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Citi: KUNLUN ENERGY is undervalued, slightly lowering the Target Price to HKD 8.7.
Citi published a Research Report indicating that it has lowered KUNLUN ENERGY's (00135) net income forecast for the next two years by 0.3% to 0.6%, primarily due to a decrease in the contribution from the liquefied natural gas (LNG) processing and transportation business. The bank slightly reduced the company's Target Price from 8.8 Hong Kong dollars to 8.7 Hong Kong dollars, maintaining a "Buy" rating. The bank mentioned that KUNLUN ENERGY's net income last year was 5.5% lower than market expectations, mainly due to the disposal of gas stations and additional sales price discounts that led to a decline in the gas price differential (dollar margin). The group's pre-tax profit from natural gas sales dropped 1.4% year-on-year, but the future gas price differential is expected to be more favorable.
Citi: pointed out that KUNLUN ENERGY (00135) is undervalued, slightly lowered the Target Price to 8.7 HKD.
The report mentioned that KUNLUN ENERGY's net income last year was 5.5% lower than market expectations, mainly due to the disposal of gas stations and more sales price discounts leading to a decrease in gas price differential (dollar margin).
[Brokerage Focus] BOCOM INTL maintains a Buy rating on KUNLUN ENERGY (00135) but indicates that its core earnings are below expectations.
Jinwu Finance | BOCOM INTL Research Reports indicate that KUNLUN ENERGY (00135) core profit in 2024 is expected to grow by 3.5% year-on-year to 6.36 billion yuan, slightly below the bank's expectation of 2%. This is primarily due to lower-than-expected profits in the LNG/upstream Sector, with the LNG terminal utilization rate being slightly 1.6 percentage points lower than the bank's expectation, coupled with higher-than-expected costs at the LNG processing plant. The bank noted that the company expects an 8% increase in retail gas volume for 2025, as the company added 8 urban gas projects last year and increased its industrial/commercial users by 18%/21%, providing a basis for incremental growth. It is estimated that the gas sales gross margin will remain in 2025.
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