not vested
Natural Gas price adjustment in Zhejiang triggered a panic selling in the China city gas distribution sector.
As the city gas distributors have well diversified portfolios and limited exposure to the region, we think the price corrections are overdone, the sector is trading at ~10x 2017 PE which is attractive.
We like ENN Energy as the company is expected to achieve its guidance of over 15% recurring earnings growth this year on the back of a rebound in natural gas sales volume, good connections growth and improving earnings for its LNG business.
Source: UOBKH
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ENN Energy 2688
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ENN Energy 2688
by winston » Wed Jun 15, 2016 9:36 pm
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Re: ENN Energy 2688
by winston » Wed Aug 24, 2016 10:35 am
not vested
ENN Energy 1H Beat On New Residential Connections
By Shuli Ren
ENN Energy (2688.Hong Kong), one of China’s largest city gas distributors, soared 3.9% this morning after reporting better-than-expected first-half earnings.
After-tax net profit rose by 29% from a year ago to 1.6 billion yuan, already reaching 55% of the street’s full-year estimate.
The more lucrative new residential connections contributed to the earnings beat. New connections rose by 15% from a year ago, beating management’s own previous guidance of a year-on-year decline.
Gross margin expanded by 3.5 percentage points to 23.9%. “The implementation of tiered pricing and delays in passing through the gas price cut could have led to an expansion in the dollar margin as well,” noted Jefferies.
Source: Barron's Asia
ENN Energy 1H Beat On New Residential Connections
By Shuli Ren
ENN Energy (2688.Hong Kong), one of China’s largest city gas distributors, soared 3.9% this morning after reporting better-than-expected first-half earnings.
After-tax net profit rose by 29% from a year ago to 1.6 billion yuan, already reaching 55% of the street’s full-year estimate.
The more lucrative new residential connections contributed to the earnings beat. New connections rose by 15% from a year ago, beating management’s own previous guidance of a year-on-year decline.
Gross margin expanded by 3.5 percentage points to 23.9%. “The implementation of tiered pricing and delays in passing through the gas price cut could have led to an expansion in the dollar margin as well,” noted Jefferies.
Source: Barron's Asia
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Re: ENN Energy 2688
by winston » Thu Sep 01, 2016 1:45 pm
not vested
ENN ENERGY Expects New Projects to Break-even in 6-8 Yrs
ENN ENERGY (02688.HK) CFO Wang Dongzhi said the group obtained six new projects located at Hebei and Shandong etc. which have already started constructions.
Wang expected the projects to break-even in 6-8 years.
Vice Chairman Cheung Yip Sang said he foresaw the sales growth of natural gas for the full year to exceed 18% given higher sales growth in July than the first half of the year.
Source: AAStocks Financial News
ENN ENERGY Expects New Projects to Break-even in 6-8 Yrs
ENN ENERGY (02688.HK) CFO Wang Dongzhi said the group obtained six new projects located at Hebei and Shandong etc. which have already started constructions.
Wang expected the projects to break-even in 6-8 years.
Vice Chairman Cheung Yip Sang said he foresaw the sales growth of natural gas for the full year to exceed 18% given higher sales growth in July than the first half of the year.
Source: AAStocks Financial News
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Re: ENN Energy 2688
by winston » Wed Oct 19, 2016 8:59 pm
not vested
ENN Energy 新奧能源 (2688 HK)
The NDRC has formally released regulations on NG transmission price and UOB Kay Hian thinks that there is little likelihood for a margin squeeze in the city gas distribution industry.
The industry is expected to broadly benefit from the reform, which may help boost more NG consumption.
ENN Energy, one of the leading piped gas distributors in China, guided the piped gas sales volume to rise 10-12% yoy in 2016, which should see sustainable growth.
http://ir.ennenergy.com/en/global/home.php
Source: UOBKH
ENN Energy 新奧能源 (2688 HK)
The NDRC has formally released regulations on NG transmission price and UOB Kay Hian thinks that there is little likelihood for a margin squeeze in the city gas distribution industry.
The industry is expected to broadly benefit from the reform, which may help boost more NG consumption.
