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
Jayson Kong ...
  • Joyce Chan Pui Lai
  • Julia Cheung Pui Man
  • Katrina Chen Chucan
  • Lee Yuk Kei
  • Tham Mun Hon
  • Zhifeng Shen

Greater China Daily: Wednesday, October 16, 2019

KEY HIGHLIGHTS Economics Inflation Falling PPI inflation points to further earnings pressure. Money Supply Further RRR cuts needed. Asian Gems Corporate Highlights China Gas Holdings (384 HK/BUY/HK$31.90/Target: HK$36.39) Multiple engines to drive growth. Xiabuxiabu Catering Management (520 HK/BUY/HK$10.50/Target: HK$13.50) Recovery on track. TRADERS’ CORNER ZA Online (6060 HK): Trading Buy Range COFCO Packaging (906 HK): Trading Buy Range

UOB
Adrian Loh Tzum Yung ...
  • Arandi Ariantara
  • Jayson Kong
  • Jonathan Koh
  • Julia Cheung Pui Man
  • Katrina Chen Chucan
  • Keith Wee Teck Keong
  • Lee Yuk Kei
  • Loke Pei Hao
  • Peerawat Dentananan
  • Tham Mun Hon
  • Thananchai Jittanoon
  • Zhifeng Shen

Regional Morning Notes - Wednesday, October 16, 2019

GREATER CHINA Economics Inflation: Falling PPI inflation points to further earnings pressure. Money Supply: Signs of stabilisation; expect gradual improvement ahead. Asian Gems Corporate Highlights China Gas Holdings (384 HK/BUY/HK$31.90/Target: HK$36.39): Multiple engines to drive growth. Xiabuxiabu Catering Management (520 HK/BUY/HK$10.50/Target: HK$13.50): Recovery on track. INDONESIA Sector Construction: WIKA could book 67% yoy net income growth in 9M19; maintain MARKET WEIGHT. MALAYSIA Update Syarikat Takaful Malaysia Keluarga (STMB MK/HOLD/RM6.21/Target: RM6.50): We expect a mild qoq rec...

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

UOB Kay Hian published on 25th September an update on China Gas Holdings (384 HK), which is one of the leading gas distribution companies in China. The 5-page update (including the 2-page disclaimer) contains forecasts for FY2020, FY2021 and FY2022 for the company's key data, including net turnover, operating profit, EPS, PER, PBR and ROE. Our unchanged target price for China Gas provides the basis for our maintained investment recommendation. For more information about the UOBKayHian dealing services in the Asia-Pacific region and the research on Asian companies (including bespoke packages an...

UOB
Carol Dou Xiao Qin ...
  • Charles Wong Kok Min
  • Joyce Chan Pui Lai
  • Julia Pan Mengyao
  • Katrina Chen Chucan
  • Michael Cheung Ho Bun
  • Zhifeng Shen

Greater China Daily: Wednesday, September 25, 2019

KEY HIGHLIGHTS Sector Healthcare 25-province GPO lowers tender prices further; pressure remains on other generics. Update China Gas Holdings (384 HK/BUY/HK$29.55/Target: HK$36.39) Key takeaways from field research in Northeast China. Edvantage Group Holdings (382 HK/NOT RATED/HK$3.77) Largest business school in the Greater Bay Area. TRADERS’ CORNER SD Gold (1787 HK): Trading Buy Range Ping An (2318 HK): Trading Sell Range

UOB
Katrina Chen Chucan ...
  • Zhifeng Shen

China Gas Holdings - Key takeaways from field research in Northeast China.

Government officials recently discussed gas utilisation and their efforts in promoting gas consumption in Heilongjiang and Harbin. China Gas’ management guided that it would secure a 71% and 80.4% market share by 2025 and 2030 respectively in Heilongjiang. Maintain BUY on China Gas with a target price of HK$36.39.

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

UOB Kay Hian published on 25th September an update on China Gas Holdings (384 HK), which is one of the leading gas distribution companies in China. The 5-page update (including the 2-page disclaimer) contains forecasts for FY2020, FY2021 and FY2022 for the company's key data, including net turnover, operating profit, EPS, PER, PBR and ROE. Our unchanged target price for China Gas provides the basis for our maintained investment recommendation. For more information about the UOBKayHian dealing services in the Asia-Pacific region and the research on Asian companies (including bespoke packages an...

UOB
Katrina Chen Chucan ...
  • Zhifeng Shen

China Gas Holdings - Key takeaways from field research in Northeast China.

Government officials recently discussed gas utilisation and their efforts in promoting gas consumption in Heilongjiang and Harbin. China Gas’ management guided that it would secure a 71% and 80.4% market share by 2025 and 2030 respectively in Heilongjiang. Maintain BUY on China Gas with a target price of HK$36.39.

