Annual Report 2015
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Company Report Hong Kong Equity Research
Monday, May 30, 2016 China Merchants Securities (HK) Co., Ltd. Company Report Hong Kong Equity Research Anna YU Sinopec Kantons (934 HK) +852 6226 8956 Oil & gas logistics platform to thrive on volume growth [email protected] ■ Key beneficiary of robust China crude oil imports given its more than 50% market share in domestic crude oil jetty services market Initiation ■ Newly acquired natural gas pipeline to leverage on robust China natural gas consumption in the long run BUY ■ Valuation attractive. Initiate with BUY and TP of HK$5.14 Leverage on robust China crude oil imports Price HK$3.72 12-month Target Price We expect China crude oil imports to grow at solid 7% CAGR in 2015- HK$5.14 (+38%) 20E underpinned by lower domestic production, inventory build-up and (Potential up/downside) higher non-state crude oil import quota. Thanks to robust China crude oil imports, we expect the throughput volume in Sinopec Kantons’ 7 Price Performance domestic crude oil terminals to increase from 187mt in 2015 to 244mt in (%) 2018E, representing a CAGR of 9% during the period with overall 10 934 HSI Index utilization up from 69% in 2015 to 83% in 2018E. 0 Gas transmission volume to recover from low base -10 -20 The newly acquired Yu-Ji Pipeline reported a 7.8% YoY decline in -30 transmission volume to 3.0bcm in 2015, mainly due to 37% YoY plunge in -40 volume to Shandong given increased LNG imports in the area upon the -50 operation of Qingdao LNG terminal as at the end of 2014. -
Regional Energy Industry Insights
Regional Energy Industry Insights Volume II Refer to important disclosures at the end of this report DBS Group Research . Equity 5 Jul 2019 The Regional Energy space in Asia-Pacific is evolving rapidly, and we are keeping tabs to share with you. This is the next in a series of short features for the sector in a new and refreshed format, where we will, on a regular basis, present emerging trends and updates that will be of long-term interest for readers. Happy reading! ed: TH/ sa: JC, PY, CS Regional Energy Industry Insights: Issues in regional renewables markets Analyst Issues in regional renewables markets Patricia YEUNG +852 36684189 [email protected] • Investments in renewable energy capacity is on the Suvro Sarkar +65 81893144 rise in most Asia-Pacific markets, but is it all smooth [email protected] sailing? Pei Hwa HO +65 6682 3714 [email protected] • We identify some current issues in renewables sector in select countries in the region and expected progress on these issues in future • In the following pages, we will focus on China, Australia, Vietnam and Bangladesh respectively Page 2 Regional Energy Industry Insights: Issues in regional renewables markets Contents 1. Focus on China – towards grid parity Page 4 2. Focus on Australia – coping with MLFs Page 9 3. Focus on Vietnam – risking agreements Page 13 4. Focus on Bangladesh – land ahoy Page 19 Page 3 Regional Energy Industry Insights: Issues in regional renewables markets SECTION 1: FOCUS ON CHINA Widening shortfall in renewable energy fund. The delay in subsidy payments has been a major overhang for the renewable sector in China. -
Credit Trend Monitor: Earnings Rising with GDP; Leverage Trends Driven by Investment
CORPORATES SECTOR IN-DEPTH Nonfinancial Companies – China 24 June 2021 Credit Trend Monitor: Earnings rising with GDP; leverage trends driven by investment TABLE OF CONTENTS » Economic recovery drives revenue and earnings growth; leverage varies. Rising Summary 1 demand for goods and services in China (A1 stable), driven by the country's GDP growth, Auto and auto services 6 will benefit most rated companies this year and next. Leverage trends will vary by sector. Chemicals 8 Strong demand growth in certain sectors has increased investment requirements, which in Construction and engineering 10 turn could slow some companies’ deleveraging efforts. Food and beverage 12 Internet and technology 14 » EBITDA growth will outpace debt growth for auto and auto