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<Research>BOCI Downgrades CHINA GAS HOLD (00384.HK) to Hold as FY2025 NP Misses
Recommend 2 Positive 5 Negative 4 |
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CHINA GAS HOLD (00384.HK) saw a mere 2% increase in net profit for FY2025 ended March 2025, reaching $3.252 billion, 21% below BOCI's forecast, according to BOCI's research report. Moreover, almost all business segments of the Company missed earnings expectations. Looking ahead, BOCI expected CHINA GAS HOLD's FY2026 profit to grow by 13% YoY, mainly driven by improved unit profit and a slight incline in natural gas sales. The broker lowered its FY2026-FY2027 profit forecasts by 14-15%, and downgraded rating from Buy to Hold on limited upside. Despite the lower earnings forecasts for CHINA GAS HOLD, BOCI added its target price from $7.58 to $7.77, primarily due to a decrease in WACC forecast from 6.8% to 6.5%, reflecting a lower risk-free rate, lower beta and debt cost. Its new target price corresponds to a forecasted FY2026 PE ratio of 11.4x. AASTOCKS Financial News Website: www.aastocks.com |
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