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花旗:维持华润燃气(01193)“买入”评级 目标价下调至32.1港元

Citi maintains the Buy rating for CHINA RES GAS (01193) and lowers the Target Price to HKD 32.1.

Zhitong Finance ·  Jan 7 15:12  · Ratings

Citigroup expects that CHINA RES GAS will achieve an average annual compound growth rate of 8% in profits over the next two years.

According to Zhitong Finance APP, Citibank released a research report stating that it maintains a "Buy" rating on CHINA RES GAS (01193), lowering the Target Price from 32.5 HKD to 32.1 HKD. This is 4% lower than market expectations for last year's Net income. Additionally, it is estimated that the company's average annual compound growth rate in profits will reach 8% over the next two years, and the company's financial situation as a state-owned enterprise is considered robust, with relatively low investment risk.

The bank indicated that the Net income forecasts for CHINA RES GAS for 2024 to 2026 have been lowered by 8.3%, 9.5%, and 9.2% respectively, to reflect reduced expectations for the growth of retail Henry Hub Natural Gas sales volume. The average annual growth rate forecast for 2024 to 2025 is 3%, which is lower than the company's target of a 6% increase last year, mainly due to lower-than-expected growth in the industrial sector; the company reports its performance in HKD, which is affected by fluctuations in Exchange Rates.

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