ENN Energy Reports Solid 2016 Results; Shares Remain Undervalued
Narrow moat-rated ENN Energy posted 2016 net profit of CNY 2.15 billion, up 5.6% year over year. Excluding other gains and losses, which include CNY 601 million of impairment loss on goodwill, CNY 292 million loss on foreign exchange and CNY 308 million loss on repurchase of senior notes, as well as amortization of share option expenses, net profit of CNY 3.21 billion was slightly ahead of our expectation. We maintain our fair value estimate of HKD 50.00, pending more details from an analyst bri...ENN Energy Holdings is an investment holding company. Through its subsidiaries, Co. is engaged in the gas supply business in the People's Republic of China, including but not limited to the sales of piped gas, gas connection, construction and operation of vehicles gas refuelling stations, wholesale of gas, sales of other energy and sales of gas appliances and materials.
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