services, food and Metals and mining 16 beverages, and technology hardware. As a result, leverage will improve for rated Oil and gas 18 companies in these sectors. A resumption of travel, outdoor activities and business Oilfield services 20 operations, with work-from-home options, as the coronavirus pandemic remains under Property 22 control in China will continue to drive demand. Steel, aluminum and cement 24 Technology hardware 26 » Strong demand and higher pricing will support earnings growth for commodity- Transportation 28 related sectors. These sectors include chemicals, metals and mining, oil and gas, oilfield Utilities 30 services, steel, aluminum and cement. Leverage will improve as earnings increase. Carbon Moody's related publications 32 transition may increase investments for steel, aluminum and cement companies. But List of rated Chinese companies 34 rated companies, which are mostly industry leaders, will benefit in the long term because of market consolidation. -
THE ASIA-PACIFIC 02 | Renewable Energy in the Asia-Pacific CONTENTS
Edition 4 | 2017 DLA Piper RENEWABLE ENERGY IN THE ASIA-PACIFIC 02 | Renewable energy in the Asia-Pacific CONTENTS Introduction ...................................................................................04 Australia ..........................................................................................08 People’s Republic of China ..........................................................17 Hong Kong SAR ............................................................................25 India ..................................................................................................31 Indonesia .........................................................................................39 Japan .................................................................................................47 Malaysia ...........................................................................................53 The Maldives ..................................................................................59 Mongolia ..........................................................................................65 Myanmar .........................................................................................72 New Zealand..................................................................................77 Pakistan ...........................................................................................84 Papua New Guinea .......................................................................90 The Philippines ...............................................................................96 -
Towngas China Co Ltd
China / Hong Kong Company Guide Towngas China Co Ltd Version 1 | Bloomberg: 1083 HK Equity | Reuters: 1083.HK Refer to important disclosures at the end of this report DBS Group Research . Equity 21 May 2018 BUY (Initiate coverage) Storing up for growth Last Traded Price ( 18 May 2018):HK$7.90 (HSI : 31,048) First mover advantage in large scale storage facilities Price Target 12-mth: HK$9.00 (14% upside) Dollar margin to remain stable despite winter gas A nalyst shortage Tony WU CFA +852 2971 1708 [email protected] Sales volume to reach CAGR of 14% in FY17-20 Patricia YEUNG +852 28638908 [email protected] Initiate with BUY rating, TP is set at HK$9.00 Price Relative More re-rating to go. Towngas China differs from other gas distributors in its determination to invest in midstream assets. By leveraging on the vast experience and resources of the parent company such as underground storage facility and LNG receiving terminal, it will allow the company to mitigate the dollar margin pressure and we believe the dollar margin will remain stable in FY18. Also, its gas sales volume growth is expected to reach a CAGR of 14% in FY17-20, which will help to drive up the adjusted earnings growth to 14% in FY17-20. This is expected to help the stock re-rate Forecasts and Valuation back to the 15-23x PE range before the oil price collapsed in FY Dec (HK$ m) 2017A 2018F 2019F 2020F 2014 and when volume growth was at double digit. Turnover 8,760 10,120 11,223 12,260 EBITDA 2,619 3,034 3,361 3,663 Where w e differ. -
