Ge Long Hui·2025-11-26 06:17Core Viewpoint - Bank of America Securities reports that China Resources Gas initiated share buybacks last Thursday and Friday, repurchasing 672,000 shares and 1.1 million shares, representing 0.03% and 0.05% of the issued shares, respectively, with the motivation behind the buybacks still unclear [1] Group 1: Company Performance - In the first ten months of the year, the company's natural gas sales increased by 0.6% year-on-year, primarily driven by improved performance in October [1] Group 2: Earnings Forecast and Valuation - The bank raised the earnings per share forecasts for 2025 and 2026 by 1.5% and 1%, respectively, reflecting stronger industrial gas demand [1] - The target price was increased from HKD 21 to HKD 22.5, maintaining a "neutral" rating due to slightly high valuations, but a 4.6% dividend yield combined with a buyback yield of approximately 3% is expected to support the stock price, especially with a more favorable base in the second half of the year [1]