UOB
Adrian Loh Tzum Yung ...
  • Arsit Pamaranont
  • Benyamin Mikael
  • Carol Dou Xiao Qin
  • Kader Farhan Bin Kader Ridzwan
  • Katrina Chen Chucan
  • Malaysia Research Team
  • Michael Cheung Ho Bun
  • Singapore Research Team
  • Zhifeng Shen

Regional Morning Notes - Wednesday, September 25, 2019

GREATER CHINA Sector Healthcare: 25-province GPO lowers tender prices further; pressure remains on other generics. Update China Gas Holdings (384 HK/BUY/HK$29.55/Target: HK$36.39): Key takeaways from field research in Northeast China. INDONESIA Update Sumber Alfaria Trijaya (AMRT IJ/HOLD/Rp890/Target: Rp960): Lower interest expense and fee-based income are growth drivers; upgrade to HOLD. MALAYSIA Update Malaysian Resources Corporation (MRC MK/BUY/RM0.74/Target: RM0.95): While a soft patch is expected following the dismal 1H19 results, MRCB is upbeat about delivering improved hoh earning...

UOB
Greater China Research Team

Strategy - Alpha Picks: Greater China August Conviction List

We highlight our analysts’ high conviction calls for August – Ausnutria Dairy (1717 HK), China Communication Services (552 HK), China Gas (384 HK), CNBM (3323 HK), CSPC (1093 HK), Huaneng Renewables (958 HK), Huifu Payment (1806 HK), and Sunac China (1918 HK). We also add CQRC (3618 HK), Microport Scientific (853 HK), and Nine Dragons Paper (2689 HK) to our SELL list.

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...

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
Carol Dou Xiao Qin ...
  • Charles Wong Kok Min
  • Joyce Chan Pui Lai
  • Julia Pan Mengyao
  • Katrina Chen Chucan
  • Michael Cheung Ho Bun
  • Zhifeng Shen

Greater China Daily: Wednesday, September 25, 2019

KEY HIGHLIGHTS Sector Healthcare 25-province GPO lowers tender prices further; pressure remains on other generics. Update China Gas Holdings (384 HK/BUY/HK$29.55/Target: HK$36.39) Key takeaways from field research in Northeast China. Edvantage Group Holdings (382 HK/NOT RATED/HK$3.77) Largest business school in the Greater Bay Area. TRADERS’ CORNER SD Gold (1787 HK): Trading Buy Range Ping An (2318 HK): Trading Sell Range

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. loses on its star level and is downgraded to Slightly Positive

The independent financial analyst theScreener just slightly lowered the general evaluation of CHINA GAS HOLDINGS LTD. (HK), active in the Gas Distribution industry. The title has lost a star(s) at the fundamental level and now shows 2 out of 4 stars. Its exposure to market risk remains nonetheless the same and can be still described as defensive. theScreener slightly downgrades the general evaluation to Slightly Positive for the title on account of the lost star(s). As of the analysis date September 6, 2019, the closing price was HKD 30.10 and its potential was estimated at HKD 36.23.

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 - 1H19 results wrap-up.

ENN and CR Gas posted 88.7% yoy and 10.6% yoy growth in net profit respectively in 1H19. ENN’s core earnings increased 14.4% yoy in 1H19. Gas sales volumes rose 19.4% yoy and 13.1% yoy for ENN and CR Gas respectively. Both ENN and CR Gas’ dollar margins contracted by Rmb0.04/cbm yoy to Rmb0.58/cbm respectively in 1H19. We raise ENN’s target price to HK$96.40 and CR Gas’ to HK$38.00. Reiterate BUY for ENN and HOLD for CR Gas. Maintain OVERWEIGHT on the sector.

UOB
Katrina Chen Chucan ...
  • Zhifeng Shen

Gas - National gas demand growth rebounds in July.

National apparent gas demand growth recovered to 11.9% yoy in Jul 19 (Jun 19: + 7.6% yoy), which we partly attribute to the increase in gas injection to storage facilities as the winter heating season is approaching. Domestic gas output growth moderated to 8.6% yoy in Jul 19 from 13.1% yoy in Jun 19. LNG imports remained strong, growing 18.1% yoy in Jul 19. Gas import dependence rate remained high at 43.6% in 7M19. Maintain OVERWEIGHT on the gas sector.

UOB
Katrina Chen Chucan ...
  • Zhifeng Shen

Gas - Key takeaways from gas conference in Changchun.

We attended a conference on “Natural Gas Utilisation And Development In Northeast China” held by Oil Chem in Changchun on 29 August. Key points raised by experts were: a) import prices of Russian gas should be similar to city gate prices in northeast China, b) further cooperation between China and Russia in the gas sector is underway, and c) there is immense gas consumption potential in northeast China. Maintain OVERWEIGHT on the gas sector.

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.

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