Gas distributor China Resources Gas at two-week low on Daiwa downgrade

China Resources Gas

09/04/2019 05:34

** Shares of gas distributor China Resources Gas Group Ltd
 1193.HK  slide as much as 2.1 pct to HK$34.30, the lowest since
Mar. 28 and are on track for 5th straight session of decline  
    ** Daiwa downgrades stock to "hold" from "outperform" amid
uncertainty on a likely gas distribution tariff cut 
    ** Daiwa lifts target price to HK$36.50 from HK$36, saying
it revises up gas sales volume growth estimates with additional
residential gas connections in 2020-21 
    ** As of last close, the stock had risen 13.1 pct so far
this year
    ** China Resources Gas has outperformed the Hang Seng
Commerce & Industry Index sector  .HSNC  by 2.5 percentage
points in the past one month
    ** The Hong Kong Hang Seng Commerce & Industry Index  .HSNC 
gains 0.6 pct, and the Hang Seng China enterprises index  .HSCE 
climbs 0.2 pct   

 (Reuters Messaging: donny.kwok.thomsonreuters.com@reuters.net)