＜Research＞UBS: CHINA GAS HOLD (00384.HK) Annual Results Broadly In Line w/ Stable Div.

　　Excluding one-off item, CHINA GAS HOLD (00384.HK) +0.060 (+0.840%) Short selling $11.65M; Ratio 10.900% tracked a core profit of $4 billion for the year ended March, down 4% YoY, broadly in line with the company's earlier guidance and UBS' expectations, but slightly below the street consensus of $4.2 billion, UBS said in its report. The final DPS of $0.5 was the same as last year's, but the payout ratio rose from 45% to 85%, giving a dividend yield of 7%.

　　The company's net operating cash flow for the last fiscal year added 13% YoY to a record high of $11.3 billion, while FCF also gained from $2.5 billion to a record high of $4.3 billion, partly due to the impact of reduced capex. However, the company's finance costs hiked 14% YoY to $2.1 billion, of which 6.8% was debt mix contributed by foreign debt.

　　Related NewsCHINA GAS HOLD (00384.HK) Annual NP $3.185B, Down 25.8% YoY; Final DPS $0.35

　　The broker expected market reaction to the company's results to be neutral. It gave a Buy rating and a target price of $8.2 on CHINA GAS HOLD.

　　(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-06-24 16:25.)

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