China Resources Gas Group Ltd

01193: XHKG (HKG)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	HK$19.00	Qnrls	Nlhymnkk

China Resources Gas Fairly Valued; Better Outlook in 2023

Chokwai Lee

Feb 23, 2023

Business Strategy and Outlook

China Resources Gas Group is a state-owned gas utilities group in China engaging in downstream city gas distribution. We expect CRG to generate returns above its cost of capital over the next decade, supporting our narrow-moat rating. China’s goal to increase gas usage to 15% of the country’s energy sources by 2030 will continue to encourage long-term demand growth, in our view. We project CRG’s natural gas sales volume to grow at an 8.8% CAGR during 2021-26.

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