Towngas China upgraded to Market Perform from Underperform at Bernstein

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.