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CCB International: Maintains 'Neutral' Rating on ENN Energy, with Target Price Increased to HKD 58.
CICC released a research report stating that it maintains a "neutral" rating on ENN Energy (02688) and lowers its core profit forecast for 2024/2025 by 3%/3%, taking into account lower wholesale natural gas profits and VAB income, as well as reduced merger and acquisition opportunities, and assuming a decrease in its capital expenditure. The target price has been raised by 5.5% to HKD 58, up from HKD 55. The bank stated a preference for ENN Energy because of its better ESG profile in the natural gas utilities sector, its dividend commitment (increasing the dividend payout ratio by 4 percentage points to 44% in 2024, reaching 50% in the medium term) and share repurchase measures boosting investors.
CICC maintains its "neutral" rating for enn energy (02688) with a raised target price of HKD 58.
CICC International lowered Enn Energy's (02688) core profit forecast for 2024/2025 by 3%/3%.
Hong Kong stocks surge | enn energy (02688) rises more than 3%, leading the gas stock. The gradual promotion of national price increase and the double increase in profit and valuation of urban gas companies are expected.
Gas stocks are generally rising. As of press time, ENN Energy (02688) rose 3.63% to HKD 62.75; Kunlun Energy (00135) rose 2.83% to HKD 8.35; China Gas Holdings (00384) rose 2.33% to HKD 7.46.
ENN Energy Holdings (HKG:2688) Hasn't Managed To Accelerate Its Returns
ENN Energy (02688.HK) was reduced by The Capital Group by 0.7566 million shares.
According to the latest equity disclosure information from the HKEX, on July 12, 2024, enn energy (02688.HK) was reduced by The Capital Group Companies, Inc. in the market at an average price per share of 63.7789 Hong Kong dollars for a total of 0.7566 million shares, involving approximately 48.2564 million Hong Kong dollars. After the reduction, The Capital Group Companies, Inc.'s latest holdings decreased from 11.03% to 10.9% with a total of 123,970,526 shares.
Hong Kong Stock Market Exchanges | enn energy (02688) falls over 5% again. Lyon claims that May's operating data fall short of expectations. Goldman Sachs expects mainland gas demand to remain strong.
Zhixin Finance APP learned that ENN Energy (02688) fell more than 5% again. As of press time, it fell 4.84% to HK$60.9, with a turnover of HK$0.106 billion. Lyon previously published a research report stating that the management of ENN Energy is confident in achieving all goals for the 2024 fiscal year. Although the company's operational data in the first five months of this year was lower than expected, the company still maintained a 6.4% market share from January to April of this year. Although the recent uncertainty of ENN Energy and the lower-than-expected growth in its retail natural gas business have postponed the opportunity for the company to be re-evaluated, the company continues to gain.
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