Gas stocks are getting better valuations, you can pay attention to the recent correction in the sector, strong business demand

The China-Russia East Line natural gas pipeline was opened, and gas stocks were generally up yesterday. Among them, Tianlun Gas (1600), due to Jilin Province owning 10 urban gas projects, was the first to start yesterday, driven by the news, and then the leading Runan (1193) also rose more and more

Eventually, both Tianlun Gas and Tianlun Gas closed more than 2%. In terms of trends, the sector has seen a recent correction, but the valuation has also become attractive. As business demand remains strong and the trend of the leader gradually stabilizes, you can pay more attention.

According to internal media reports, the Sino-Russian Eastern Gas Pipeline officially started to ventilate on the 2nd of this month. After entering the Heihe River in Heilongjiang Province, China, the pipeline will pass from Northeast to North China and finally pass to Shanghai. Tianlun Gas took the lead in announcing recently that the company has 10 urban gas projects, 19 gas stations and 1 LNG plant project in Jilin Province. These projects will also directly benefit from the entry of Russian Gas and provide new business for the company. growth point.

Driven by the news, the stock continued to rebound, once rising more than 4% and stomping on 20 antennas (7.06 yuan), and eventually rebounded to a 2.33% increase to close at 7.04 yuan. On the contrary, the leading run-burner is getting more and more brave, closing at a daily high of 44.25 yuan, up 2.55%.

The stock retreated after breaking the peak at 48 yuan early last month, and recently saw support at 50 antennas (43.25 yuan).

Sino-Russian Eastern Pipeline opens

Runran has also been sung by the exchange certificate recently, saying that although its growth has slowed significantly since the third quarter, it is expected that demand will resume growth driven by winter heat demand in the fourth quarter, plus that it has returned to net cash level since June The balance sheet performance is more stable than its peers, and the dividend payout may increase. The target price is raised from 33 yuan to 44 yuan, maintaining the “hold” rating.

The National Development and Reform Commission announced earlier that cumulative apparent natural gas demand in the first 10 months of this year slowed to 9% year-on-year, compared with 17% in the same period last year. The slowdown was mainly due to the macroeconomic slowdown and a high base last year.

However, Nomura still maintains a positive view of China’s natural gas sector due to the pressure of natural gas distributors and the strong demand from the Mainland. The first choices are Xin’ao (2688), Zhongneng (384), Runan, and the former two “Buy” rating.

In terms of trends, Xin’ao is relatively hard and clean compared to the other two, and it has repeatedly run rampant at high levels, falling by only 3% within a month. Although Xinao has recently carried out an equity reorganization, the news has not had much impact on the stock price as the news has been digested. Nomura believes that there is no negative impact on the fundamentals and maintains a “Buy” rating and a target price of 103 yuan. Xinao closed at 84.85 yuan yesterday.

China Combustion’s medium-term net profit meets expectations

China Fuel’s share price has also weakened since last month, and has fallen after announcing its mid-day results, but it has stabilised before returning to 250 antennas (28.59 yuan). Citigroup said that China Fuel’s interim net profit was in line with expectations, growing 16.2% year-on-year. The main driving force was retail sales volume and growth of new connected users. It reiterated “buy” and raised its target price to 38 yuan. China Fuel closed at 29.6 yuan yesterday.

In terms of stocks, after adjusting for China Fuel and Run Fuel, the forecast price-earnings ratios are about 16 times and 19 times, respectively. The valuation is reasonable, and there is room for rebound after stabilization. It can be deployed.


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