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Daiwa lifts China Gas (00384) to HK$27.8
Daiwa Research lifted its target price for China Gas (00384) to HK$27.8 from HK$24,
and maintained its "buy" rating.
The research house has recently visited China Gas's rural-gas projects in Tianjin and
Langfang. The company said that it had achieved 600k new rural household connections over
April-August (accelerating from the 320k in April-June), representing 70% of its annual
guidance of 850k.
Daiwa cited chairman Liu Minghui reemphasising that the government remains committed to
banning uncontrolled coal use in Beijing/Tianjin/Hebei, Shanxi, Henan and Shandong, with 
more subsidy policies to be rolled out for residential and industrial coal-to-gas
conversion, likely leading to a 40m rural household connection market by FY2022.
Daiwa lifted its FY2018-20 EPS forecasts by 1-6%.

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