Raising BEH’s FVE to HKD 58.00 on Strong Winter Gas Demand; Shares Remain Undervalued
We raise our fair value estimate for Beijing Enterprises Holdings, or BEH, to HKD 58.00 per share from HKD 56.00 to reflect stronger natural gas demand in China this winter, as well as the impressive first-half fiscal 2018 earnings from its 25%-owned associate China Gas, which will be reflected in BEH’s full-year 2017 earnings. We expect these positives to drive net income for BEH up by 6.5% to CNY 6.5 billion in 2017, despite the tariff cut on the company’s Shaanxi-Beijing transmission pipeline...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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