ENN Energy Holdings Limited (HK:2688)
:2688
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ENN Energy Holdings
(2688)
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Rating:64Neutral
Price Target:
HK$65.00
â–²(1.72% Upside)
Action:Downgraded
Date:05/04/26
The score is driven primarily by stable financial resilience (improving leverage and consistently positive operating/free cash flow) despite a clear multi-year profitability/margin downtrend and flat-to-declining recent revenue. Valuation is a support (moderate P/E and strong dividend yield), while technical indicators are the main near-term risk due to broadly bearish momentum.
Positive Factors
Improved leverage and balance sheet health
Decreasing debt-to-equity and rising equity indicate a stronger capital structure and lower refinancing risk. This improved balance sheet supports continued network investment, dividend coverage and resilience to gas price swings, preserving strategic optionality over the next 2–6 months.
Negative Factors
Material margin compression since 2020
Sustained margin erosion signals deteriorating spread between retail tariffs and procurement/distribution costs, reducing per-unit profitability. Unless structural cost or pricing dynamics reverse, lower margins will constrain earnings and reinvestment capacity over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Improved leverage and balance sheet health
Decreasing debt-to-equity and rising equity indicate a stronger capital structure and lower refinancing risk. This improved balance sheet supports continued network investment, dividend coverage and resilience to gas price swings, preserving strategic optionality over the next 2–6 months.
Read all positive factors
ENN Energy Holdings (2688) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$66.11B
Dividend Yield4.3%
Average Volume (3M)3.20M
Price to Earnings (P/E)11.7
Beta (1Y)0.78
Revenue Growth1.89%
EPS Growth-0.52%
CountryHK
Employees35,197
SectorUtilities
Sector Strength65
IndustryRegulated Gas
Share Statistics
EPS (TTM)N/A
Shares Outstanding1,131,839,200
10 Day Avg. Volume3,618,155
30 Day Avg. Volume3,200,313
Financial Highlights & Ratios
PEG Ratio-15.66
Price to Book (P/B)1.44
Price to Sales (P/S)0.62
P/FCF Ratio20.68
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
HK$72.03Price Target Upside12.72% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
ENN Energy Holdings Business Overview & Revenue Model
Company Description
ENN Energy Holdings Limited, an investment holding company, engages in the investment, construction, operation, and management of gas pipeline infrastructures; and integrated energy, and vehicle and ship refueling stations in the People's Republic...
How the Company Makes Money
ENN Energy makes money mainly by supplying natural gas and providing energy services through its operating network and customer base.
1) Retail gas sales (core revenue stream)
- The company sells piped natural gas to end users via its city-gas pr...
ENN Energy Holdings Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
74
Positive
Cash Flow
70
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 111.91B | 109.85B | 113.86B | 110.05B | 93.11B |
| Gross Profit | 13.29B | 13.40B | 14.34B | 15.76B | 14.06B |
| EBITDA | 11.19B | 10.75B | 11.56B | 12.70B | 11.29B |
| Net Income | 5.90B | 5.99B | 6.82B | 5.87B | 7.75B |
Balance Sheet | |||||
| Total Assets | 106.06B | 103.22B | 103.13B | 102.36B | 99.99B |
| Cash, Cash Equivalents and Short-Term Investments | 8.51B | 7.69B | 9.79B | 8.08B | 8.84B |
| Total Debt | 19.75B | 20.39B | 23.33B | 20.41B | 20.44B |
| Total Liabilities | 51.97B | 52.14B | 54.87B | 56.80B | 57.84B |
| Stockholders Equity | 47.85B | 45.10B | 42.66B | 39.04B | 35.78B |
Cash Flow | |||||
| Free Cash Flow | 3.34B | 3.56B | 3.12B | 3.86B | 4.21B |
| Operating Cash Flow | 10.43B | 10.29B | 9.61B | 10.10B | 10.47B |
| Investing Cash Flow | -5.74B | -4.44B | -4.85B | -5.73B | -6.77B |
| Financing Cash Flow | -4.30B | -7.86B | -3.14B | -5.02B | -3.64B |
ENN Energy Holdings Technical Analysis
Negative
63.90
Price Trends
63.69
Negative
66.24
Negative
66.27
Negative
Market Momentum
-1.25
Positive
31.46
Neutral
10.73
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:2688, the sentiment is Negative. The current price of 63.9 is above the 20-day moving average (MA) of 61.33, above the 50-day MA of 63.69, and below the 200-day MA of 66.27, indicating a bearish trend. The MACD of -1.25 indicates Positive momentum. The RSI at 31.46 is Neutral, neither overbought nor oversold. The STOCH value of 10.73 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:2688.
