Glonghui, December 6 | CMB International published a report and lowered the target price of China Resources Gas from HK$35.48 to HK$34.13, maintaining the “buy” rating. The bank said that China Resources Gas's gas sales performance in the first ten months of this year was good. The gross margin continued to improve to 0.45 to 0.55 yuan per cubic meter, and is expected to achieve or exceed the previous guidelines of 0.5 yuan per cubic meter throughout the year. It is expected that the company will guide 3 million to 3.5 million households by adding new connections throughout the year. CMB International revised the company's 2023 new resident connection forecast downwards from 3.47 million households to 3.22 million households, and lowered the 2024 connection forecast accordingly. The earnings per share for this year and next two years were lowered to 2.67 yuan and 3.19 yuan per share.
大行评级｜招银国际：下调华润燃气目标价至34.13港元 维持“买入”评级
Bank Ratings｜CMB International: Lowering the target price of China Resources Gas to HK$34.13 to maintain the “buy” rating
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