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HSBC lifts Towngas China (01083) to HK$8

  HSBC Global lifted its target price for Towngas 
China (TCCL)(01083) to HK$8 from HK$7.8, and reiterated its "buy" rating.
  TCCL reported its 2017 profit of HK$1,365m (+40% YoY) and the research house calculated
recurring earnings at HK$1,284m (+24% YoY) after excluding one-offs such as FX, disposal 
gains, fair value changes etc. Performance was driven by stronger gas sales volume 
offsetting weakness in dollar margins.
  HSBC revised its 2018-20 gas sales volume growth forecast to +16%/+16%/+15% (previously:
+17%/+13%+11%) based on latest management guidance of high teen growth over the next 2-3 
years. It also slightly lifted up connection fee per customer for 2018 and expects it to 
remain stable over 2019-20.
  HSBC believes that TCCL should experience fewer downside risks from China's recent cap 
on gas utilities at a 7% return, because most of its gas projects are young while
profitability is yet to ramp up.

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