In today’s briefing:
- ENN Energy (2688 HK): Chipping Away at the Precondition
- NiSource Wins Big in Rate Cases With Massive Revenue Uplifts—Will Shareholders Reap the Rewards?
ENN Energy (2688 HK): Chipping Away at the Precondition
- ENN Natural Gas (600803 CH) has made steady progress in satisfying the precondition for its ENN Energy (2688 HK) offer. On 22 August, NDRC approval was obtained.
- The appraised offer HK$80.00 value is the key debating point. Based on several methodologies, I estimate a realistic offer value of HK$74.44 (range of HK$67.84 to HK$83.64).
- The protest votes for director re-elections at the 23 May AGM are a risk. On balance, the scheme vote should pass as the offer is reasonable and strategically sensible.
NiSource Wins Big in Rate Cases With Massive Revenue Uplifts—Will Shareholders Reap the Rewards?
- NiSource, a diversified energy company engaged primarily in regulated utility operations across six states, reported its financial results for the second quarter of 2025.
- The company posted an adjusted earnings per share (EPS) of $0.22 for the quarter, bringing the year-to-date total to $1.19.
- This performance positions NiSource to achieve the higher end of its annual adjusted EPS guidance range of $1.85 to $1.89, reflecting effective operational management and strategic focus.
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