Hang Seng Indexes Announces Index Review Results
14 August 2020 Hang Seng Indexes Announces Index Review Results Hang Seng Indexes Company Limited (“Hang Seng Indexes”) today announced the results of its review of the Hang Seng Family of Indexes for the quarter ended 30 June 2020. All changes will take effect on 7 September 2020 (Monday). 1. Hang Seng Index The following constituent changes will be made to the Hang Seng Index. The total number of constituents remains unchanged at 50. Inclusion: Code Company 1810 Xiaomi Corporation - W 2269 WuXi Biologics (Cayman) Inc. 9988 Alibaba Group Holding Ltd. - SW Removal: Code Company 83 Sino Land Co. Ltd. 151 Want Want China Holdings Ltd. 1088 China Shenhua Energy Co. Ltd. - H Shares The list of constituents is provided in Appendix 1. The Hang Seng Index Advisory Committee today reviewed the fast expanding innovation and new economy sectors in the Hong Kong capital market and agreed with the proposal from Hang Seng Indexes to conduct a comprehensive study on the composition of the Hang Seng Index. This holistic review will encompass various aspects including, but not limited to, composition and selection of constituents, number of constituents, weightings, and industry and geographical representation, etc. The underlying aim of the study is to ensure the Hang Seng Index continues to serve as the most representative and important benchmark of the Hong Kong stock market. Hang Seng Indexes will report its findings and propose recommendations to the Advisory Committee within six months. The number of constituents of the Hang Seng Index may increase during this period. Hang Seng Indexes Announces Index Review Results /2 2. -
Annual Report
The Hong Kong and China Gas Company Limited (Stock Code: 3) annual report EXPANDING NEW HORIZONS Building on a distinguished history as a local energy supplier in Hong Kong spanning more than a century and a half, we have in recent years consistently embraced new opportunities and challenges as the scope of our operations has progressively expanded. 2014 AWARDS AND RECOGNITIONS TOWNGAS TOWNGAS CHINA Global Chinese Business 1000 Company of the Year Award Yazhou Zhoukan Institution of Gas Engineers & Managers of the United Kingdom and the Energy and Top 100 Hong Kong Listed Companies Utilities Alliance Finet Group Limited and Tencent TOWNGAS & TOWNGAS CHINA The Outstanding Listed Company Award Constituent Companies of The Hong Kong Institute of Financial Analysts the Hang Seng Corporate and Professional Commentators Limited Sustainability Index Series Hang Seng Indexes Company Limited Innovation continued to drive CONTENTS our business in 2014 with the establishment of S-TEch, 02 Towngas’ Businesses In 2014 a new IT services venture 04 Business Highlights focused on the application of 05 Five-Year Summary We have developed a cloud computing. 06 Chairman’s Statement landmark 202 PROJEctS 14 Board of Directors IN MAINLAND CHINA, 15 Biographical Details of Directors Our NEW PLANT IN 19 Executive Committee spanning city-gas, city-water, INNER MONGOLIA was 20 The Mainland Utility Businesses wastewater treatment, natural undergoing commissioning 28 The Hong Kong Gas Business gas pipelines, new energy, to upgrade methanol 36 New Energy and telecommunications and into high-grade fuel Diversified Businesses the production of gas-related chemical products. 44 Corporate Social Responsibility materials and devices. -
Searching for New Directions a Study of Hong Kong Electricity Market
