External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>ENN remains conservative about the recovery of industrial gas sales in 2H23 and 2023.</li><li>While its power plant gas sales are unlikely to recover and face customer structure adjustment, there is potential for partial gas sales recovery among other industrial gas users.</li><li>We believe the dollar margin is expected to reach the full-year target.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

ENN remains conservative about the recovery of industrial gas sales in 2H23 and 2023.While its power plant gas sales are unlikely to recover and face customer structure adjustment, there is potential for partial gas sales recovery among other industrial gas users.We believe the dollar margin is expected to reach the full-year target.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<ul><li>ENN recorded 1H23 core profit of RMB3,914mn, down 5% YoY, lower than our expectation.</li><li>Thanks to the weak economy recovery in 1H23, city gas sales volume declined by 6.9% YoY to 12.2bcm, slower than mgmt. guidance and our estimate, but gas dollar margin experienced slight improvement to RMB0.52/cbm.</li><li>IE segment revenue missed and was up by 30% (vs prev. guidance of +40%YoY). </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

ENN recorded 1H23 core profit of RMB3,914mn, down 5% YoY, lower than our expectation.Thanks to the weak economy recovery in 1H23, city gas sales volume declined by 6.9% YoY to 12.2bcm, slower than mgmt. guidance and our estimate, but gas dollar margin experienced slight improvement to RMB0.52/cbm.IE segment revenue missed and was up by 30% (vs prev. guidance of +40%YoY). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

ENN Energy (2688 HK) – 1H23 Results Miss

<ul><li>ENN Energy delivered FY22 results with core profit rising by 11.3% YoY.</li><li>Despite a 0.8% YoY decline in gross profit and 24.4% YoY drop in attributable net profit due to economic downturn, exchange fluctuation, and higher gas cost, ENN’s integrated-energy business and VAS business maintain robust growth.</li><li>We believe ENN’s results will improve in 2023 considering that: 1) gas sales growth is expected to rebound to low double digit; 2) dollar margin may improve based on lower gas cost and more effective price-through measures; 3) wholesales gas net profit may further rise; 4) ENN’s IE maintains a robust growth momentum; 5) the Company accelerates product promotion of value added business which shows great growth potential.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

ENN Energy delivered FY22 results with core profit rising by 11.3% YoY.Despite a 0.8% YoY decline in gross profit and 24.4% YoY drop in attributable net profit due to economic downturn, exchange fluctuation, and higher gas cost, ENN’s integrated-energy business and VAS business maintain robust growth.We believe ENN’s results will improve in 2023 considering that: 1) gas sales growth is expected to rebound to low double digit; 2) dollar margin may improve based on lower gas cost and more effective price-through measures; 3) wholesales gas net profit may further rise; 4) ENN’s IE maintains a robust growth momentum; 5) the Company accelerates product promotion of value added business which shows great growth potential.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

ENN Energy (2688 HK) – Emerging from the downturn

<ul><li>ENN Energy (ENN) announced inline 3Q22 operational data. Retail gas sales volume maintained low-single-digit growth and gas dollar margin stabled at RMB0.53/cbm due to increasing cost and shrinking demand during Covid-19 pandemic controls; IE business and value-added segment continued its robust growth.</li><li>Looking ahead, ENN’s mgmt. guided optimistic gas sales volume growth and stabilizing dollar margin in Q4.</li><li>Meanwhile, they maintain strong faith on IE business and value-added business surge.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

ENN Energy (ENN) announced inline 3Q22 operational data. Retail gas sales volume maintained low-single-digit growth and gas dollar margin stabled at RMB0.53/cbm due to increasing cost and shrinking demand during Covid-19 pandemic controls; IE business and value-added segment continued its robust growth.Looking ahead, ENN’s mgmt. guided optimistic gas sales volume growth and stabilizing dollar margin in Q4.Meanwhile, they maintain strong faith on IE business and value-added business surge.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

ENN Energy (2688 HK) – 3Q22 operational data in line; smooth progress towards net-zero target

China

ENN Energy Holdings Ltd. distributes natural gas in China.  The Company, through its subsidiaries, invests in, operates, and manages gas pipelines, and sells and distributes piped and bottled gas in China.

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ENN Energy (2688 HK)