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<Research>HSBC Research Cuts Earnings Forecasts for TG SMART ENERGY/ HK & CHINA GAS, Expects Robust Gas Sales in HK
Recommend 8 Positive 5 Negative 6 |
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The urban gas utility sector is facing headwinds such as a slowdown in gas sales growth and a decline in the number of new users, though profit margin expansion has offset some of these impacts, HSBC Research said in a report. HSBC Research expects retail gas sales to have remained stable in 2H25. While the number of new users for TG SMART ENERGY (01083.HK) is expected to decrease by 16% YoY in 2025, gas sales in Hong Kong will likely stay solid alongside a basically flat sales volume, and the prices will go up because of a gas price hike in August 2024. The broker has kept a Buy rating on TG SMART ENERGY but cut its target price from HKD4.7 to HKD4. HK & CHINA GAS (00003.HK)'s rating remains Hold, with a target price unchanged at HKD6.6. Considering the reduced contribution from the renewable energy business, HSBC Research has lowered its earnings forecasts for TG SMART ENERGY by 6-7% for 2025-27 and for HK & CHINA GAS by 7-8%. AAStocks Financial News |
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