China Gas sinks to over 10-year low on weak HY results; Citi downgrades

China Gas Holdings

28/11/2023 03:55

** Shares of China Gas Holdings Ltd  0384.HK  fall 9.1% to
HK$6.80, their lowest since June 2013
    ** Stock marks the biggest intraday pct decline since June
2022 
    ** The urban piped gas distributor says its first-half net
profit for six months ended September dropped 43.9% YoY to
HK$1.83 bln ($234.81 mln) with revenue down 16.1% YoY to
HK$36.05 bln  
    ** Citi downgrades the stock to "neutral" from "buy" and
trims target price by 20% to HK$7.20 as it cut its estimates as
China Gas revised down all its major targets for FY24E after it
missed all major operating targets 
    ** Hang Seng Mainland Oil & Gas Index  .HSMOGI  eases 0.7%,
Hang Seng Index  .HSI  slips 0.5%
    ** Stock down 38.6% YTD 
   ($1 = 7.7935 Hong Kong dollars)

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))