BEH’s Full-Year 2018 Result In-Line; Shares Undervalued on Healthy Long-Term Outlook
We maintain our fair value estimate of HKD 58 per share for narrow-moat Beijing Enterprises Holdings, or BEH, following the company’s full-year 2018 results that were in line with our expectations. Net profit rose 10% year over year, with decent growth across segments. Gas demand was robust, with gas transmission volume on Shaanxi-Beijing pipelines, SJ pipelines, rising 28% and distribution volume in Beijing up 15% from a year ago. This, along with a 22% jump in profit contribution from 25%-owne...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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