China Gas Holdings (P Chip)

China Gas Holdings and its subsidiaries is a gas operator and service provider primarily engaged in the investment, construction and operation of city gas pipeline infrastructure facilities, gas terminals, storage and transportation facilities, and gas logistics systems, transmission of natural gas and liquefied petroleum gas (LPG) to residential, industrial and commercial customers, construction and operation of compressed natural gas/liquefied natural gas refilling stations as well as the development and application of technologies relating to natural gas and LPG in China.
  • Ticker0384
  • ISINBMG2109G1033
  • ExchangeHong Kong Stock Exchange
  • SectorOil Equipment, Services & Distribution
  • CountryBermuda

Analysts

UOB
Katrina Chen Chucan ...
  • Zhifeng Shen

Gas - Double-digit growth in national gas demand, rural CTG to accelerate.

National gas consumption growth moderated to 7.6% yoy and 10.8% yoy in June and 1H19 respectively from 18.1% yoy in 2018. We expect double-digit national gas demand growth in 2019. The acceleration of township CTG should benefit China Gas the most among the three distributors we cover. The connections business’ margin cap would have little impact on gas distributors’ operations. Maintain OVERWEIGHT on the gas sector.

UOB
Tham Mun Hon

CHINA STRATEGY REPORT (2H19): 22-page report - Price = US$500:-

UOB Kay Hian published on 27th June this report on China Strategy to assess the outlook for the Chinese economy in 2019-2020 and to highlight our preferred HK-listed China plays in 2H19. The report contains 15 actionable investment ideas (12 BUY recommendations and 3 SELL recommendations). For more information about the UOBKayHian dealing services in the Asia-Pacific region and the research on Asian companies (including bespoke packages and free trials), please contact David Osman or Simon Dickson in London. UOB Kay Hian (UK) Ltd. is authorised and regulated by the Financial Conduct Authority...

UOB
Greater China Research Team

Strategy - Alpha Picks: July Conviction List.

We highlight our analysts’ high conviction calls for July – Ausnutria Dairy (1717 HK), China Gas (384 HK), China Communication Services (552 HK), CNBM (3323 HK), GAC (2238 HK), Huifu Payment (1806 HK), Sino Biopharm (1177 HK), Sunac China (1918 HK) and Tongcheng-elong (780 HK).

UOB
Greater China Research Team ...
  • Tham Mun Hon

Strategy: 2H19 - The long road ahead

Trade frictions and persistent efforts at China’s containment will soon erode the optimism over a dovish Fed and ECB. While China will also roll out policies to shore up economic confidence, there are near-term risks of a weaker renminbi and capital flight. In addition, China’s growth potential will fall if efforts at displacing China from the global manufacturing value chain persist. Hence, we see pressures for further EPS downgrades and prefer BUYing domestic exposure for 2H19.

1 director bought

A director at China Gas Holdings Ltd bought 400,000 shares at 29.810HKD and the significance rating of the trade was 67/100. 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 two years clearly showing Close periods where trading activity is restricted under listing rules. The nam...

UOB
Tham Mun Hon

CHINA STRATEGY REPORT (2H19): 22-page report - Price = US$500:-

UOB Kay Hian published on 27th June this report on China Strategy to assess the outlook for the Chinese economy in 2019-2020 and to highlight our preferred HK-listed China plays in 2H19. The report contains 15 actionable investment ideas (12 BUY recommendations and 3 SELL recommendations). For more information about the UOBKayHian dealing services in the Asia-Pacific region and the research on Asian companies (including bespoke packages and free trials), please contact David Osman or Simon Dickson in London. UOB Kay Hian (UK) Ltd. is authorised and regulated by the Financial Conduct Authority...

UOB
Greater China Research Team

Strategy - Alpha Picks: July Conviction List.

We highlight our analysts’ high conviction calls for July – Ausnutria Dairy (1717 HK), China Gas (384 HK), China Communication Services (552 HK), CNBM (3323 HK), GAC (2238 HK), Huifu Payment (1806 HK), Sino Biopharm (1177 HK), Sunac China (1918 HK) and Tongcheng-elong (780 HK).

UOB
Greater China Research Team ...
  • Tham Mun Hon

Strategy: 2H19 - The long road ahead

Trade frictions and persistent efforts at China’s containment will soon erode the optimism over a dovish Fed and ECB. While China will also roll out policies to shore up economic confidence, there are near-term risks of a weaker renminbi and capital flight. In addition, China’s growth potential will fall if efforts at displacing China from the global manufacturing value chain persist. Hence, we see pressures for further EPS downgrades and prefer BUYing domestic exposure for 2H19.

UOB
Greater China Research Team ...
  • Tham Mun Hon

2H19 China Strategy: The long road ahead.

Trade frictions and persistent efforts at China’s containment will soon erode the optimism over a dovish Fed and ECB. While China will also roll out policies to shore up economic confidence, there are near-term risks of a weaker renminbi and capital flight. Further out, China’s growth potential will fall if efforts at displacing China from the global manufacturing value chain persist. Hence, we see pressures for further EPS downgrades and prefer BUYing domestic exposure for 2H19.

