China Resources Gas Group Ltd

01193: XHKG (HKG)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	HK$74.00	Bncyf	Lphthbb

China Gas Utilities: China Gas' Strong Dollar Margin Guidance a Positive Read for the Sector

Chokwai Lee

Jun 27, 2023

We think the gas utilities sector is undervalued, but our preferred pick is ENN Energy, given its well-diversified earnings and ability to source competitively priced gas. Although China Gas Holdings’ valuation is undemanding, we acknowledge that the firm will need to show consistent improvement in earnings before a rerating kicks in. Following CGH’s disappointing fiscal 2023 (ending March) results, we cut our fiscal 2024-25 earnings estimates by about 21% to reflect lower connections income.

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