---
title: "HSBC Research lowers KUNLUN ENERGY's target price to 9.8 yuan, expects profit growth to slow but profit quality to improve"
description: "HSBC Research has lowered the target price for KUNLUN ENERGY to HKD 9.8, maintaining a \"Buy\" rating. Despite a 10% increase in natural gas sales in the first half of the year, pre-tax profit fell by 1"
type: "news"
locale: "en"
url: "https://longbridge.com/en/news/253912716.md"
published_at: "2025-08-21T03:59:38.000Z"
---

# HSBC Research lowers KUNLUN ENERGY's target price to 9.8 yuan, expects profit growth to slow but profit quality to improve

> HSBC Research has lowered the target price for KUNLUN ENERGY to HKD 9.8, maintaining a "Buy" rating. Despite a 10% increase in natural gas sales in the first half of the year, pre-tax profit fell by 11%. Future profit growth is expected to slow, but profit quality is expected to improve due to reduced reliance on government subsidies. Earnings per share forecasts for 2025 to 2027 have been lowered by 1%, while retail gas sales growth forecasts have been raised to 4%, 6%, and 6%. At the same time, the unit profit margin assumption has been lowered to RMB 0.46 per cubic meter

HSBC Global Research published a report stating that although KUNLUN ENERGY (00135.HK) saw a 10% increase in natural gas sales in the first half of the year, the pre-tax profit of the natural gas segment decreased by 11% year-on-year. KUNLUN's management indicated that the profit decline was caused by two factors, including weak profitability in natural gas distribution and trading; the government-subsidized pipeline upgrade projects are nearing completion.

HSBC has lowered its earnings per share forecast for KUNLUN ENERGY for 2025 to 2027 by 1% to reflect the weak natural gas sales in the first half of 2025. HSBC expects the company's future profit growth to slow down, but reliance on government subsidies will decrease, indicating an improvement in profit quality; it has adjusted the target price from HKD 10.1 to HKD 9.8, maintaining a "Buy" rating.

HSBC has raised its annual retail gas sales growth forecast for KUNLUN ENERGY for 2025 to 2027 to 4%, 6%, and 6% respectively (previously 3%, 4%, and 4%). The assumption for 2025 is more conservative than the company's guidance (5%) due to uncertainties in industrial demand; it has lowered the unit profit margin assumptions for 2025 to 2027 to RMB 0.46 per cubic meter (previously RMB 0.5, 0.51, and 0.51).

HSBC has also lowered the company's net income assumptions for 2025 to 2027, as it expects government subsidies to decrease with the completion of the pipeline network upgrade projects in 2025. Based on the performance in the first half of 2025, HSBC assumes a higher EBITDA unit profit margin for the LNG plant; and based on the revised guidance, it has lowered the growth forecast for LNG plant processing volume to an increase of 2% (previously an increase of 7%)

### Related Stocks

- [00135.HK - KUNLUN ENERGY](https://longbridge.com/en/quote/00135.HK.md)

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> **Disclaimer**: This article is for reference only and does not constitute any investment advice.
