HK/China Equity Long-Short

Osbert Tang, CFA

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kunlun-energy-co-ltd" target="_blank" data-smartkarma-citation="entities:10054:1" rel="noopener">Kunlun Energy (135 HK)</a> posted a healthy 2.6% earnings growth for 1H24. If not for the expiry of two oilfields last year, its earnings growth would have reached 6.8%. </li>
<li>Natural gas sales pre-tax margin contracted 0.5pp YoY, but has recovered significantly HoH. Other businesses have all seen good margin expansion. </li>
<li>The company has further accumulated net cash which increased 8.3% in the last six months. At HK$2.76/share, this equals 35% of the share price.</li>
</ul>



Kunlun Energy (135 HK) posted a healthy 2.6% earnings growth for 1H24. If not for the expiry of two oilfields last year, its earnings growth would have reached 6.8%. 
Natural gas sales pre-tax margin contracted 0.5pp YoY, but has recovered significantly HoH. Other businesses have all seen good margin expansion. 
The company has further accumulated net cash which increased 8.3% in the last six months. At HK$2.76/share, this equals 35% of the share price.


Kunlun Energy (135 HK): The Most Solid Play

Pan-Asia Tactical Market Calls (Quant-Driven), MRM Research

Nico Rosti

Pan-Asia Tactical Market Calls (Quant-Driven)

MRM Research

Quantitative Research

Equity Derivatives

<ul>
<li>
<a href="https://www.smartkarma.com/entities/enn-natural-gas-co-ltd" target="_blank" data-smartkarma-citation="entities:16456:1" rel="noopener">ENN Natural Gas (600803 CH)</a> is currently trading at 21.00 — between P50 (22.2) and P75 (20.9) targets on our support/"go LONG" model.</li>
<li>Privatization status: CSRC approval pending — see <a href="https://www.smartkarma.com/profiles/david-blennerhassett" target="_blank" data-smartkarma-citation="accounts:840" rel="noopener">David Blennerhassett</a> April 9 insight on Smartkarma for detailed analysis.</li>
<li>Our model shows a very oversold stock, the top path analogues indicate the sell-off may be over this week or the next. </li>
</ul>



ENN Natural Gas (600803 CH) is currently trading at 21.00 — between P50 (22.2) and P75 (20.9) targets on our support/"go LONG" model.
Privatization status: CSRC approval pending — see David Blennerhassett April 9 insight on Smartkarma for detailed analysis.
Our model shows a very oversold stock, the top path analogues indicate the sell-off may be over this week or the next. 


ENN Natural Gas (600803) Tactical Outlook: Oversold - Ready to Bounce?

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>Skyworth’s monthly update confirms there has been "no substantial update since the Monthly Update Announcement dated 17 August 2026" and that it is "still preparing the listing application." </li>
<li>Skyworth is behind on every precedent's filing milestone; the lack of proof of filing Skyworth Photovoltaic’s application (AP) is now the standout red flag.</li>
<li>The delay could reflect unusually complex documentation or a sector policy risk resulting in informal regulatory discouragement before formal filing. Caution is warranted until the AP is filed. </li>
</ul>


Skyworth’s monthly update confirms there has been "no substantial update since the Monthly Update Announcement dated 17 August 2026" and that it is "still preparing the listing application." 
Skyworth is behind on every precedent's filing milestone; the lack of proof of filing Skyworth Photovoltaic’s application (AP) is now the standout red flag.
The delay could reflect unusually complex documentation or a sector policy risk resulting in informal regulatory discouragement before formal filing. Caution is warranted until the AP is filed. 


Skyworth (751 HK): Behind Every Precedent's Filing Clock

<ul>
<li>
<a href="https://www.smartkarma.com/entities/enn-energy-holdings-limited" target="_blank" data-smartkarma-citation="entities:316:1" rel="noopener">ENN Energy (2688 HK)</a>'s 1H26 results demonstrated that, even without <a href="https://www.smartkarma.com/entities/enn-natural-gas-co-ltd" target="_blank" data-smartkarma-citation="entities:16456:1" rel="noopener">ENN Natural Gas (600803 CH)</a>'s privatisation, its fundamentals remain solid. </li>
<li>Its gross margin decline has stabilised; with cost control initiatives, the FY26 earnings will stay healthy. Upside will come from improvement in the IE and smart home segments.</li>
<li>At 7.6x PER for FY26 and FY27, it is among the cheapest in the HSI and the gas utilities sector. Its P/B is now over 1SD below average. </li>
</ul>



