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<Research>BofAS Estimates PETROCHINA Annual Contract Gas Prices to Lift 2-5% YoY
Recommend 23 Positive 33 Negative 15 |
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PETROCHINA (00857.HK) was expected to see its annual contract gas prices lift by 2-5% YoY, in line, a research report by BofA Securities indicated. But if the high spot prices persist for a longer period, there could be further upside. Mounted cost pressures typically compress margins for distributors, leading BofA Securities to maintain a cautious view on the sector. For every RMB2 cents of decline in dollar margin would lower HK & CHINA GAS (00003.HK) and ENN ENERGY (02688.HK) earnings by 4-5%, and CHINA RES GAS (01193.HK) and CHINA GAS HOLD (00384.HK) earnings by 8-9%. The following are BofA Securities' ratings and target prices for the relevant stocks: Stock | Investment Rating | Target Price CHINA GAS HOLD (00384.HK) | Underperform | HKD5.1 -> 5 CHINA RES GAS (01193.HK) | Neutral | HKD22 HK & CHINA GAS (00003.HK) | Underperform | HKD6.5 SHENZHEN GAS (601139.SH) | Buy | RMB8 AASTOCKS Financial News Website: www.aastocks.com |
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