Recent Pullback on Gas Utilities Presents a Good Opportunity to Accumulate Undervalued Stocks
The share prices of China Gas Holdings, or CGH; China Resources Gas, or CRG; and ENN Energy, or ENN, have fallen by close to 30% or more from their recent peaks following the announcement of the Chongqing People’s Congress proposal to abolish up-front construction fees in the city gas sector. However, we do not expect the policy will lead to cancellation of connection fees nationwide, and we believe the recent correction is overdone. CRG is the only operator with meaningful exposure to Chongqing...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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