Bernstein upgraded Towngas China to Market Perform from Underperform with a HK$3.60 price target. The worst is probably over in terms of sentiment for the gas sector, but a cyclical upturn is unlikely until the end of the Russia-Ukraine war or 2025 when more liquified natural gas is added to the market, the analyst tells investors in a research note. The firm cites valuation for the upgrade.
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Published first on TheFly