The 2021 interim results of the Company were higher than market consensus and our expectations. Total revenue of the Company increased35.6% yoy to HK$24.73 billion; net profit attributable to shareholders increased 57.5% yoy to HK$4.20 bilion.
Maintain gas sales assumptions in Hong Kong. We expect total sales of gas in Hong Kong to be flat in 2021 as the impact from the COVID-19 pandemic remains.
Revise up the Company's gas sales assumptions in mainland China.
We expect total sales of natural gas of the Company in mainland China to increase by about 20%-25% in 2021. We expect China's natural gas consumption to resume double-digit growth speed in 2021 and maintain fast growth speed over the next 3-5 years.
Maintain gas dollar margin assumptions unchanged. Gas dollar margin of the Company is expected to remain stable in 2H21 as the gas price adjustment mechanism is much more mature now.
Revise up the TP to HK$14.25, and maintain "Accumulate".
本公司2021年中期業績高於市場共識和我們的預期。公司總收入同比增長35.6%,達到247.3億港元;股東應佔純利同比增長57.5%,達到4.2億港元。
維持香港的天然氣銷售假設。我們預計,由於新冠肺炎疫情的影響仍在,2021年香港天然氣總銷量將持平。
修訂該公司在中國大陸的天然氣銷售假設。
我們預計2021年本公司在中國大陸的天然氣銷售總額將增長約20%-25%。我們預計,2021年中國天然氣消費量將恢復兩位數的增長速度,並在未來3-5年保持較快增長速度。
維持天然氣美元利潤率假設不變。由於天然氣價格調整機制已經成熟,預計本公司的天然氣美元利潤率在21年下半年將保持穩定。
將TP上修至14.25港元,維持“積數”。