Bank of China International Adjusts ENN ENERGY Target to HK$70.28, Reaffirms 'Buy' Rating

Stock News06-08

According to a research report, ENN ENERGY (HKEX: 02688) has been the worst-performing Chinese natural gas distributor, with its share price having fallen 25% year-to-date. Weak natural gas sales growth and rising international gas prices have weighed on the share performance of China's gas distributors.

The report reiterates a 'Buy' rating but lowers the target price from HK$76.7 to HK$70.28.

Furthermore, the report notes that the slow progress of its recent restructuring has led some investors to speculate that the deal might fall through. Extending the final deadline for the transaction before this Friday (the 12th) would help boost market confidence in ENN ENERGY.

Even if the company ultimately cancels the deal—though this is considered unlikely—its relatively high dividend yield could help limit any further downside in the share price.

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