Daiwa Securities: Upgraded target price of Hong Kong and China Gas (00003.HK) to 6.7 Hong Kong dollars. Rating is "in line with the market."

According to the Zhitong Financial APP, Morgan Stanley released a research report stating that after considering the performance of Hong Kong & China Gas (00003.HK) last year and the recent development of the gas market, due to the downward adjustment of the forecasted gas sales growth, the profit forecast for the company in the next two years has been lowered by 4% to 5%. However, due to an upward revision of the valuation basis to a forecasted P/E ratio of 20 times (previously 18 times), the target price has been raised by 8%, from 6.2 Hong Kong dollars to 6.7 Hong Kong dollars, reflecting the improvement in market sentiment under increasing macroeconomic uncertainty and declining interest rates. The rating is "synchronized with the overall market."