报告名称：Binhai Investment (02886.HK)Share Consolidation and Change in Board Lot Size
报告类型：港股研究
报告日期：2015-05-15
研究机构：国泰君安国际
研究员：郭勇
股票名称：滨海投资
股票代码：08035,02886
页数：6
简介：The Share Consolidation of the Company took effect on 14 May. TheBoard had proposed to implement the Share Consolidation on the basis thatevery 10 issued and unissued Existing Ordinary Shares of HK$0.01 in theshare capital of the Company are to be consolidated into 1 ConsolidatedOrdinary Share of HK$0.10 each.
Maintain the sale of piped gas assumptions of the Company unchanged.The Company expects to sell about 700 million m3 of piped gas in 2015, andthe sale of piped gas is expected to grow at a CAGR of 34% from 2015 to2017. The significant sales growth of pipeline gas is mainly contributed byBinhai New Area.
Maintain gas tariff assumptions of the Company unchanged. We expectgas tariff of the Company in 2015 to benefit greatly from the gas prices reformand to significantly raise the profitability of gas distribution business of theCompany. A large proportion of gas the Company purchases is fiincrementalgasfl, hence the gas prices reform will significantly lower the purchase costs ofthe Company.
Reset TP to HKD 6.40 and maintain fiBuyfl.

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