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Citi tweaks China Oil & Gas (00603) to HK$0.75
Citi Research lifted its target price for China Oil & Gas (COG)(00603)
to HK$0.75 from HK$0.7, and reiterated its "buy" rating.
The research house raised its 2017-19 net profits forecast by 11-23% on higher NG sales
volumes.
It likes COG given (i) its NG sales growth +7ppts to +22% yoy in 9-month 2017 versus 1H
YoY; (ii) reduced dollar margin risk in 2H, mitigated by a sales mix improvement with over
40% sales growth in high-margin commercial & industrial (C&I) users mainly from
non-Qinghai provinces; and (iii) its valuations of 7.9x 2018 PE and 0.9x PB. 

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