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2025-07-17 09:56:14 The performance of Chinese gas utilities in 1H25 was muted, with natural gas demand remaining unchanged compared to the same period last year, Morgan Stanley published a research report saying. LNG imports significantly declined, similar to the situation in 2022, affected by a warm winter, high base and falling coal prices, resulting in weak growth in industrial gas consumption during the period. Morgan Stanley expected interim earnings of city gas companies to remain flat generally, with KUNLUN ENERGY (00135.HK) estimated to outperform its peers, while CHINA RES GAS (01193.HK) will underperform due to sluggish connection and integrated services business. The broker lowered its 2025/ 2026 earnings forecasts by 30-35%, and trimmed its target price from the original $30 to $19.2, with rating at Equalweight. Morgan Stanley was optimistic about KUNLUN ENERGY's growth prospects, lower valuation and quality balance sheet, and projected its 1H25 earnings growth to reach low single digits, with rating at Outperform. The broker also believed that high-yield stocks like CHINA GAS HOLD (00384.HK) and HK & CHINA GAS (00003.HK) will continue to be favored. ~ AASTOCKS Financial News Website: www.aastocks.com | |