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02688 ENN ENERGY
RTNominal up47.300 +1.500 (+3.275%)
Research Report

19/12/2019 17:49

{I-bank focus}Morgan downgrades ENN Energy to "underweight"

[ET Net News Agency, 19 December 2019] Morgan Stanley maintained its target price for
ENN Energy Holdings (02688) at HK$90 but downgraded its rating to "underweight" from
"overweight".
The research house said the downgrade reflects (1) Its premium valuation of 16.1x 2019
P/E and 14.5x 2020 P/E, compared to peers' average of 14.1x and 12.8x, respectively,
despite the higher earnings growth; (2) Gas sales dollar margin pressure from higher-cost
hikes upstream; (3) Deteriorating gas connection fee margin (from 62.8% in 1H 2018 to 53%
in 1H 2019); and (4) Downward adjustment on integrated energy revenue guidance for 2019
from Rmb5bn to Rmb3bn.
Morgan cut its recurring EPS estimates by 0.7%, 4%, and 7.4% for 2019-21. (KL)

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