TC

12/09/2019 14:29

{I-bank focus}Daiwa upgrades ENN Energy (02688) to "buy"

[ET Net News Agency, 12 September 2019] Daiwa Research maintained its target price for
ENN Energy (02688) at HK$101 unchanged but upgraded its rating to "buy" from "outperform"
on the 13% drop in share price since end-August.
The research house believes the shareholding restructuring of ENN Energy and ENN
Ecological (Shanghai code: 600803) has no fundamental change in the underlying business of
ENN Energy.
Daiwa said ENN Energy has an ambitious plan to rapidly expand its integrated energy (IE)
business and targets to increase the profit contribution to 25-30% in the next 5 years. It
also demonstrated strong execution ability by ramping up the operating IE projects to 82
by 1H from 31 in 2017, with more than 300 projects signed to be completed in the next 3-5
years. (KL)

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