ENN’s Strong First-Half 2018 Results Marred by One-Off Losses; Shares Undervalued
Stripping out one-off items (mainly foreign exchange loss and fair value loss of convertible bonds) and amortization of share option expenses totaling CNY 607 million, narrow-moat-rated ENN’s first-half 2018 core net profit was up 25% year over year to CNY 2.39 billion, beating our forecast on the back of better cost control. After updating our valuation model, we raise our fair value estimate to HKD 83 from HKD 79. Given our positive outlook on China’s natural gas demand, we think ENN is curren...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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