ENN Energy Holdings Peers Comparison
UnderperformOutperform
Sector (66)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
66 Neutral | $17.65B | 18.10 | 5.60% | 3.62% | 6.62% | 11.55% | |
64 Neutral | HK$66.11B | 11.71 | 12.60% | 4.30% | 1.89% | -0.52% | |
63 Neutral | HK$40.97B | 7.70 | 5.14% | 6.44% | -2.28% | -9.61% | |
58 Neutral | HK$42.76B | 14.60 | 8.10% | 4.43% | -4.81% | -13.88% | |
57 Neutral | HK$136.96B | 11.84 | 9.73% | 4.94% | -2.07% | -0.42% | |
55 Neutral | HK$12.89B | 4.28 | 6.35% | 6.38% | -1.89% | -5.33% | |
54 Neutral | HK$17.06B | 34.41 | 3.04% | 1.17% | -3.75% | 77.10% |
* Utilities Sector Average
HK:2688
ENN Energy Holdings
58.55
-4.13
-6.59%
HK:0384
China Gas Holdings
7.52
0.67
9.86%
HK:1193
China Resources Gas Group
18.85
-2.66
-12.38%
HK:0003
Hong Kong & China Gas Co
7.34
0.71
10.76%
HK:1083
Towngas China Co
3.51
0.19
5.72%
HK:1635
Shanghai Dazhong Public Utilities (Group) Co., Ltd. Class H
3.13
1.19
61.01%
ENN Energy Holdings Corporate Events
ENN Energy privatisation advances as scheme timetable extended to April 2026
Apr 29, 2026
ENN Natural Gas and its Hong Kong investment vehicle have reiterated their pre-conditional proposal to privatise ENN Energy Holdings and delist it from the Hong Kong Stock Exchange, advancing a long-running restructuring of the group’s liste...
ENN Energy posts steady Q1 gas growth as integrated energy sales dip
Apr 29, 2026
ENN Energy Holdings reported modest growth in its core natural gas business for the first quarter of 2026, with retail gas sales volume edging up 0.5% year on year to 7,294 million cubic meters. Sales to commercial and industrial clients rose 0.7%...
ENN Energy Sets 2026 AGM to Approve Dividend, Board Mandates
Apr 28, 2026
ENN Energy Holdings has called its annual general meeting for 27 May 2026 in Hong Kong, where shareholders will review the audited financial statements for the year ended 31 December 2025 and vote on a proposed final dividend of HK$2.35 per share....
ENN Energy Posts Stable 2025 Results as Gas Volumes and Customer Base Grow
Mar 27, 2026
ENN Energy reported largely stable 2025 results despite a complex macroeconomic backdrop, with revenue edging up 1.9% to RMB111.9 billion as retail gas sales volume rose 1.5% to 26.6 billion cubic meters and its customer base continued to expand a...
ENN Energy Proposes HKD 2.35 Final Dividend for 2025
Mar 27, 2026
ENN Energy Holdings has proposed a final ordinary dividend of HKD 2.35 per share for the financial year ended 31 December 2025, with payment scheduled for 31 July 2026, subject to shareholder approval on 27 May 2026. The announcement outlines key ...
ENN Natural Gas updates on pre-conditions for ENN Energy privatization and delisting plan
Mar 27, 2026
ENN Natural Gas and its Hong Kong subsidiary Xinneng Energy Investment have provided a fresh monthly update on their pre-conditional proposal to privatize ENN Energy Holdings and delist it from the Hong Kong Stock Exchange. The transaction structu...
ENN Energy Sets March 27 Board Meeting to Approve 2025 Results and Consider Final Dividend
Mar 13, 2026
ENN Energy Holdings has scheduled a board meeting for 27 March 2026 to review and approve the annual results for the year ended 31 December 2025. The board will also consider the declaration of a final dividend, indicating potential returns to sha...
ENN Natural Gas Updates Progress on Privatization Bid for ENN Energy Holdings
Feb 27, 2026
ENN Natural Gas, via its Hong Kong subsidiary Xinneng (Hong Kong) Energy Investment, continues to pursue a pre-conditional proposal to privatize ENN Energy Holdings and withdraw its Hong Kong listing, with the parties issuing a fresh monthly updat...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.