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CHINA GAS HOLDINGS LIMITED

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China Gas Shares Fall 20% after Earnings Miss

11/30/2021 | 01:11am EST

By Clarence Leong

Shares of China Gas Holdings Ltd. plunged to their lowest level in more than four years after the company missed earnings estimates, while analysts slashed profit forecasts and target prices.

The stock was 20% lower at HK$14.06 on Tuesday afternoon, taking year-to-date losses to 54%.

The Hong Kong-headquartered gas distributor late Monday posted a 19% decline in first-half net profit to 4.11 billion Hong Kong dollars (US$526.9 million), well short of the HK$5.44 billion expected by a FactSet poll of analysts. China Gas attributed the decline in part to narrower gross-profit margins.

Bocom International cut its fiscal 2022-2024 earnings estimates for the company by 25%-33%, noting a 39% year-on-year decline in new gas connections in the first half. A decline had been anticipated due to safety incidents, including a serious gas explosion in China's Hubei province, "but the magnitude was much bigger than expected," Bocom said.

The brokerage cut its target price by 26% to HK$15.90, maintaining a neutral rating.

Daiwa Capital Markets reduced its net-profit forecasts for China Gas by 31% for fiscal 2022 and 32.5% for fiscal 2023, noting that first-half earnings came in at only 34% of the brokerage's original full-year forecast. It also lowered its forecasts for residential installations by around half to 2.6 million in fiscal 2022 and 2.9 million in fiscal 2023, noting the company said a property sector meltdown in China was partly to blame for the weakness.

Daiwa kept a hold rating on China Gas but trimmed its target price by 26% to HK$18.40.

Write to Clarence Leong at clarence.leong@wsj.com

(END) Dow Jones Newswires

11-30-21 0111ET

Stocks mentioned in the article
ChangeLast1st jan.
CHINA GAS HOLDINGS LIMITED -1.53% 15.44 End-of-day quote.-4.69%
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Financials
Sales 2022 81 743 M 10 498 M 10 498 M
Net income 2022 9 452 M 1 214 M 1 214 M
Net Debt 2022 33 440 M 4 295 M 4 295 M
P/E ratio 2022 8,87x
Yield 2022 3,03%
Capitalization 84 757 M 10 887 M 10 885 M
EV / Sales 2022 1,45x
EV / Sales 2023 1,30x
Nbr of Employees 59 462
Free-Float -
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Technical analysis trends CHINA GAS HOLDINGS LIMITED
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 23
Last Close Price 15,44 HKD
Average target price 24,35 HKD
Spread / Average Target 57,7%
EPS Revisions
Managers and Directors
Ming Hui Liu Executive Chairman, President & Managing Director
Yong Huang Executive President & Executive Director
Erwan Mao Independent Non-Executive Director
Yu Hua Zhao Independent Non-Executive Director
Yan Yan Chen Independent Non-Executive Director
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