OR PTT OIL & RETAIL BUSINESS PCL
291 CHINA RESOURCES BEER HOLDINGS CO LTD
9868 XPENG INC
9888 BAIDU INC
BUKA BUKALAPAK.COM PT TBK
CVL CIVMEC
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
2378 PRUDENTIAL PLC
EXCL XL AXIATA TBK PT
CLAS CAPITALAND ASCOTT TRUST
BBYB BANK NEO COMMERCE
SMGR SEMEN INDONESIA PERSERO TBK
DELFI DELFI LTD
- Greater China Research Team
China Strategy Alpha Picks: March conviction calls.
We expect higher volatility in March as the positive news from the Two Sessions could be drowned out by concerns over tighter US dollar liquidity. We also do not expect aggressive 2023 earnings guidance during the current earnings season. We are thus adding one more name, Zhongsheng Group, to our SELL list. New additions to our BUY list are Anhui Conch, China Merchant Bank, Desay SV, Fenjiu and Sunny Optical.
00823 LINK REAL ESTATE INVESTMENT TRUST
LGX1 CHINA RESOURCES GAS GROUP LIMITED
01109 CHINA RESOURCES LAND LIMITED
600809 SHANXI XINGHUACUN FEN WINE FACTORY CO. LTD. CLASS A
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
300015 AIER EYE HOSPITAL GROUP CO. LTD. CLASS A
ORI1 ORIENT OVERSEAS (INTERNATIONAL) LIMITED
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
0914 ANHUI CONCH CEMENT COMPANY LIMITED CLASS H
M4B CHINA MERCHANTS BANK CO. LTD. CLASS H
881 ZHONGSHENG GROUP HOLDINGS
XPEV XPENG INC. ADR SPONSORED CLASS A
291 CHINA RESOURCES BEER HOLDINGS CO LTD
9888 BAIDU INC
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
2378 PRUDENTIAL PLC
- Greater China Research Team
China Strategy: Alpha Picks -- February conviction calls.
MSCI China rose a further 12.3 % in January, leading to a 52.1% rally from Oct 22 lows. We continue to expect some consolidation (or profit taking) in February, ahead of the earnings season. Hence, we take profit on earlier BUY calls and add SELL names to hedge against the expected market pullback.
LGX1 CHINA RESOURCES GAS GROUP LIMITED
ASL ABERFORTH SMALLER COMPANIES TRUST PLC
01109 CHINA RESOURCES LAND LIMITED
300015 AIER EYE HOSPITAL GROUP CO. LTD. CLASS A
ORI1 ORIENT OVERSEAS (INTERNATIONAL) LIMITED
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
00700 TENCENT HOLDINGS LTD.
700 HK TENCENT 700 HK
1772 GANFENG LITHIUM CO. LTD. CLASS H
603305 NINGBO XUSHENG AUTO TECHNOLOGY (A)
1024 KUAISHOU TECHNOLOGY
2269 WUXI BIOLOGICS CAYMAN INC
XPEV XPENG INC. ADR SPONSORED CLASS A
291 CHINA RESOURCES BEER HOLDINGS CO LTD
9888 BAIDU INC
2378 PRUDENTIAL PLC
- Ziv Ang Sze Champ
China Gas Distribution: Clearer visibility on demand recovery; dollar ...
Global natural gas prices have plunged by close to 50% in the past one month subsequent to the unseasonably warm winter season in the northern hemisphere. This could translate into lower gas costs to city-gas distributors. The earlier-than-expected lifting of COVID-19 restrictions provides a clearer visibility on the demand recovery after a flattish consumption growth in 2022. We remain cautious with stiff competition expected for LNG in 2023. Maintain MARKET WEIGHT.
- Ziv Ang Sze Champ
China Resources Gas (1193 HK): 1H22: In line; dollar margin slumped to...
CR Gas reported 1H22 earnings of HK$3,045m (-6.3% yoy), in line with expectations. Dollar margin for gas distribution slumped to HK$0.45/cbm (1H21: HK$0.58/cbm). Contribution from gas-related operations declined 22.4% yoy to HK$30.1b. Gross margin narrowed by 7.6ppt in 1H22, largely due to a spike in upstream gas prices and timelag in passing through the cost increases to end-users. Gas sales volume is expected to grow at 8-10% yoy. Maintain BUY. Target price: HK$34.70.
- Ariel Poh Yun Li
- Carol Dou Xiao Qin
- Jessie Guo Yuting
- Jieqi Liu
- Johnny Yum Chung Man
- Ken Lee
- Sunny Chen
- Ziv Ang Sze Champ
Greater China Daily: Monday, August 29, 2022
KEY HIGHLIGHTS Results China Resources Gas (1193 HK/BUY/HK$30.70/Target: HK$34.70) 1H22: In line; dollar margin slumped to HK$0.45/cbm. CIFI Ever Sunshine Services (1995 HK/BUY/HK$5.70/Target: HK$7.84) 1H22: Attributable net profit in line with expectation; no changes to 2023 target. EVE Energy (300014 HK/BUY/Rmb101.30/Target: Rmb168.00) 2Q22: Earnings miss estimate, but growth outlook beats expectations. Maintain BUY. Raise target price from Rmb165.00 to Rmb168.00. Frontage Holdings Corpora...
