China Gas Holdings Ltd

00384: XHKG (HKG)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	HK$88.30	Rfbvvt	Zbmsbnyc

2023 A Better Year for China Gas Utilities; Mostly Reflected in Share Prices

Chokwai Lee

Feb 23, 2023

2022 has been a challenging year for China gas utilities given COVID-19 restrictions and the lackluster real estate market. However, we expect them to benefit from the reversal of China’s COVID-19 policies in 2023. Coupled with supportive measures for the property sector, gas utilities should see better gas sales volume and new residential connections. We keep our fair value estimates for China Gas Holdings, or CGH, China Resources Gas, or CRG, and ENN Energy, or ENN, at HKD 16.30, HKD 39.00 and HKD 135.00, respectively, after reviewing our earnings assumptions.

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