LC Paper No. CB(4)231/14-15(02) Searching for New Directions A Study of Hong Kong Electricity Market SEARCHING FOR NEW DIRECTIONS A STUDY OF HONG KONG ELECTRICITY MARKET Hong Kong Consumer Council December 2014 Searching for New Directions – A Study of Hong Kong Electricity Market Table of Content Executive Summary .................................................................................................. i-xiv Chapter 1 Introduction .................................................................................................. 1 Competitive Electricity Market ........................................................................................... 2 Chapter 2 Overseas Experience ..................................................................................... 5 Government Environmental Policy ..................................................................................... 5 Market-based instruments ................................................................................. 6 Nuclear option .................................................................................................... 8 Competition ......................................................................................................................... 9 Structure and reform ......................................................................................... 9 Reconsolidation ................................................................................................ 10 Retail competition ........................................................................................... -
Kunlun Energy (135 HK) 23 August 2013
China/Hong Kong China Gas Kunlun Energy (135 HK) 23 August 2013 Company Rating: Outperform Buy on expected earnings miss (maintained) • 1H13 earnings miss was expected; long-term growth story intact. Kunlun’s 1H13 earnings miss should not Price: HK$12.08 obscure the fact that its revenue streams are fundamentally sound given the gradual pickup in LNG plant and pipeline Target: HK$15.50 utilization and the rollout of LNG refilling stations over the (down from HK$16.00) medium term. 1H13 net profit rose 5% YoY to HK$3.68b, 11% below consensus. Earnings were negatively impacted Trading data by a 28% YoY decline in E&P pretax profit, despite higher-than-expected LNG midstream volume growth, 52-week range HK$11.40-17.32 downstream gas sales, and lower D&A expense. Market capitalization HK$97.7b/US$12.6b Shares outstanding (m) 8,063 • We still like the LNG market. As of 1H13, Kunlun had Free float (%) 38 developed 53,000 LNG vehicles versus our estimate of 3M average daily T/O (m share) 20 70,000 vehicles by the end of 2013F. Kunlun stands to 3M average daily T/O (US$ m) 34 benefit from LNG refilling stations built by other gas players Expected return (%) - 1 year 28 over the next two years as overall adoption of LNG vehicles Closing price on 22 August 2013 and LNG demand will rise accordingly. Despite uncertainty over a potential LNG source price hike and signs of a Stock price and HSCEI slowdown in downstream development, we believe the HK$ government will be able to fuel LNG vehicle development 18 through policies implemented over the next few years. -
M Beneficiaries of the Greater Bay Area's Transition to Low- Carbon
MM October 13, 2019 10:43 PM GMT China's Urbanization 2.0 Beneficiaries of the Greater Bay Area's Transition to Low- Carbon Energy Nuclear is the best option for GBA's transition to low carbon. We double upgrade CGN Power to OW and upgrade HKEI to OW. Morgan Stanley does and seeks to do business with companies covered in Morgan Stanley Research. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of Morgan Stanley Research. Investors should consider Morgan Stanley Research as only a single factor in making their investment decision. For analyst certification and other important disclosures, refer to the Disclosure Section, located at the end of this report. += Analysts employed by non-U.S. affiliates are not registered with FINRA, may not be associated persons of the member and may not be subject to NASD/NYSE restrictions on communications with a subject company, public appearances and trading securities held by a research analyst account. MM Contributors MORGAN STANLEY ASIA LIMITED+ MORGAN STANLEY ASIA LIMITED+ Simon H.Y. Lee, CFA Beryl Wang Equity Analyst Research Associate +852 2848-1985 +852 3963-3643 [email protected] [email protected] MORGAN STANLEY ASIA LIMITED+ MORGAN STANLEY ASIA LIMITED+ Yishu Yan Eva Hou Research Associate Equity Analyst +852 3963-2846 +852 2848-6964 [email protected] [email protected] MM China's Urbanization 2.0 Beneficiaries of the Greater Bay Area's Transition to Low- Carbon Energy uclear is the best option for GBA's transition to low carbon. -
