Most gas stocks are up. As of press time, China Res Gas (01193) rose 4.02% to HK$29.75; Kunlun Energy (00135) rose 2.36% to HK$9.1; China Gas Hold (00384) rose 0.82% to HK$7.35.
According to the Zhittong Financial App, most gas stocks have risen. As of press time, China Res Gas (01193) rose 4.02% to HK$29.75; Kunlun Energy (00135) rose 2.36% to HK$9.1; China Gas Hold (00384) rose 0.82% to HK$7.35; and Enn Energy (02688) rose 0.47% to HK$63.8.
On the news front, Morgan Stanley released research reports stating that despite recent concerns about gross profit and production, they are more confident in the mainland gas industry. The bank points out that in terms of fundamentals, the entire sector is improving through gross profit expansion and natural increase in demand for gas. They believe that demand for gas in the mainland will maintain high unit growth at least until 2030, and that the recent gas usage in cities is still at a healthy level. Morgan Stanley also pointed out that the global gas supply outlook in the coming years should be sufficient to support higher gas consumption and gross profit, and that market concerns about pipeline income are gradually decreasing and shifting towards stable dividend yields. The bank has listed China Res Gas as their latest top pick in the industry, with a target price raised from HK$27 to HK$33.4; and has upgraded Enn Energy's rating from 'synchronized with the market' to 'shareholding', with a target price raised from HK$68.8 to HK$76.1.
Morgan Stanley has released research reports stating that despite recent concerns about gross profit and production, they are more confident in the mainland gas industry. The bank points out that in terms of fundamentals, the entire sector is improving through gross profit expansion and natural increase in demand for gas. They believe that demand for gas in the mainland will maintain high unit growth at least until 2030, and that the recent gas usage in cities is still at a healthy level. Morgan Stanley also pointed out that the global gas supply outlook in the coming years should be sufficient to support higher gas consumption and gross profit, and that market concerns about pipeline income are gradually decreasing and shifting towards stable dividend yields. The bank has listed China Res Gas as their latest top pick in the industry, with a target price raised from HK$27 to HK$33.4; and has upgraded Enn Energy's rating from 'synchronized with the market' to 'shareholding', with a target price raised from HK$68.8 to HK$76.1.