ICBC International: Maintains Kunlun Energy (00135.HK) "buy" rating with target price reduced to HK$9.6.

According to the China Banking International APP, Kunlun Energy (00135.HK) saw a 4% year-on-year drop in net profit to 3.161 billion RMB in the first half of the year, which was 7% lower than the bank's forecast. This was mainly due to lower retail sales volume, unit gross profit, and other income in its natural gas sales business than expected. As the second half of the year usually sees higher sales and administrative expenses, China Banking International expects Kunlun Energy's profits in the second half of the year to fall by 17% compared to the first half. The unit gross profit forecast for 2025 to 2027 has been lowered by 0.03 RMB per cubic meter, correspondingly reducing profit forecasts for 2025 to 2027 by 9% to 13%. The target price has been lowered from 10.08 HKD to 9.6 HKD, and the "buy" rating has been maintained.