In today’s briefing:
- ENN Energy (2688 HK): Things Are Not That Bad Without the Privatisation
ENN Energy (2688 HK): Things Are Not That Bad Without the Privatisation
- 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.

