ENN’s Robust 2018 Results Hit by One-off Items; Shares Still Undervalued
Narrow moat-rated ENN Energy’s 2018 net profit of CNY 2.8 billion was flat year over the year. Stripping out one-off items amounting to CNY 1.7 billion (including foreign exchange and hedging losses), the firm’s core profit was up 20% year over year and beat our expectations. We raise ENN Energy’s fair value estimate slightly to HKD 90.00, from HKD 88.00, after fine-tuning our earnings model. We think ENN remains undervalued at the current price level, given the firm’s robust earnings growth out...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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