ENN Energy (2688 HK)'s 1H26 results demonstrated that, even without ENN Natural Gas (600803 CH)'s privatisation, its fundamentals remain solid. 
Its gross margin decline has stabilised; with cost control initiatives, the FY26 earnings will stay healthy. Upside will come from improvement in the IE and smart home segments.
At 7.6x PER for FY26 and FY27, it is among the cheapest in the HSI and the gas utilities sector. Its P/B is now over 1SD below average. 


ENN Energy (2688 HK): Things Are Not That Bad Without the Privatisation

CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Quantamental Investing to beat Benchmarks

A. Stotz Investment Research

We pick stocks. We construct portfolios. All our effort is focused on how to better pick stocks and construct portfolios. We serve fund management companies, family offices, and high net worth individuals.

Thematic (Sector/Industry)

<ul>
<li>We highlight 10 stocks in China that look interesting to us based on our FVMR Methodology</li>
<li>Portfolio changes: Three stocks remain, seven new join the fray</li>
<li>Since inception, it has gained 172% versus the CSI 300 Index’s return of 62%</li>
</ul>


We highlight 10 stocks in China that look interesting to us based on our FVMR Methodology
Portfolio changes: Three stocks remain, seven new join the fray
Since inception, it has gained 172% versus the CSI 300 Index’s return of 62%


China

Enn Natural Gas Co.,Ltd. offers natural gas engineering services. The Company provides natural gas engineering investment, gas station construction, and energy equipment distribution services. Enn Natural Gas also operates coal materials, chemicals,  and biopharmaceutical products trading businesses.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

ENN Natural Gas (600803 CH)

Kunlun Energy (135 HK): The Most Solid Play

Kunlun Energy reports 2.6% profit growth in 1H24. Natural gas sales margin contracted YoY but recovered HoH, while other businesses saw margin...

Osbert Tang, CFA

ENN Natural Gas (600803) Tactical Outlook: Oversold - Ready to Bounce?

ENN Natural Gas (600803 CH) is near the P75 support target on our model, 3 consecutive down weeks - oversold. Potential for a rebound rally while...

Nico Rosti

Skyworth (751 HK): Behind Every Precedent's Filing Clock

Skyworth is behind on every precedent's filing milestone; the lack of proof of filing Skyworth Photovoltaic’s application is now the standout red...

Arun George

ENN Energy (2688 HK): Things Are Not That Bad Without the Privatisation

ENN Energy's fundamentals remain solid despite the fallout of privatisation. Stable earnings with upside from IE and smart home are its edges. It...

Osbert Tang, CFA

The Stocks to Own in China – Vol. 34

We highlight 10 China A stocks that look interesting to us based on our FVMR Methodology. Portfolio changes: Three stocks remain, seven new join...

A. Stotz Investment Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Kunlun Energy (135 HK): The Most Solid Play

​Kunlun Energy reports 2.6% profit growth in 1H24. Natural gas sales margin contracted YoY but recovered HoH, while other businesses saw margin...

Osbert Tang, CFA

ENN Natural Gas (600803) Tactical Outlook: Oversold - Ready to Bounce?

ENN Natural Gas (600803 CH) is near the P75 support target on our model, 3 consecutive down weeks - oversold. Potential for a rebound rally while...

Nico Rosti

Skyworth (751 HK): Behind Every Precedent's Filing Clock

Skyworth is behind on every precedent's filing milestone; the lack of proof of filing Skyworth Photovoltaic’s application is now the standout red...

Arun George

ENN Energy (2688 HK): Things Are Not That Bad Without the Privatisation

ENN Energy's fundamentals remain solid despite the fallout of privatisation. Stable earnings with upside from IE and smart home are its edges. It...

Osbert Tang, CFA

The Stocks to Own in China – Vol. 34

We highlight 10 China A stocks that look interesting to us based on our FVMR Methodology. Portfolio changes: Three stocks remain, seven new join...

A. Stotz Investment Research

Kunlun Energy reports 2.6% profit growth in 1H24. Natural gas sales margin contracted YoY but recovered HoH, while other businesses saw margin...