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.
Hong Kong Shares Rise 1.0%, Tracking Wall Street Gains -- Market Talk
Stocks of gas companies rose mostly, with China Res Gas (01193) rising more than 4%. Credit Suisse is bullish on the high unit growth of mainland gas demand.
Most gas stocks are up. As of press time, China res gas (01193) increased by 4.02%, reaching HKD 29.75; kunlun energy (00135) increased by 2.36%, reaching HKD 9.1; China gas hold (00384) increased by 0.82%, reaching HKD 7.35.
Lyon reiterates its 'buy' rating on ENN Energy, with a target price lowered to HKD 80.9.
Lyon released a research report stating that it reiterates its 'buy' rating on enn energy (02688), based on the previous downward sales forecast, the target price was lowered from HKD 84.4 to HKD 80.9. However, due to the increase in regular income from henry hub natural gas and the expansion of profit per unit, the view on mid-term profit improvement remains unchanged. The report states that although enn energy has recently experienced uncertainty and retail natural gas business growth has been lower than expected, it has postponed the opportunity for the company's re-evaluation. However, the bank believes that sustained profitability will be the key to releasing the positive momentum of the company's stock price. The company's management is confident in achieving all targets for the fiscal year 2024.
ENN Energy Holdings (HKG:2688) Takes On Some Risk With Its Use Of Debt
Hong Kong stocks concept tracking | Gas sector boosted against the market, global heat wave pushes up henry hub natural gas prices (with concept stocks)
In the afternoon of June 24, Hong Kong stocks of gas rose against the trend, with China Res Gas (01193) up 1.64%, ENN Energy (02688) up 1.13%, and Kunlun Energy (00135) and other stocks following the rise.
ENN Energy Repurchases Bonds Worth $45 Million
ENN Energy announces repurchase of some bonds.
ENN Energy (02688) announced that between June 3rd and 20th, 2024, the company will further repurchase a portion of the bills with a total amount of $45 million on the open market, accounting for approximately 6% of the initial principal amount of the bills. All repurchased bills will be cancelled. After the repurchased bills are cancelled, the total outstanding principal amount of the bills will be $505 million, accounting for about 67.33% of the initial principal amount of the bills.
ENN Energy (02688.HK) repurchases some notes.
On June 20th, Gelun Hui reported that enn energy (02688.HK) has announced that between June 3rd and June 20th, 2024, the company further repurchased a total of $45 million of notes on the public market, accounting for approximately 6% of the initial principal amount of the notes. All repurchased notes will be canceled. After the repurchased notes are canceled, the total outstanding principal of the notes is $505 million, accounting for approximately 67.33% of the initial principal of the notes.
Express News | ENN Energy - Notes Refer to US$750 Mln 2.625% Green Senior Notes Due 2030
Express News | ENN Energy - Further Repurchased Part of Notes in Aggregated Principal Amount of US$45 Mln From 3 to 20 June
[Special Guest] Deng Shengxing: Hong Kong stocks are in a stalemate, struggling to break the 18,000-point level.
Kingston Financial News | Hang Seng Index closed at 17936 on Monday (17th), down slightly by 5 points or 0.03%. Total turnover for the day was HKD 96.3 billion. HSI's China Enterprise Index fell 0.02% to 6373, while the Hang Seng Technology Index rose slightly by 0.05% to end at 3709. Energy stocks performed weakly, with PetroChina (00857) falling by 1.7%, and CNOOC (00883) falling by 0.9%. New World Development (02688) suffered a significant drop of 3.5%, which dragged down the blue-chip stocks. Mainland real estate stocks, on the other hand, took a hit as the price decline in 70 cities in China expanded in May. China Overseas (00688) fell by 1.5%, while China Vanke (02202) plunged by 4.2%.
HK stocks surge: China Res Gas (01193) rose nearly 5%, leading the gas stock. The gradual implementation of nationwide gas price increase and the expected repair of urban gas profitability.
According to the Zhixun Finance APP, most of the gas stocks are rising. As of press time, China Resources Gas (01193) rose 4.8% to HKD 29.45; Kunlun Energy (00135) rose 3.01% to HKD 8.21; China Gas Holdings Limited (00384) rose 2.03% to HKD 7.55; ENN Energy Holdings Limited (02688) rose 1.15% to HKD 70.15. A recent research report from Soochow Securities pointed out that from 2022 to 2024M5, 52% of prefecture-level and above cities in the country have adjusted residential prices, with a price increase of 0.20 yuan per cubic meter. With the arrival of the off-season, the bank believes that there will be no further hikes.
ENN Energy Holdings Limited Goes Ex Dividend Tomorrow
ENN Energy Holdings Limited's (HKG:2688) Intrinsic Value Is Potentially 96% Above Its Share Price
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