The Hong Kong And China Gas Company: Premium Valuation Unjustified [Seeking Alpha]
HONG KONG&CHINA GAS S/ADR (HOKCY)
NASDAQ:AMEX Investor Relations:
en.wikipedia.org/wiki/hong_kong
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Source: Seeking Alpha
Summary HOKCY's Hong Kong gas business has high entry barriers, but the absence of regulated returns means it is affected by changes in sales volume and tariffs. A slowdown in gas consumption growth is negative for HOKCY's Mainland China utilities business, which is partially offset by ongoing coal-to-gas conversion and potentially lower gas input costs going forward. With a change in leadership at HOKCY, it raises the possibility of potential corporate actions that could act as catalysts for the stock. HOKCY trades at 30.1 times consensus forward FY2020 P/E and offers a consensus forward FY2020 dividend yield of 2.4%. Elevator Pitch Hong Kong-listed gas utility The Hong Kong and China Gas Company Limited ( OTCPK:HOKCY OTCPK:HOKCF I assign a "Bearish" rating to HKCG. I don't think that HKCG's premium valuation is justified, considering the ongoing social unrest in Hong Kong which has a negative impact on gas consumption in the city and a slowdown in gas consumption growth in Mainland
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