ENN’s Positive Outlook Largely Reflected; Shares Fairly Valued; Raising ENN’s FVE to HKD 68
We are raising narrow-moat-rated ENN Energy’s fair value estimate to HKD 68 from HKD 61, after fine-tuning our assumptions to incorporate positive guidance from management. We have increased our 2018 net profit forecast by 16%, which takes into account higher natural gas sales volume growth and increased new residential connections. That said, we think ENN looks fairly valued at the current price level, as the firm’s robust growth outlook is largely priced in.At the 2017 results briefing, manag...
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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