Zhi Tong Cai Jing·2025-09-01 10:06Core Viewpoint - DBS reported that China Resources Gas (01193) experienced a 30.5% year-on-year decline in net profit for the first half of the year, falling short of expectations, primarily due to weak new connection volumes and comprehensive service business [1] Financial Performance - The company's net profit decreased by 30.5% year-on-year, which was below market expectations [1] - The forecast for comprehensive service revenue is expected to show negative growth due to a strategic adjustment by the company and ongoing weakness in the real estate market, which continues to suppress new connection demand [1] Earnings Forecast - DBS has revised down its earnings forecasts for 2025 and 2026 by 6% and 12% respectively [1] Investment Rating - Based on a cautious outlook, DBS maintains a "Hold" rating and has lowered the target price from HKD 24.3 to HKD 20.5 [1] - The stock is still considered to provide an attractive dividend yield of over 5% [1]