According to a report published by Citigroup, China Resources Gas's net profit forecast for 2024 to 2026 was lowered by 8.3%, 9.5%, and 9.2%, respectively, to reflect the reduction in its retail gas sales growth forecast. The average annual growth rate forecast for 2024 to 2025 is 3%, which is lower than the company's target of 6% growth last year, mainly due to lower growth in the industrial sector than expected; the company reported results in Hong Kong dollars, which was affected by the depreciation of the RMB against the Hong Kong dollar. The bank said it lowered the target price of China Resources Gas from HK$32.5 to HK$32.1, maintaining a “buy” rating. Its net profit forecast for last year was 4% lower than market expectations. Furthermore, the company's compound annual profit growth rate for this year and next two years is expected to reach 8%, and it is optimistic that the company's financial situation as a state-owned enterprise is stable and the investment risk is low.

Zhitongcaijing · 01/07 08:33
According to a report published by Citigroup, China Resources Gas's net profit forecast for 2024 to 2026 was lowered by 8.3%, 9.5%, and 9.2%, respectively, to reflect the reduction in its retail gas sales growth forecast. The average annual growth rate forecast for 2024 to 2025 is 3%, which is lower than the company's target of 6% growth last year, mainly due to lower growth in the industrial sector than expected; the company reported results in Hong Kong dollars, which was affected by the depreciation of the RMB against the Hong Kong dollar. The bank said it lowered the target price of China Resources Gas from HK$32.5 to HK$32.1, maintaining a “buy” rating. Its net profit forecast for last year was 4% lower than market expectations. Furthermore, the company's compound annual profit growth rate for this year and next two years is expected to reach 8%, and it is optimistic that the company's financial situation as a state-owned enterprise is stable and the investment risk is low.