In today’s briefing:
- HK & China Gas (3 HK): A Yield Play Back in Favour
HK & China Gas (3 HK): A Yield Play Back in Favour
- At 5.4% for FY24-26F, Hong Kong & China Gas (3 HK) has the second-highest dividend yield among its HK utility peers. A lower US rate makes it attractive.
- An unchanged interim DPS of HK$0.12 despite a decline in reported net profit suggests the resilience of its dividend stream. Core operating profit has increased 2%.
- While gearing has gone up, HKCG still has excellent cash-generating ability (FY23: HK$10.9bn). It has also cut back in capex with a 33% YoY drop for 1H24.
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