Narrow-moat ENN Energy is poised to grow on the back of sustained gas demand growth.
Narrow moat-rated ENN Energy’s 2017 net profit of CNY 2.8 billion was 30% higher year over year but it was below market and our expectations. The discrepancy was mainly due to other losses, which include CNY 478 million of impairment loss on property, plant and equipment, and a total of CNY 592 million fair value losses on convertible bonds and financial assets. Stripping these out, earnings should be in line with our forecast. We retain our fair value estimate of HKD 61.00, pending more details...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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