智通财经网·2025-11-26 06:59Core Viewpoint - Bank of America Securities reports that China Resources Gas (01193) initiated share buybacks on October 20 and 21, purchasing 672,000 shares and 1.1 million shares, representing 0.03% and 0.05% of issued shares respectively, with the motivation behind the buyback still unclear [1] Financial Performance - The company raised its 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 buyback benefits of approximately 3% is expected to support the stock price, especially with a more favorable base in the second half of the year [1] Sales and Revenue - 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] - Industrial gas volume rose by 0.8% year-on-year, attributed to colder winter conditions; however, commercial gas volume remained weak, declining by 3% year-on-year, although a mild growth was recorded in October [1] - The unit gross profit increased by 1 RMB cent year-on-year, reaching between 0.56 and 0.57 RMB [1] - Connection volumes maintained a year-on-year decline of 16%, while comprehensive service revenue saw an expanded decline of 14%, and comprehensive energy revenue growth narrowed to 8% [1]