[ET Net News Agency, 15 November 2017] HSBC Global Research raised its target price for
ENN Energy Holdings (02688) to HK$68 from HK$56, and maintained its "buy" rating.
The research house witnessed the development of the government's effort in converting
energy use from coal to natural gas during its recent site visits in mainland China. Based
on its discussions with government regulators in Beijing, HSBC believes local subsidies in
both urban and rural areas are in place to support end-users to switch from coal to gas.
HSBC likes ENN's pure exposure to the downstream gas utility sector with quality
operations and gas sales volume growth ahead of peers. It also likes ENN's strong
fundamentals while quality execution could defend its dollar margin better.
Given stronger earnings growth at 13% for 2017-18, HSBC believes the valuation looks
undemanding versus peers. (KL)
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02688 ENN ENERGY
Nominal 
64.100 +0.200 (+0.313%) Others
15/11/2017 15:48
[I-bank focus]HSBC raises ENN Energy (02688) to HK$68
| Remark: | Real time quote last updated: 23/04/2024 17:59 |
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