UBS: Maintains China Gas target price of HK$8.9, rating "Buy"

UBS released a research report stating that it maintains a target price of 8.9 Hong Kong dollars for China Gas and a "buy" rating. Management has indicated that the dividend per share will not be less than 0.35 Hong Kong dollars by the end of 2027, with the decrease in the dividend payout ratio explained as retaining funds for capital expenditures to support a 15% target growth. This suggests that the dividend cut reflects reinvestment for future growth, rather than weak cash flow.