HK/China Equity Long-Short

Osbert Tang, CFA

Equity Bottom-Up

Share price of <a href="https://www.smartkarma.com/entities/china-gas-holdings-ltd" target="_blank" data-smartkarma-citation="entities:14315:1" rel="noopener">China Gas Holdings (384 HK)</a> has dropped by 12.3% in the last three days after the 7.5% new share placement to raise HK$11.6bn. While there will be EPS dilution over the next two years, we still see EPS growth at a decent level with ROE staying high at 22.8% for FY22F. In fact, the frequent corporate moves recently including exploring hydrogen energy, developing LNG terminal and co-operating with major central SOEs are encouraging developments.Its cooperation with <a href="https://www.smartkarma.com/entities/cnooc-ltd" target="_blank" data-smartkarma-citation="entities:175:1" rel="noopener">CNOOC Ltd (883 HK)</a> on hydrogen production and hydrogen refueling station will potentially open a growth driver to capture the numerous opportunities in this rapidly growing market segment. Meanwhile, the construction of LNG terminal will provide it a tighter grip on LNG cost and procurement. We see such strategic and operational developments positive to the long-term well-being of China Gas.

Share price of China Gas Holdings (384 HK) has dropped by 12.3% in the last three days after the 7.5% new share placement to raise HK$11.6bn. While there will be EPS dilution over the next two years, we still see EPS growth at a decent level with ROE staying high at 22.8% for FY22F. In fact, the frequent corporate moves recently including exploring hydrogen energy, developing LNG terminal and co-operating with major central SOEs are encouraging developments.Its cooperation with CNOOC Ltd (883 HK) on hydrogen production and hydrogen refueling station will potentially open a growth driver to capture the numerous opportunities in this rapidly growing market segment. Meanwhile, the construction of LNG terminal will provide it a tighter grip on LNG cost and procurement. We see such strategic and operational developments positive to the long-term well-being of China Gas.  

China Gas Holdings (384 HK): Placement, Hydrogen Energy, LNG Terminal and Unicom/Sinopec Co-Ops

Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

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Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.<ul><li><a href='#lucror-entity-316'>ENN Energy</a></li><li><a href='#lucror-entity-16456'>ENN Natural Gas</a></li><li><a href='#lucror-entity-17651'>Indofood CBP Sukses</a></li><li><a href='#lucror-entity-9423'>West China Cement</a></li><li><a href='#lucror-entity-473'>Wynn Macau Ltd</a></li></ul>

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.ENN EnergyENN Natural GasIndofood CBP SuksesWest China CementWynn Macau Ltd

Morning Views Asia: ENN Energy, ENN Natural Gas, Indofood CBP Sukses, West China Cement

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Morning Views Asia: Adani Green Energy, Adani Ports & Special Economic Zone, ENN Natural Gas

China

Enn Natural Gas Co.,Ltd. offers natural gas engineering services. The Company provides natural gas engineering investment, gas station construction, and energy equipment distribution services. Enn Natural Gas also operates coal materials, chemicals,  and biopharmaceutical products trading businesses.

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ENN Natural Gas (600803 CH)

China Gas Holdings (384 HK): Placement, Hydrogen Energy, LNG Terminal and Unicom/Sinopec Co-Ops

We are not too negative on the new share placement by China Gas. We think the recent strategic and operational initiatives position it well in the...

Osbert Tang, CFA

Morning Views Asia: ENN Energy, ENN Natural Gas, Indofood CBP Sukses, West China Cement

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region,...

Lucror Analytics

Weekly Wrap - 19 Jan 2024

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and...

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Weekly Wrap - 12 Jan 2024

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and...

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Morning Views Asia: Adani Green Energy, Adani Ports & Special Economic Zone, ENN Natural Gas

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region,...

Lucror Analytics

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