ENN Energy, one of the leading piped gas distributors in China, guided the piped gas sales volume to rise 10-12% yoy in 2016, which should see sustainable growth.
http://ir.ennenergy.com/en/global/home.php
Source: UOBKH
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Re: ENN Energy 2688
by winston » Fri Aug 25, 2023 11:34 am
not vested
ENN Energy Holdings (2688 HK)
1H23: In Line; Gas Consumption Growth At Stake Amid Wavering Recovery
ENN reported 1H23 core profit of Rmb3,914m, down 5% yoy, representing 47% of our
2023 earnings forecast.
Dollar margin has ticked up to Rmb0.52 per cbm.
The 6.9% yoy decline in retail gas sales volume was dragged by industrial users with consumption
slumping 11.7% yoy.
New connections’ gross margins grew to 53.3% without COVID-19 restrictions.
ENN revised down retail gas sales volume and core profit guidance to not more than -5% yoy.
Maintain BUY. Target price: HK$102.00.
The key reason for the decline in retail gas sales volume in 1H23 was due to a 66%/14% yoy drop in gas supply to power plants and industries dependable on the property sector
Source: UOBKH
https://research.uobkayhian.com/content ... 6db0cdfcb5
ENN Energy Holdings (2688 HK)
1H23: In Line; Gas Consumption Growth At Stake Amid Wavering Recovery
ENN reported 1H23 core profit of Rmb3,914m, down 5% yoy, representing 47% of our
2023 earnings forecast.
Dollar margin has ticked up to Rmb0.52 per cbm.
The 6.9% yoy decline in retail gas sales volume was dragged by industrial users with consumption
slumping 11.7% yoy.
New connections’ gross margins grew to 53.3% without COVID-19 restrictions.
ENN revised down retail gas sales volume and core profit guidance to not more than -5% yoy.
Maintain BUY. Target price: HK$102.00.
The key reason for the decline in retail gas sales volume in 1H23 was due to a 66%/14% yoy drop in gas supply to power plants and industries dependable on the property sector
Source: UOBKH
https://research.uobkayhian.com/content ... 6db0cdfcb5
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Re: ENN Energy 2688
by winston » Fri Aug 25, 2023 12:14 pm
vested
Citi Downgrades ENN ENERGY (02688.HK) to Neutral, Axes TP to $83
Citi Research released a rating report on ENN ENERGY (02688.HK), which saw first-half core profit falling 5% YoY to RMB3.914 billion.
ENN management lowered its full-year core profit target to up 5% YoY, and that of natural gas sales to falling no more than 5% YoY.
Citi lowered its net profit forecast for 2023-25 on ENN by 8% to 18%, axed its target price from $118 to $83, and downgraded its rating from Buy to Neutral.
The broker said ENN's interim results showed a negative surprise from lower retail gas sales, with the decrease mainly due to lower gas sales to the industrial sector.
Related News: Daiwa Downgrades ENN ENERGY (02688.HK) to Hold, Cuts TP to $78
Source: AAStocks Financial News
Citi Downgrades ENN ENERGY (02688.HK) to Neutral, Axes TP to $83
Citi Research released a rating report on ENN ENERGY (02688.HK), which saw first-half core profit falling 5% YoY to RMB3.914 billion.
ENN management lowered its full-year core profit target to up 5% YoY, and that of natural gas sales to falling no more than 5% YoY.
Citi lowered its net profit forecast for 2023-25 on ENN by 8% to 18%, axed its target price from $118 to $83, and downgraded its rating from Buy to Neutral.
The broker said ENN's interim results showed a negative surprise from lower retail gas sales, with the decrease mainly due to lower gas sales to the industrial sector.
Related News: Daiwa Downgrades ENN ENERGY (02688.HK) to Hold, Cuts TP to $78
Source: AAStocks Financial News
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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Re: ENN Energy 2688
by winston » Fri Aug 25, 2023 12:16 pm
not vested
HSBC Global Research Lowers ENN ENERGY (02688.HK) TP to $100, Rating Buy
HSBC Global Research released a rating report, highlighting that ENN ENERGY (02688.HK) 's first-half net profit rose 7% YoY to RMB3.3 billion, while core profit fell 5% YoY.
