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<Research>Daiwa Upgrades CN Gas Industry Rating to Neutral, HK & CHINA GAS Rating to Outperform
Recommend 10 Positive 8 Negative 9 |
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Daiwa has published a research report predicting natural gas demand to rebound this year due to base effects. This year, however, China's winter climate is expected to be mild with significant temperature fluctuations. A warm winter may suppress growth in heating demand. In addition, while competition will likely intensify as urban gas suppliers usually offer discounts to attract industrial clients during winter, as gas supply will not be short under a mild winter, the profit risk for gas companies in mainland China and Hong Kong should be limited. Daiwa has upgraded the rating of the Chinese gas utility sector from Negative to Neutral. It favors high-dividend stocks like CHINA GAS HOLD (00384.HK) and HK & CHINA GAS (00003.HK). Specifically, it has upgraded HK & CHINA GAS' rating from Hold to Outperform and raised its target price from HKD7.1 to HKD7.7. AAStocks Financial News |
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