China Resources Gas Group Ltd

01193: XHKG (HKG)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	HK$66.00	Qlxbq	Gpdrlthh

China Resources Gas Earnings: Mixed Results; New Residential Connections Slowing

Chokwai Lee

Apr 2, 2024

China Resources Gas’, or CRG’s, 2023 net profit was up 10% year on year to HKD 5.2 billion. While the firm’s gross profit was in line with our forecast, net profit was below mainly due to higher finance and amortization costs. After factoring in the latest results, our 2024-26 earnings forecasts are cut by an average of 12% and we lower CRG’s fair value estimate to HKD 30.00 per share from HKD 31.00. The reduction in fair value estimate is marginal as we also project lower capital expenditure during 2024-26.

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