Hong Kong Energy End-Use Data 2013
香港能源最終用途數據 2013 Hong Kong Energy End-use Data 2013 有關本刊物的查詢，請聯絡： 機電工程署 能源效益事務處 地址：香港九龍灣啟成街３號７樓 電話：(852) 2808 3465 圖文傳真：(852) 2890 6081 電郵：[email protected] Enquiries about this publication can be directed to : The Energy Efficiency Office Electrical & Mechanical Services Department Address: 7/F, 3 Kai Shing Street, Kowloon Bay, Hong Kong Tel. No. : (852) 2808 3465 Fax. No. : (852) 2890 6081 E-mail : [email protected] 機電工程署網站 Website of Electrical & Mechanical Services Department http://www.emsd.gov.hk 聲明 雖然香港特別行政區政府機電工程署在擬備此套能源最終用途數據時，已盡力確 保資料準確完備，但不論數據使用者以何種形式應用此套數據，如因此而引致任 何損失或損害，機電工程署概不承擔任何責任。 Disclaimer Although every care has been exercised to prepare this set of energy end-use data, the Electrical & Mechanical Services Department of the Government of the Hong Kong Special Administrative Region shall not accept any liability for loss or damage occurring as a consequence of reliance by the data user in whatever form on this set of data. 00 目錄 Table of Contents Table of Contents P.1 Introduction P.3 Key Energy End-use Related Data P.5 By Sectors P.17 By Fuels P.18 By Sectors & Segments P.19 Segments of Residential Sector P.19 Segments of Commercial Sector P.23 Segments of Industrial Sector P.27 Segments of Transport Sector P32P.32 By Sectors & Fuels P.35 Residential Sector P.35 Commercial Sector P.37 Industrial Sector P.39 Transport Sector P.41 By End-uses P.43 By Fuels & End-uses P.45 Electricity End-uses P.45 Oil & Coal Products End-uses P.47 Town Gas & Liquefied Petroleum Gas End-uses P.49 Energy distribution P.51 Renewable Energy in Hong Kong P.53 Notes P.55 Notepad PP57.57 01 目錄 P.1 引言 P.3 主要最終能源使用有關數據 P.5 按類別劃分 P.17 按燃料劃分 P.18 按類別及組別劃分 P.19 住宅組別 P.19 商業組別 P.23 工業組別 P.27 運輸組別 P32P.32 按類別及燃料劃分 P.35 住宅類別 P.35 商業類別 P.37 工業類別 P.39 運輸類別 P.41 按最終用途劃分 P.43 按燃料及最終用途劃分 P.45 電力最終用途 P.45 油及煤產品最終用途 P.47 煤氣及石油氣最終用途 P.49 能源分配 P.51 香港的再生能源 P.53 註釋 P.55 備忘 PP57.57 02 引言 Introduction Introduction 1. -
The Power to Shape Global Opportunities
Cheung Kong Infrastructure Holdings Limited Cheung Kong Infrastructure Holdings Limited Cheung Kong Infrastructure Holdings Limited Annual Report 2004 12th Floor, Cheung Kong Center, 2 Queen’s Road Central, Hong Kong (Incorporated in Bermuda with limited liability) Annual Report 2004 THE POWER TO SHAPE GLOBAL OPPORTUNITIES CKI is the largest publicly listed infrastructure CONTENTS company in Hong Kong with diversified investments in Energy Infrastructure, Transportation Infrastructure, Water Infrastructure and Infrastructure Related Business. Operating in Hong Kong, Mainland China, Australia, the United Kingdom, Canada and the Philippines, it is a leading player in the global infrastructure arena. 02 Nine-Year Financial Summary 36 Financial Review 04 Chairman’s Letter 38 Board and Senior Management 08 Key Growth Strategy 44 Report of the Directors 10 A New Chapter for CKI 64 Report of the Auditors 14 A Year of Acquisition 65 Consolidated Income Statement 16 Business Review 66 Balance Sheets 16 Investment in Hongkong Electric 67 Consolidated Statement of Changes in Equity 20 Infrastructure Investments – Energy 68 Consolidated Cash Flow Statement 24 Infrastructure Investments – Transportation 69 Notes to the Financial Statements 28 Infrastructure Investments – Water 109 Principal Subsidiaries 32 Infrastructure Related Business 111 Principal Associates 114 Principal Jointly Controlled Entities 115 Extracts of Financial Statements of Hongkong Electric 117 Schedule of Major Properties 118 Project Profiles 126 Corporate Information THE YEAR AT A GLANCE Profit attributable to shareholders (HK$m) 3,556 Earnings per share (HK$) 1.58 Dividends per share (HK$) 0.79 Annual Report 2004 01 CKI is the largest publicly listed infrastructure CONTENTS company in Hong Kong with diversified investments in Energy Infrastructure, Transportation Infrastructure, Water Infrastructure and Infrastructure Related Business.