[ET Net News Agency, 29 January 2021] CCB International Securities (CCBIS) raised its
target price for ENN Energy (02688) to HK$145 from HK$120 and maintained its "outperform"
rating.
The research house believes ENN is best positioned to deliver long-term earnings growth
leveraging its healthy volume growth and efforts in integrated energy (IE) services amid
the government's incentive to promote multi-energy complementation and smart energy
development.
The stock is trading at 16.6x 2021 P/E and has narrowed its discount to the most
expensive stock China Resources Gas (01193) within the space. CCBIS believes further catch
up of valuation may materialize should ENN prove to deliver multi-year sustainable
earnings and DPS growth. It raised its earnings forecasts by 2% for 2022 and 3-9% after
2022 by factoring in higher connection and VAS revenue/gross margin assumptions. (KL)
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02688 ENN ENERGY
Nominal 
65.500 -0.300 (-0.456%) Research Report
29/01/2021 14:42
CCBIS raises ENN Energy (02688) to HK$145
| Remark: | Real time quote last updated: 26/04/2024 09:24 |
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