Retail gas sales fell 7% YoY in 1H, dragged down by a lack of demand from industrial users and weaker-than-expected recovery in demand from commercial users.
The broker noted that the ENN's integrated energy revenue rose 30% YoY in the first half, and management has reiterated its full-year growth target of 40%.
HSBC lowered its 2023-25 adjusted profit forecast on ENN by 9% to 14%, and dropped its target price from $127 to $100, maintaining its Buy rating.
Source: AAStocks Financial News
http://www.aastocks.com/en/stocks/analy ... stock-news
HSBC Global Research Lowers ENN ENERGY (02688.HK) TP to $100, Rating Buy
HSBC Global Research released a rating report, highlighting that ENN ENERGY (02688.HK) 's first-half net profit rose 7% YoY to RMB3.3 billion, while core profit fell 5% YoY.
Retail gas sales fell 7% YoY in 1H, dragged down by a lack of demand from industrial users and weaker-than-expected recovery in demand from commercial users.
The broker noted that the ENN's integrated energy revenue rose 30% YoY in the first half, and management has reiterated its full-year growth target of 40%.
HSBC lowered its 2023-25 adjusted profit forecast on ENN by 9% to 14%, and dropped its target price from $127 to $100, maintaining its Buy rating.
Source: AAStocks Financial News
http://www.aastocks.com/en/stocks/analy ... stock-news
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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winston - Billionaire Boss
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Re: ENN Energy 2688
by winston » Fri Aug 25, 2023 12:20 pm
vested
UBS Lowers ENN ENERGY (02688.HK) TP to $128, Rating Buy
UBS wrote in a report that the weak 1H23 results of ENN ENERGY (02688.HK) seem to have been reflected in its share price and the broker remained bullish for the company for the medium term.
Despite a slowdown in gas sales in 1H, full-year earnings are expected to be broadly flat, with operating data such as gas dollar margin, connection fees volume and margins all solid.
The integrated energy business will support the broker's forecast of 17% CAGR in EPS between 2023 and 2025.
UBS suggested that the current valuation of ENN, which is equivalent to a 9.1x 2024 forecasted P/E ratio and a free cash flow yield of 8%, offers an attractive buying opportunity for long-term investors.
The broker believed that the 22% cumulative decline in share price over the past two months has broadly reflected weak gas sales.
The market is also overly concerned about the risk of a decline in new residential construction on the mainland, as the company's household connections rose 2% YoY in 1H23.
ENN remained UBS's top pick in the gas utilities sector, with a Buy rating and a target price lowered from $140 to $128.
The broker also lowered its EPS forecast 2023/24/25 by 9%/9%/8% respectively to reflect the weaker-than-expected results in 1H23.
Source: AAStocks Financial News
http://www.aastocks.com/en/stocks/analy ... stock-news
UBS Lowers ENN ENERGY (02688.HK) TP to $128, Rating Buy
UBS wrote in a report that the weak 1H23 results of ENN ENERGY (02688.HK) seem to have been reflected in its share price and the broker remained bullish for the company for the medium term.
Despite a slowdown in gas sales in 1H, full-year earnings are expected to be broadly flat, with operating data such as gas dollar margin, connection fees volume and margins all solid.
The integrated energy business will support the broker's forecast of 17% CAGR in EPS between 2023 and 2025.
UBS suggested that the current valuation of ENN, which is equivalent to a 9.1x 2024 forecasted P/E ratio and a free cash flow yield of 8%, offers an attractive buying opportunity for long-term investors.
The broker believed that the 22% cumulative decline in share price over the past two months has broadly reflected weak gas sales.
The market is also overly concerned about the risk of a decline in new residential construction on the mainland, as the company's household connections rose 2% YoY in 1H23.
ENN remained UBS's top pick in the gas utilities sector, with a Buy rating and a target price lowered from $140 to $128.
The broker also lowered its EPS forecast 2023/24/25 by 9%/9%/8% respectively to reflect the weaker-than-expected results in 1H23.
