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<Research>HSBC Research Cuts Earnings Forecasts for TG SMART ENERGY/ HK & CHINA GAS, Expects Robust Gas Sales in HK
The urban gas utility sector is facing headwinds such as a slowdown in gas sales growth and a decline in the number of new users, though profit margin expansion has offset some of ...
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<Research>HSBC Research Cuts Earnings Forecasts for TG SMART ENERGY/ HK & CHINA GAS, Expects Robust Gas Sales in HK
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The urban gas utility sector is facing headwinds such as a slowdown in gas sales growth and a decline in the number of new users, though profit margin expansion has offset some of these impacts, HSBC Research said in a report.

HSBC Research expects retail gas sales to have remained stable in 2H25. While the number of new users for TG SMART ENERGY (01083.HK)  +0.050 (+1.471%)    Short selling $3.26M; Ratio 192.041%   is expected to decrease by 16% YoY in 2025, gas sales in Hong Kong will likely stay solid alongside a basically flat sales volume, and the prices will go up because of a gas price hike in August 2024.

The broker has kept a Buy rating on TG SMART ENERGY but cut its target price from HKD4.7 to HKD4. HK & CHINA GAS (00003.HK)  -0.020 (-0.280%)    Short selling $62.37M; Ratio 185.317%   's rating remains Hold, with a target price unchanged at HKD6.6.

Considering the reduced contribution from the renewable energy business, HSBC Research has lowered its earnings forecasts for TG SMART ENERGY by 6-7% for 2025-27 and for HK & CHINA GAS by 7-8%.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-04-02 16:25.)

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