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With a more favourable environment, BEIJING ENTERPRISES HOLDINGS impro...
BEIJING ENTERPRISES HOLDINGS (HK), a company active in the Gas Distribution industry, is favoured by a more supportive environment. The independent financial analyst theScreener has confirmed the fundamental rating of the title, which shows 3 out of 4 stars, as well as its unchanged, defensive market behaviour. The title leverages a more favourable environment and raises its general evaluation to Positive. As of the analysis date February 11, 2022, the closing price was HKD 28.55 and its potenti...
- Jennifer Song
Morningstar | BEH’s Full-Year 2018 Result In-Line; Shares Undervalue...
We maintain our fair value estimate of HKD 58 per share for narrow-moat Beijing Enterprises Holdings, or BEH, following the company’s full-year 2018 results that were in line with our expectations. Net profit rose 10% year over year, with decent growth across segments. Gas demand was robust, with gas transmission volume on Shaanxi-Beijing pipelines, SJ pipelines, rising 28% and distribution volume in Beijing up 15% from a year ago. This, along with a 22% jump in profit contribution from 25%-ow...
- Jennifer Song
Morningstar | BEH Is Riding on China's Antipollution Drive
Founded in 1997, Beijing Enterprises Holdings, or BEH, is the listed flagship of the Beijing municipal government, with a strategic focus on public utilities. It has a monopoly position in Beijing’s natural gas distribution, owns unparalleled gas transmission and distribution networks in Beijing, and controls 40% of the Shaanxi-Beijing pipelines, the major source of natural gas supply for Beijing and northern China. It has a unique customer mix, with gas-fired power and heating plants the most...
- Jennifer Song
BEH Is Riding on China's Antipollution Drive
It appears fourth-quarter natural gas demand is higher than anticipated and we lift our 2018 earnings estimate by 5% to HKD 7.6 billion for Beijing Enterprises, or BEH, but this trend is not expected to be sustained. We anticipate little change to our midcycle assumptions and five-year net profit CAGR of 8%. Our fair value estimate of HKD 58.00 per share is unchanged, after factoring in lower profit contributions from BEH’s Russia oil and gas associate, due to a cut in our near-term crude oil ...
- Jennifer Song
BEH’s Full-Year 2018 Result In-Line; Shares Undervalued on Healthy L...
We maintain our fair value estimate of HKD 58 per share for narrow-moat Beijing Enterprises Holdings, or BEH, following the company’s full-year 2018 results that were in line with our expectations. Net profit rose 10% year over year, with decent growth across segments. Gas demand was robust, with gas transmission volume on Shaanxi-Beijing pipelines, SJ pipelines, rising 28% and distribution volume in Beijing up 15% from a year ago. This, along with a 22% jump in profit contribution from 25%-ow...
- Jennifer Song
BEH Remains Our Best Idea on Robust Gas Demand Outlook; Shares Remain ...
It appears fourth-quarter natural gas demand is higher than anticipated and we lift our 2018 earnings estimate by 5% to HKD 7.6 billion for Beijing Enterprises, or BEH, but this trend is not expected to be sustained. We anticipate little change to our midcycle assumptions and five-year net profit CAGR of 8%. Our fair value estimate of HKD 58.00 per share is unchanged, after factoring in lower profit contributions from BEH’s Russia oil and gas associate, due to a cut in our near-term crude oil ...
- Jennifer Song
Morningstar | BEH’s First Half Beats on Robust Gas Demand and Improv...
Narrow-moat Beijing Enterprises Holdings', or BEH’s, 13% year-over-year growth in first-half net profit was encouraging, with decent growth across all segments. The result was slightly ahead of our expectations, with stronger-than-expected gas demand and higher tariffs being the key drivers. Along with a 19% jump in contribution from 25%-owned associated China Gas, the improved gas sales more than offset the 37% tariff cut on the Shaanxi-Beijing gas transmission pipeline, or SJ pipeline, and d...
- Jennifer Song
Morningstar | BEH’s First Half Beats on Robust Gas Demand and Improv...
Narrow-moat Beijing Enterprises Holdings', or BEH’s, 13% year-over-year growth in first-half net profit was encouraging, with decent growth across all segments. The result was slightly ahead of our expectations, with stronger-than-expected gas demand and higher tariffs being the key drivers. Along with a 19% jump in contribution from 25%-owned associated China Gas, the improved gas sales more than offset the 37% tariff cut on the Shaanxi-Beijing gas transmission pipeline, or SJ pipeline, and d...
- Jennifer Song
BEH’s First Half Beats on Robust Gas Demand and Improving Tariffs; S...
Narrow-moat Beijing Enterprises Holdings', or BEH’s, 13% year-over-year growth in first-half net profit was encouraging, with decent growth across all segments. The result was slightly ahead of our expectations, with stronger-than-expected gas demand and higher tariffs being the key drivers. Along with a 19% jump in contribution from 25%-owned associated China Gas, the improved gas sales more than offset the 37% tariff cut on the Shaanxi-Beijing gas transmission pipeline, or SJ pipeline, and d...
