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02688 ENN ENERGY
RTNominal up64.100 +0.200 (+0.313%)
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22/11/2018 10:52

[I-bank focus]Nomura lowers ENN Energy (02688) to HK$92.4

[ET Net News Agency, 22 November 2018] Nomura lowered its target price for ENN Energy
Holdings (02688) to HK$92.4 from HK$94.4 and maintained its "buy" rating.
The research house expects dollar margin pressure to ease this winter, and forecast
CNY0.10/cm of margin decline versus CNY0.14/cm last winter, as Nomura expects a higher
cost pass-through rate (80% versus 65% last year), given more time for customer
negotiation.
But it does not expect a full pass-through, as the economy is slowing.
Nomura revised down its 2018-19 earnings forecasts by 3-4% to reflect lower gas volume
forecast. It said the stock is trading at 12.3x 2019 P/E versus s historical average of
16.1x. (KL)

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