Morgan Stanley: Maintains "overweight" rating on CHINA RES GAS(01193) with target price raised to HK$34.1.

Morgan Stanley has released a research report stating that the target price of CHINA RES GAS (01193) has been raised by 2%, from 33.4 Hong Kong dollars to 34.1 Hong Kong dollars, mainly reflecting better profit forecasts, maintaining a "hold" rating. Both the pessimistic and optimistic assumptions for the company have also been raised by 2%, mainly due to higher earnings per share forecasts. Morgan Stanley stated that the profit forecasts for CHINA RES GAS for the years 2024-2026 have been raised by 2%, taking into account the actual performance in the first half of 2024, mainly due to better profit margin forecasts and extending the valuation to 2025 based on a P/E ratio of 13, previously 14 for 2024.