- Ariel Poh Yun Li
- Carol Dou Xiao Qin
- Chaiwat Arsirawichai
- Chong Lee Len
- Desmond Chong Chee Wai
- Jacquelyn Yow Hui Li
- Jessie Guo Yuting
- Jieqi Liu
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Ken Lee
- Kong Ho Meng
- Leow Huey Chuen
- Posmarito Pakpahan
- Sunny Chen
- Tanaporn Visaruthaphong
- Ziv Ang Sze Champ
Regional Morning Notes - Monday, August 29, 2022
GREATER CHINA Results China Resources Gas (1193 HK/BUY/HK$30.70/Target: HK$34.70): 1H22: In line; dollar margin slumped to HK$0.45/cbm. CIFI Ever Sunshine Services (1995 HK/BUY/HK$5.70/Target: HK$7.84): 1H22: Attributable net profit in line with expectation; no changes to 2023 target. EVE Energy (300014 HK/BUY/Rmb101.30/Target: Rmb168.00): 2Q22: Earnings miss estimate, but growth outlook beats expectations. Maintain BUY. Raise target price from Rmb165.00 to Rmb168.00. Frontage Holdings Corporati...
LGX1 CHINA RESOURCES GAS GROUP LIMITED
000063 ZTE CORPORATION CLASS A
AXIATA AXIATA GROUP BERHAD
PTTEP-R PTT EXPLORATION & PRODUCTION PCL NVDR
BAB BUMI ARMADA BERHAD
IOI IOI CORP BHD
1521 FRONTAGE HOLDINGS CORP
GREATEC GREATECH TECHNOLOGY BHD
603305 NINGBO XUSHENG AUTO TECHNOLOGY (A)
1585 YADEA GROUP HOLDINGS LTD
1995 CIFI EVER SUNSHINE SERVICES GROUP LTD
TWC TIONG WOON CORPORATION HOLDING
- Jason Wong Chun Sang
- Johnny Yum Chung Man
China Gas: Margin pressure and weaker gas consumption demand due to lo...
Gas demand remained weak in 4M22 with apparent gas consumption dropping 3.1% yoy in Apr 22 and 0.4% yoy in 4M22. We expect a recovery in gas demand from Jun 22 thanks to the easing of COVID-19 restrictions in China. However, due to gas price hikes, dollar margins of distributors should remain under pressure going forward. Maintain MARKET WEIGHT on the gas sector and upgrade ENN Energy and CR Gas to BUY as their valuations are attractive after the recent share price corrections.
China Resources Gas Group Ltd: 1 director
A director at China Resources Gas Group Ltd bought 20,000 shares at 30.000HKD and the significance rating of the trade was 55/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last t...
CHINA RESOURCES GAS GROUP sees an upgrade to Positive due to a better ...
The general evaluation of CHINA RESOURCES GAS GROUP (HK), a company active in the Gas Distribution industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 3 out of 4 possible stars while its market behaviour can be considered as defensive. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Positive. As of the analysis date November 9, 2021, the closing price was HKD...
- Akhmad Nurcahyadi
- Clement Ho Jia Xing
- Jack Goh Tooan Orng
- Kong Ho Meng
- Kowit Pongwinyoo
- Kwanchai Atiphophai
- Malaysia Research Team
- Neo Chen Wentao
- Philip Wong
- Sandra Huang Jieqiong
- Shaun Tan
- Vincent Khoo Boo Aik
- Ziv Ang Sze Champ
Regional Morning Notes - Monday, August 23, 2021
GREATER CHINA Results CR Gas (1193 HK/HOLD/HK$47.70/Target: HK$48.00): 1H21: Strong results; positive demand outlook and dollar margin under pressure. ESR Cayman (1821 HK/BUY/HK$23.05/Target: HK$29.99): 1H21: Results in line with expectations; PATMI up 61% yoy. INDONESIA Sector Banking: New regulations from OJK support the formation of digital banks. MALAYSIA Strategy Third PM In Three Years: Ismail Sabri appointed as caretaker PM until the next general election. Market to shrug off misgivings...
- Neo Chen Wentao
- Sandra Huang Jieqiong
China Resources Gas Group (1193 HK) : 1H21: Strong results; Positive d...
CR Gas reported 1H21 net profit growth of 35.6% yoy, better than our and consensus estimates. Total gas sales volume grew 29.5% yoy with dollar margin contracting to Rmb0.58/cbm in 1H21. The company guided up gas sales volume growth in 2H21 while expecting dollar margin to stay under pressure with surging LNG prices. We think the current valuation has largely priced in the positives. Maintain HOLD with a higher target price of HK$48.00.
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