ENN Energy's Near-Term Share Price Likely to Remain Volatile -- Market Talk

Dow Jones08-27

0644 GMT - ENN Energy's share price performance is likely to remain volatile in the near term due to China's weak macroeconomic conditions and sluggish real estate sector, Morningstar director Chokwai Lee writes in a note. The Chinese clean energy distributor's 1H core profit was down 17% on year, mainly due to a lower LNG trading gain, Lee notes. Although the company's operating statistics align with management guidance, they were at the lower end of targets, with margins falling short of the brokerage's expectations, Lee says. Morningstar cut its fair value estimate to HK$72.00 from HK$88.00, after factoring in the company's weak 1H results. Shares are down 3.4% at HK$52.15. (amanda.lee@wsj.com)

(END) Dow Jones Newswires

August 27, 2024 02:44 ET (06:44 GMT)

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Although the company's operating statistics align with management guidance, they were at the lower end of targets, with margins falling short of the brokerage's expectations, Lee says. Morningstar cut its fair value estimate to HK$72.00 from HK$88.00, after factoring in the company's weak 1H results. Shares are down 3.4% at HK$52.15. 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