- Jennifer Song
The Timing of a Trade War Couldn't Be Worse for China
China has maintained its economic rebalancing to consumption through the first quarter. But this process remains slow, as the Chinese consumer is becoming challenged with higher levels of household debt, and the picture for consumption growth is looking increasingly muddied. Despite a solid first-quarter bump, fixed-asset investment remains far below former levels. Going forward, weaker real estate and state-led infrastructure spending will likely quell any further rebound. Meanwhile, a rise in ...
- Jennifer Song
Beijing Enterprises Holdings’ 2017 Recurring Profit in Line; Shares ...
Beijing Enterprises Holdings’ 2017 recurring profit of HKD 6.6 billion was in line with our expectation, implying a flat second half from a year ago, despite strong natural gas demand during the past winter. We think this largely reflects the negative impact from the tariff cut on Shaanxi-Beijing transmission pipelines, or SJ pipelines, from Sept. 1, 2017, with the average unit profit falling to CNY 0.27/cubic meter in 2017 from CNY 0.32 a year ago. While the current unit profit of CNY 0.18/cu...
- Jennifer Song
Raising BEH’s FVE to HKD 58.00 on Strong Winter Gas Demand; Shares R...
We raise our fair value estimate for Beijing Enterprises Holdings, or BEH, to HKD 58.00 per share from HKD 56.00 to reflect stronger natural gas demand in China this winter, as well as the impressive first-half fiscal 2018 earnings from its 25%-owned associate China Gas, which will be reflected in BEH’s full-year 2017 earnings. We expect these positives to drive net income for BEH up by 6.5% to CNY 6.5 billion in 2017, despite the tariff cut on the company’s Shaanxi-Beijing transmission pipe...
- Jennifer Song
BEH’s First Half In Line; Tariff Cuts on SJ Pipelines Remove the Ove...
Narrow-moat-rated Beijing Enterprises Holdings’, or BEH’s, first-half 2017 net profit grew 10% year over year to HKD 3.8 billion, in line with our expectations. The decent growth was driven by a strong 12.7% gas volume growth on the Shaanxi-Beijing transmission pipelines (SJ pipelines) and accelerated profit growth at its 23%-held associate, China Gas, and 44%-held Beijing Enterprises Water, while its wholly owned Beijing Gas saw a soft 1.2% decline in city gas distribution volume, owning to...
- Jennifer Song
Higher Associate Income Sees 15%-20% Upside to Our 2017 Forecast, BEH ...
We maintain our fair value estimate of HKD 56.00 for narrow moat-rated Beijing Enterprises Holdings, or BEH, ahead of its interim results due in late August, but anticipate 15%-20% upside to our 2017 earnings forecast. This should be attributable to: 1) the later-than-expected tariff cuts on midstream gas transmission pipelines; 2) accelerated second-half 2017 recurring profit growth for its 25%-held associate, China Gas, which will be reflected in BEH’s first-half earnings. We expect these po...
- Jennifer Song
Lowering BEH’s FVE Slightly to HKD 56 on Softer Gas Volume; Shares R...
Narrow-moat-rated Beijing Enterprises Holdings’, or BEH’s, 2016 results, with net profit increasing 10% to HKD 6.2 billion, came in 4% below our expectation. The shortfall was mostly attributed to weaker-than-expected midstream gas transmission volume, and the company saw its downstream gas distribution volume growth slow to 5%-6% in the first two months of 2017, despite the peak heating season. We slightly decrease our fair value estimate to HKD 56 per share from HKD 58, in anticipation of ...
- Jennifer Song
Maintaining BEH’s Fair Value Estimate of HKD 58.00; Shares Remain Un...
We maintain our fair value estimate of HKD 58.00 for Beijing Enterprises Holdings, or BEH, following management’s recent business update, which was largely in line with our expectations. We think the proposed acquisition of a 20% stake in a Russian oil and gas company has limited added value, as it offers little in the way of synergies to the company’s existing utility-focused business portfolio, and it increases uncertainty, given the exposure to upstream oil and gas prices and currency ris...
Ford Equity International Rating and Forecast Report
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
- Jennifer Song
BEH’s First-Half Results In Line; Shares Are Undervalued on Healthy ...
Narrow-moat Beijing Enterprises Holdings, or BEH, posted decent first-half 2016 results, with recurring profit increasing 16% year over year to CNY 3.6 billion, making up 52% of our full-year forecast. The midstream gas transmission volume was a little softer than we anticipated; however, downstream gas distribution volume remains robust, rising 21% from a year ago. While we see risks of potential midstream transmission tariff cuts, China’s air pollution issues will bolster the government pol...
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