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2025-07-17 11:25:32 Daiwa released a research report expecting HK & CHINA GAS (00003.HK) to see a YoY decline of 0-5% in 1H25 profit, affected by weak demand for sustainable aviation fuel, offset by gas price hike in August 2024. However, the 2H25 outlook is estimated to weaken due to the diminishing impact of gas price increase on 2H24 base effect and the potential disappearance of emergency orders caused by US tariffs. The broker also anticipated that HK & CHINA GAS' gas sales volume in mainland China will grow by 1-2% YoY, missing the guidance of 5% growth, leading to a downward revision in the interim results announcement next month. Daiwa's top picks for Hong Kong utilities are CKI HOLDINGS (01038.HK) and POWER ASSETS (00006.HK), based on the benefits of Northumbrian Water from regulatory reset next month. The GBP/ USD appreciation may trigger higher market earnings forecasts. The broker also predicted CKI HOLDINGS and POWER ASSETS to achieve single-digit net profit growth in 1H25. ~ AASTOCKS Financial News Website: www.aastocks.com | |