China-Thai International: Expected Profit Growth to Resume from FY25, Rating of TSL (01600.HK) Upgraded to "Hold"

Chinatimes Financial app learned that Zhongtai International has released a research report stating that it is expected that China Gas Holdings (01600.HK) will see profit growth again from FY25 onwards, with a CAGR of 12.0% in shareholder net profit from FY24-27. The main reasons include: the company is focusing on strengthening industrial and commercial users in second and third-tier cities, meeting the rigid demand for natural gas in local basic and strategic industries, reducing reliance on residential users connecting services affected by fluctuations in the real estate market; the company's pricing mechanism operates effectively, with stable gas price differentials; the leadership team is mainly composed of professional managers, ensuring the continuity of efficient governance. Based on this, Zhongtai International has set a target price of 3.68 Hong Kong dollars, corresponding to a P/E ratio of 10.5 times FY25 and an increase space of 11.5%, with a dividend yield of 5.0% for FY25 attracting level, raising the rating to "hold".