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<Research>BofAS Adds CHINA RES GAS (01193.HK) TP to $22.5 as Oct Natural Gas Sales Improve
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CHINA RES GAS (01193.HK) initiated share buybacks last Thursday and Friday (20 and 21 November), repurchasing 672,000 shares and 1.1 million shares each, accounting for 0.03% and 0.05% of its issued shares, according to BofA Securities' research report. It is yet unclear whether this is due to share price considerations or administrative factors. Moreover, the Company's natural gas sales increased by 0.6% YoY in 10M25, mainly driven by improved performance in October. Industrial gas volume rebounded, growing by 0.8% YoY, attributed to cold winter. However, commercial gas volume remained weak, declining 3% YoY, though October showed modest growth. Therefore, BofA Securities added its target price from $21 to $22.5, and reiterated rating at Neutral due to slightly high valuation, but a 4.6% dividend yield, coupled with a buyback returns of about 3%, is expected to support the stock price, especially with a more favorable base in 2H25. AASTOCKS Financial News Website: www.aastocks.com |
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