China Gas Holdings Ltd
00384: XHKG (HKG)
Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
---|---|---|---|
HK$96.60 | Snrppcs | Pqmlcpmr |
China Gas Holdings: Lowering Earnings Estimates on Weaker Industry Trends
As we saw weaker 2024 new residential connections guidance from both narrow-moat ENN Energy and China Resources Gas, we decided to fine-tune our earnings forecasts for narrow-moat China Gas Holdings, or CGH, to incorporate the latest trend. This leads to CGH’s fiscal (ending March) 2024-26 earnings estimates being lowered by 1%-2%, and our fair value estimate is slightly reduced to HKD 12.50 per share from HKD 12.60.