Citi Research slashed ENN Energy’s target price from HK$118 to HK$83, cut rating to Neutral from Buy

 

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ENN Energy saw first-half core profit drop 5% year over year to 3.914 billion yuan and the company’s management lowered its full-year core profit target to 5% growth and that of natural gas sales to no more than 5% drop, said Citi Research noted. 

Citi lowered the forecast of ENN Energy’s net profit in 2023 – 25 by 8% – 18%. 

The broker slashed its target price from HK$118 to HK$83, and downgraded its rating from Buy to Neutral. 

ENN’s first-half results showed a negative surprise from lower retail gas sales, with the decrease mainly due to lower gas sales to the industrial sector, it said.