CHINA GAS HOLDINGS (384 HK): 3-page Update – Price = US$100:-

HIGHLIGHTS: UOB Kay Hian published on 24th June an update on China Gas Holdings (384 HK), which invests in, operates and manages natural gas distribution pipelines, as well as bottling and selling compressed natural gas. The 5-page update (including the 2-page disclaimer) assesses the FY2019 results and contains forecasts for FY2020-2022 for the company's key data, including net turnover, operating profit, EPS, PER, PBR and ROE. Our revised target price for China Gas provides the justification for our maintained investment recommendation. For more information about the UOBKayHian dealing servi...

1 director bought

A director at China Gas Holdings Ltd bought 400,000 shares at 29.810HKD and the significance rating of the trade was 67/100. 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 two years clearly showing Close periods where trading activity is restricted under listing rules. The nam...

UOB
Johnny Yum Chung Man ...
  • Ken Lee
  • Zhifeng Shen

Greater China Daily: Monday, June 24, 2019

KEY HIGHLIGHTS CHINA Sector Automobile Weekly sales data: Retail sales up 25% yoy in second week of June amid ongoing destocking. Results China Gas (384 HK/BUY/HK$27.85/Target: HK$36.39) FY19: Strong gas sales and rural connections.

UOB
Joyce Chan Pui Lai ...
  • Julia Cheung Pui Man
  • Lee Yuk Kei
  • Neo Chen Wentao
  • Sandra Huang Jieqiong
  • Shaun Tan

Greater China Daily: Monday, May, 27, 2019

KEY HIGHLIGHTS CHINA Sector Coal A gloomy 2019, downgrade to UNDERWEIGHT. Results I.T (999 HK/HOLD/HK$3.75/Target: HK$3.69) FY19: In line; no change to store expansion strategy in China. HONG KONG Sector Property Weekly Wrap-up: REDA relaxes sales guidelines. TRADERS’ CORNER China Gas (384 HK): Trading Buy Range Tsingtao Brewery (168 HK): Trading Sell Range

UOB
Johnny Yum Chung Man ...
  • Joyce Chan Pui Lai
  • Ken Lee
  • Robin Yuen
  • Zhifeng Shen

Greater China Daily: Wednesday, April, 17, 2019

KEY HIGHLIGHTS CHINA Shariah Gems Conference Highlights China Gas (384 HK/BUY/HK$25.55/Target: HK$35.44) Key takeaways from Malaysia Shariah Gems Conference: Organic expansion in FY19 gas sales. China Lilang (1234 HK/NOT RATED/HK$8.81) Smart casual and e-commerce driving growth Geely Auto (175 HK/BUY/HK$16.68/Target: HK$20.00) Takeaways from Malaysia Shariah Gems Conference: Updates on sales, margins, competition, partnerships and strategies. TRADERS’ CORNER CCB (939 HK): Trading Buy Range China Education (839 HK): Trading Buy Range

UOB
Greater China Research Team ...
  • Joyce Chan Pui Lai

Greater China Daily: Thursday, April, 4, 2019

KEY HIGHLIGHTS CHINA Strategy Alpha Picks: Greater China April Conviction List Take profit on China Mengniu Dairy. TRADERS’ CORNER CGS (6881 HK): Trading Buy Range Sino-Ocean Group (3377 HK): Trading Buy Range

CHINA GAS HOLDINGS LTD. sees an upgrade to Slightly Positive due to a better fundamental star rating

The general evaluation of CHINA GAS HOLDINGS LTD. (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 moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date May 14, 2019, the closing price was HKD 24.55 and its potential was estimated at HKD 30.66.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

UOB
Katrina Chen Chucan ...
  • Zhifeng Shen

Gas - Double-digit growth in national gas demand, rural CTG to accelerate.

National gas consumption growth moderated to 7.6% yoy and 10.8% yoy in June and 1H19 respectively from 18.1% yoy in 2018. We expect double-digit national gas demand growth in 2019. The acceleration of township CTG should benefit China Gas the most among the three distributors we cover. The connections business’ margin cap would have little impact on gas distributors’ operations. Maintain OVERWEIGHT on the gas sector.

UOB
Zhifeng Shen

Gas - Moderate national gas demand growth with city gate price hike.

National gas consumption growth moderated to 10.6% yoy and 11.4% yoy in April and 4M19 respectively from 18.1% yoy in 2018. Gas imports dependence rate still remained high at 43.3% in 4M19. We believe gas distributors’ gas sales growth will continue to beat the national average. We also expect distributors to successfully manage cost pass-throughs, given the sufficient discounts offered to downstream users. Maintain OVERWEIGHT.

UOB
Zhifeng Shen

Gas - 2018 results wrap-up.

In 2018, core net profits of ENN and CR Gas beat our estimates by 5.9% and 1.4% respectively. Gas sales volumes rose 18.9% yoy and 23.4% yoy for ENN and CR Gas respectively. Dollar margin shrunk by Rmb0.02 yoy to Rmb0.61/cbm for ENN but up Rmb0.02 yoy to Rmb0.60/cbm for CR Gas. We trim ENN’s target price to HK$87.10 and raise CR Gas’ target price to HK$34.30. Maintain BUY for ENN and HOLD for CR Gas. Maintain OVERWEIGHT on the gas sector.

ResearchPool Subscriptions

Get the most out of your insights

Get in touch