China Gas Sector:Plenty of juice despite the squeeze
类型:行业研究 机构:大和证券(香港)有限公司 研究员:Dennis Ip,Cindy Li 日期:2014-10-20
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We believe only 2 city-gas operators will maintain or expand theirunit dollar margins after the final city-gate hike in 2H15
Significant volume growth in Beijing prior to the completion ofgas-fired heating centres is a short-term trading opportunity
TCCL remains our top pick; BJCE and BEH should benefit fromgas-fired fuel conversion; downgrading CSG on subdued outlook
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