华润燃气_持有_业绩受业务关联疲弱拖累

China Resources Gas Group (1193 HK) Hold: Results dragged by weak connections Results dragged by fewer connections: China Resources Gas (CRG) reported net profit of HKD4.1bn (-22% y-o-y), while excluding one-offs, core profit was flat y-o-y, missing our estimates and market consensus. Growth in gas sales was offset by a 28% y-o-y decline in segment profit from connections, as both new connection volume and margin dropped. DPS was cut to HKD0.95/sh (-18% y-o-y, or +3% y-o-y if excluding the non-core part of ...