Positive Outlook Intact; Raising ENN’s FVE to HKD 51
We are raising narrow-moat ENN’s fair value estimate to HKD 51 from HKD 50 following its solid 2016 results. We have increased our 2017 net profit forecast by 3.6%, taking into account the stronger natural gas sales volume growth. We think ENN’s shares remain undervalued at the current price level.At the 2016 results briefing, management guided that natural gas sales volume excluding wholesale business will grow by at least 15% year over year in 2017, while total sales volume including wholesal...
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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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