＜Research＞Citi Cuts CHINA GAS HOLD (00384.HK) TP to $6.5 as Annual Profit Far Misses

　　Citi Research issued a research report reiterating rating at Sell on CHINA GAS HOLD (00384.HK) +0.050 (+0.700%) Short selling $11.65M; Ratio 10.900% as its net profit for FY2024 ended March was 25% lower than the market consensus, far missing expectation.

　　Although Citi Research was positive on its free cash flow growth of 70.2% YoY to $4.29 billion in FY2024, it is uncertain if the growth can be sustained as 61% of it came from the decrease in current assets.

　　Related NewsCHINA GAS HOLD (00384.HK) Annual NP $3.185B, Down 25.8% YoY; Final DPS $0.35

　　In addition, the report said that, although CHINA GAS HOLD maintains its DPS at $0.5, which is equivalent to a 7% dividend yield in FY2024, part of it was funded by new debt, resulting in higher net gearing. Therefore, Citi Research cut its target price to $6.5, from $7.2.

　　(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-06-24 16:25.)

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