Hong Kong & China Gas Stands to Gain Amid Market Volatility -- Market Talk

Dow Jones08-09

0623 GMT - Hong Kong & China Gas will likely benefit from recession worries as investors look towards Hong Kong utilities as a safe haven sector, Dennis Ip at Daiwa Capital Markets writes in a note. Given its Chinese business recovery, it will likely honor its dividend commitment, Ip says. It could also benefit from further appreciation of the Chinese yuan against the Hong Kong dollar, as it has China business exposure but reports earnings in Hong Kong dollars, Ip adds. However, investors should watch for non-core asset disposals which will result in corresponding impairment bookings, and the oming winter season, Ip says. Daiwa upgrades the rating to outperform from hold and raises the target price to HK$6.90 from HK$6.20. Shares are 0.6% lower at HK$6.50. (kimberley.kao@wsj.com)

(END) Dow Jones Newswires

August 09, 2024 02:23 ET (06:23 GMT)

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However, investors should watch for non-core asset disposals which will result in corresponding impairment bookings, and the oming winter season, Ip says. Daiwa upgrades the rating to outperform from hold and raises the target price to HK$6.90 from HK$6.20. Shares are 0.6% lower at HK$6.50. 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