Outlook Remains Stable; Maintain Our Fair Value Estimate Of HKD 13.00 Per Share

Leading Independent Investment Research, Morningstar, Inc.

Morningstar

Leading Independent Investment Research

Morningstar, Inc.

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. We offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors. 

Morningstar provides data on more than 500,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 16 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries, with more than $180 billion in assets under advisement or management as of June 30, 2015. We have operations in 27 countries.

Download the Morningstar Fact Sheet : http://corporate.morningstar.com/US/documents/MarketingFactSheets/AboutMorningstarFactsheet.pdf

Equity Bottom-Up

<ul><li class="p1">We recently reviewed Hong Kong and China Gas' business, and we remain comfortable with our overall business outlook.</li><li class="p1">We anticipate that the firm’s Hong Kong gas business will remain stable, providing resilient earnings and robust cash inflows, while its China gas distribution business continues to drive growth.</li></ul><p><em>Analyst: Jennifer Song</em></p>

We recently reviewed Hong Kong and China Gas' business, and we remain comfortable with our overall business outlook.We anticipate that the firm’s Hong Kong gas business will remain stable, providing resilient earnings and robust cash inflows, while its China gas distribution business continues to drive growth.Analyst: Jennifer Song

Hong Kong & China Gas

Overall Business Outlook Is Healthy