BEH’s First Half In Line; Tariff Cuts on SJ Pipelines Remove the Overhang
Narrow-moat-rated Beijing Enterprises Holdings’, or BEH’s, first-half 2017 net profit grew 10% year over year to HKD 3.8 billion, in line with our expectations. The decent growth was driven by a strong 12.7% gas volume growth on the Shaanxi-Beijing transmission pipelines (SJ pipelines) and accelerated profit growth at its 23%-held associate, China Gas, and 44%-held Beijing Enterprises Water, while its wholly owned Beijing Gas saw a soft 1.2% decline in city gas distribution volume, owning to the...Beijing Enterprises is an investment holding company. Co.'s segments include: piped gas operation, which is engaged in, among others, the distribution and sale of piped natural gas, and the provision of repairs and maintenance services; brewery operation, which is engaged in, among others, the production, distribution and sells of brewery products; sewage and water treatment operations, which is engaged in, among others, the construction of sewage and water treatment plants and other infrastructural facilities; corporate and others, which is comprised of, among others, the construction of waste treatment plants, the construction of broadband infrastructure, and property investment.
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