China Gas Sector:Plenty of juice despite the squeeze

We believe only 2 city-gas operators will maintain or expand theirunit dollar margins after the final city-gate hike in 2H15

    Significant volume growth in Beijing prior to the completion ofgas-fired heating centres is a short-term trading opportunity

    TCCL remains our top pick; BJCE and BEH should benefit fromgas-fired fuel conversion; downgrading CSG on subdued outlook