China Resources Gas jumps most in 13-1/2 yrs on strong results, higher dividend

China Resources Gas

21/03/2022 06:36

** Shares of natural gas and liquefied petroleum gas
distributor China Resources Gas Group Ltd  1193.HK  soar as much
as 20% to HK$33.85, their biggest daily percentage gain since
October 2008, if the gains hold
    ** Stock hits the highest since March 3; sixth biggest
percentage gainer in Hang Seng Composite Index  .HSCI 
    ** Company says its 2021 net profit jumped 24.2%
year-on-year to HK$6.4 bln ($817.9 mln) with revenue surging
39.9% to HK$78.2 bln and total dividend soaring 36.6% to HK$1.27
per share urn:newsml:reuters.com:*:nFWN2VL0MK
    ** Daiwa upgrades the stock to "outperform" from "hold" on
slight EPS beat but trims TP to HK$33 from HK$44 as the
brokerage lower 2022-23E EPS on weaker dollar margin
    ** Citi reiterates "buy" call on China Resources Gas for
decent gas sales growth in 2022E, sustainable connection fee
with much of its city gas projects in tiered 1-2 cities, and
rising payout ratio
    ** Hang Seng Composite Index tracking energy stocks  .HSCIE 
climbs 0.5% and Hang Seng Mainland Oil & Gas Index  .HSMOGI 
gains 0.4%
    ** Hang Seng China Enterprises Index  .HSCE  falls 1.2%, and
the benchmark Hang Seng Index  .HSI  slips 0.6%


($1 = 7.8248 Hong Kong dollars)

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