ENN’s Asset Acquisition Will Reduce Connected Transactions and Support Growth; FVE Raised to HKD 79
We increase our fair value estimate for narrow-moat ENN Energy to HKD 79.00 from HKD 68.00 after fine-tuning our assumptions to reflect strong industry sales growth (natural gas apparent consumption grew 17.7% year over year for the first four months of 2018), better earnings from China Gas Holdings (fiscal 2018 earnings have surged 47% year over year), and the time value of money. That said, we think ENN is fairly valued at the current price level, given that investors have largely factored in ...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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