BEH’s First-Half Results In Line; Shares Are Undervalued on Healthy Long-Term Outlook
Narrow-moat Beijing Enterprises Holdings, or BEH, posted decent first-half 2016 results, with recurring profit increasing 16% year over year to CNY 3.6 billion, making up 52% of our full-year forecast. The midstream gas transmission volume was a little softer than we anticipated; however, downstream gas distribution volume remains robust, rising 21% from a year ago. While we see risks of potential midstream transmission tariff cuts, China’s air pollution issues will bolster the government policy...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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