BOC International issued a research report stating that CH RES GAS-100 (01193) reported a 30% year-on-year decline in first-half net profit to 2.4 billion yuan, falling short of expectations. The underperformance was primarily attributed to higher-than-expected sales, administrative and management expenses, as well as weak performance in its comprehensive services business.

The firm noted that to reward shareholders, CH RES GAS-100 plans to maintain its full-year dividend unchanged and will repurchase up to 3% of its shares within this year. Consequently, the firm has lowered its target price to HK$23.38 while maintaining a "Buy" rating.

The firm anticipates that CH RES GAS-100's second-half earnings will decline 52% compared to the first half, mainly due to accounting costs that typically surge significantly in the second half of the year. Following performance adjustments, the firm has reduced its earnings forecasts for the group by 18% to 19% for the period from 2025 to 2027.