Source: AAStocks Financial News
http://www.aastocks.com/en/stocks/analy ... stock-news
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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winston - Billionaire Boss
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Re: ENN Energy 2688
by winston » Fri Aug 25, 2023 12:27 pm
vested
Daiwa Downgrades ENN ENERGY (02688.HK) to Hold, Cuts TP to $78
Daiwa issued a rating report, saying that even though ENN ENERGY (02688.HK) management maintained most of its operating targets, the guidance for this year on retail natural gas sales is down less than 5% YoY, and that profit is down less than 5% YoY.
On the positive side, the company's retail gas sales were flat YoY in July and up 3.9% YoY in August, giving it a good chance of hitting its target of a less than 5% YoY decline in 2H23, compared to a drop of about 7% in 1H23.
In 1H23, ENN's operating cash flow rose 27% YoY to RMB4 billion, resulting in a free cash flow of RMB400 million.
The company maintained its interim dividend at HK$0.64 per share, while remaining confident in its short-term operating cash flow.
Related News: ENN ENERGY Interim NP RMB3.333B, Up 7.3%; Interim Div Keeps at HK64 Cents
The broker lowered its EPS forecast on ENN for 2023-25 by 12% to 14%, dropped its target price from $91 to $78, and downrated it from Outperform to Hold.
Source: AAStocks Financial News
http://www.aastocks.com/en/stocks/analy ... stock-news
Daiwa Downgrades ENN ENERGY (02688.HK) to Hold, Cuts TP to $78
Daiwa issued a rating report, saying that even though ENN ENERGY (02688.HK) management maintained most of its operating targets, the guidance for this year on retail natural gas sales is down less than 5% YoY, and that profit is down less than 5% YoY.
On the positive side, the company's retail gas sales were flat YoY in July and up 3.9% YoY in August, giving it a good chance of hitting its target of a less than 5% YoY decline in 2H23, compared to a drop of about 7% in 1H23.
In 1H23, ENN's operating cash flow rose 27% YoY to RMB4 billion, resulting in a free cash flow of RMB400 million.
The company maintained its interim dividend at HK$0.64 per share, while remaining confident in its short-term operating cash flow.
Related News: ENN ENERGY Interim NP RMB3.333B, Up 7.3%; Interim Div Keeps at HK64 Cents
The broker lowered its EPS forecast on ENN for 2023-25 by 12% to 14%, dropped its target price from $91 to $78, and downrated it from Outperform to Hold.
Source: AAStocks Financial News
http://www.aastocks.com/en/stocks/analy ... stock-news
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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winston - Billionaire Boss
- Posts: 118900
- Joined: Wed May 07, 2008 9:28 am
Re: ENN Energy 2688
by winston » Fri Aug 25, 2023 2:05 pm
vested
Brokers│Views
UBS│Subdued 1H23 results may have been priced in; medium-term outlook still solid
HSBC Global Research│Interim results muddled by shrinkage in LNG trading & loss in gas-power customers; core businesses unaffected
Citigroup│Core earnings growth anticipated to be zero in 2023; preferred CHINA RES GAS (01193.HK)
JPMorgan│Retail gas sales contracted 7% YoY, viewed results as majorly negative
Daiwa│Estimates further reduced due to earnings visibility
Source: AAStocks Financial News
http://www.aastocks.com/en/stocks/news/ ... -news/AAFN
Brokers│Views
UBS│Subdued 1H23 results may have been priced in; medium-term outlook still solid
HSBC Global Research│Interim results muddled by shrinkage in LNG trading & loss in gas-power customers; core businesses unaffected
Citigroup│Core earnings growth anticipated to be zero in 2023; preferred CHINA RES GAS (01193.HK)
JPMorgan│Retail gas sales contracted 7% YoY, viewed results as majorly negative
Daiwa│Estimates further reduced due to earnings visibility
Source: AAStocks Financial News
http://www.aastocks.com/en/stocks/news/ ... -news/AAFN
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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winston - Billionaire Boss
- Posts: 118900
- Joined: Wed May 07, 2008 9:28 am
14 posts
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