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<Research>Citi Cuts Earnings Forecast for HK & CHINA GAS (00003.HK), Expects 2025 Profit to Miss w/ Unchanged DPS
Recommend 11 Positive 12 Negative 13 |
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Citi Research issued a research report lowering its 2025-2027 earnings forecasts for HK & CHINA GAS (00003.HK) by 2-5%, mainly due to the lowered contribution forecast from its subsidiary, TG SMART ENERGY (01083.HK), and 2025 foreign exchange loss caused by the appreciation of CNY/ HKD. Given the relatively mild revision to the earnings forecast for HK & CHINA GAS, the broker kept its target price at $ 7, with rating at Neutral. Citi Research's 2025 earnings forecast for HK & CHINA GAS is 8% lower than market consensus, and is expected to decline by 2% YoY (even excluding the foreign exchange impact, core earnings are expected to remain roughly flat YoY). The broker estimated HK & CHINA GAS to maintain its DPS at $0.35, implying a dividend yield of 5%. Citi Research believed that investors are most concerned about HK & CHINA GAS' dividend. In Hong Kong's utilities sector, the broker preferred GUANGDONG INV (00270.HK), with rating at Buy, and projected its 2025 dividend yield to be 4.9%. AASTOCKS Financial News Website: www.aastocks.com |
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