Argonaut issues 25 cent target

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Wednesday, 27 April 2016
Sino Gas and Energy
Positive read-through from partner sell-out
Analyst | Matthew Keane

Sino Gas and Energy’s (SEH) joint venture (JV) partner MIE Holdings (HK:1555) announced
the sale of its entire interest in Sino Gas & Energy Limited (SGE: 51% MIE, 49% SEH) for
US$220m. The see through value for SEH’s 49% stake in SGE is US$211m (A$273m) or
$0.13/sh. Incorporating US$10m debt and US$59m cash at March 31, the implied SEH
valuation is $0.16/sh. Additional positives relating to this transaction include the expected
confidence of the incoming party that a payment resolution with PetroChina regarding
Sanjiaobei (SJB) sales is likely and the alleviation of concerns regarding MIE’s ability to
fund its contribution, given the ex-partner’s poor balance sheet. BUY recommendation
maintained with a $0.25 target price.