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ENN Energy

ENN Energy (ENN) is one of the largest gas distributors in China. Most of its revenues come from the sale of piped gas and gas connection fees. The company's main business is purchasing piped gas from the national gas supply grid and distributing it from the city-gate to end-customers. ENN typically only pays for the actual quantity purchased. However, ENN also enters into long term take-or-pay contracts with major upstream natural gas suppliers in China, including PetroChina, Sinopec, China National Offshore Oil Corporation (CNOOC) and their distributors. ENN had 172 gas projects in various provinces, municipalities and autonomous regions in China, as of 31 December 2017. ENN's projects cover a connectable urban population of over 84.7 million. After obtaining the concession right for a city or region in China, ENN usually has exclusive rights to supply gas in the area for 20-30 years. As at 31 December 2017, ENN also operated a total of 325 CNG refuelling stations and 281 LNG refuelling stations and promoted 266 alliance refuelling stations respectively. (19 Jul 2018)

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Asia Corporate Recommendations: December 2018

Asia Corporate Recommendations: 03 Dec 2018, 4:09 AM ET - New initiations this month include Agile 2020, KWG 2020, and China State Construction International perp with Market perform. Downgrades include Everre 6.25% 2021, H&H 2021 and Vedanta 2023 from Market perform to Underperform.

Oil & Gas: Slashing Oil Outlook, Downgrading E&Ps

Sector Analysis: 26 Nov 2018, 4:48 AM ET - We believe the recent 33% drop in oil prices is likely to be just the first leg of a deeper decline.  We are reducing our 2019 oil price view and recalibrating our IG and HY E&P investment recommendations to a more defensive position.

ENN Energy: Meeting Notes-Regulatory Debate

Company Meetings: 14 Nov 2018, 4:24 AM ET - The natural gas supplier expects to achieve break even free cash flow in FY18. Capex is likely to remain high until 2020 though, as it invests in the integrated energy segment. 

ENN Energy: Sister Company Bids for US LNG Project

Worth Watching: 08 Nov 2018, 4:48 AM ET - ENN Energy  's (ENN, Baa2/BBB+) sister company ENN Ecological may purchase the right to liquefy shale gas at the Freeport LNG Development project in Texas from Toshiba by the end of March 2019, according to news reports. ENN Ecological has not yet ..

Asia Corporate Recommendations: November 2018

Asia Corporate Recommendations: 01 Nov 2018, 4:38 AM ET - We lowered our recommendation on Anton Oilfield 2020 to Market perform. However, we upgraded our recommendations on a number of Chinese property bond issues and  initiated on the new Evergrande 2020 with an Outperform recommendation.

Chinese Industrials: Currency Risk

Strategy Analysis: 26 Oct 2018, 3:02 AM ET - Almost all of the Chinese industrials we follow suffered FX losses in 1H18. We look at the breakdown of their debt, revenues, costs and cash by currency, as well as their existing hedging policies and currency sensitivity analysis. 

China Oil & Gas and ENN Energy: Connection Fee Cap

Worth Watching: 02 Oct 2018, 5:03 AM ET - China Oil & Gas and ENN Energy (COG Ba2/Stable, BB/Pos; ENN Baa2/Stable, BBB+/Stable).  China's National Development and Reform Commission (NDRC) has proposed a cap on gas distributors' connection fees, according to press reports. The fee cut co ..

Asia Corporate Recommendations: October 2018

Asia Corporate Recommendations: 01 Oct 2018, 4:59 AM ET - We assigned an Outperform recommendation to the CGN $ bond complex and Market perform recommendations to Country Garden's new 2022 and 2024 bonds. We also raised our recommendation on Baidu 2019 to Outperform. 

Asia Corporate Recommendations: September 2018

Asia Corporate Recommendations: 03 Sep 2018, 3:50 AM ET - We initiate on Modernland 2021 with M/P, and Fufeng 2021 with O/P. We upgraded Agile and longer-dated Evergrande bonds to M/P, and Baidu 2019 to O/P. We downgraded COG 2020, Gajah 2022 and Modernland bonds to M/P, and Jababeka 2023 to U/P.

ENN Energy 1H18: Solid Results for a Gas Company

Earnings Note: 24 Aug 2018, 6:54 AM ET - ENN repaid some of its debt obligations and plugged its negative free cash flow with existing cash on hand. Even though liquidity was tight, unutilized banking facilities were sufficient.

Asia Credit Calendar: Week of 20 August 2018

Strategy Analysis: 17 Aug 2018, 2:36 AM ET - The 1H18 earning season continues for Chinese issuers. 13 Chinese property developers, 4 Chinese industrial companies and 4 Chinese financial institutions will release results next week.

Asia Corporate Recommendations: August 2018

Asia Corporate Recommendations: 01 Aug 2018, 5:28 AM ET - This month's new initiations: Agile 2021, KWG 2021 and Sunac 8.625% 2020 with M/P. Upgrades include Agile bond complex and Jinmao 2018 to M/P. Downgrades include CNOOC bond complex and Baidu 2019 to M/P, Sunac 2021 and Vedanta 2024 to U/P.

Asia Corporate Recommendations: July 2018

Asia Corporate Recommendations: 02 Jul 2018, 6:01 AM ET - Escalating US-China trade tensions and refinancing concerns for Chinese issuers amid stricter credit controls continue to weigh on investor risk appetite. We downgraded our recommendations on Alam, Jababeka, Agile and Yanlord recently.

ENN Energy: "Integrated Energy" Acquisition

Worth Watching: 26 Jun 2018, 3:14 AM ET - ENN Energy (ENN, Bond Ratings: BBB+/Baa2/BBB) announced after market close last night that it would purchase a 100% interest in the "integrated energy service provider" ENN Ubiquitous Energy Network (ENNUE) from ENN's chairman Wang Yusuo and hi ..

Asia Corporate Recommendations: June 2018

Asia Corporate Recommendations: 01 Jun 2018, 4:20 AM ET - "Sell in May and go away" proved wise yet again. We maintain a defensive stance towards Asian high yield, despite the recent sell-off. 

ENN Energy: Increase in Gas Price May Hurt Margins

Worth Watching: 30 May 2018, 6:08 AM ET - ENN Energy (ENN, Bond Ratings: BBB+/Baa2/BBB). China's National Development and Reform Commission (NDRC) announced last Friday that it would use the pricing mechanism for non-residential gas for residential gas, allowing prices of residential gas ..

Asia Credit Calendar: Week of 14 May 2018

Strategy Analysis: 11 May 2018, 12:41 AM ET - A handful of Japanese banks and Indian corporates will report their FY18 results next week. Chinese car rental firm CAR Inc, Chinese developer Yanlord, Tencent and Noble Group will also report their 1Q18 earnings on Tuesday and Wednesday.

Asian Corporates: Post-Results Report Cards

Earnings Note: 04 May 2018, 3:55 AM ET - We take stock of FY17 and 1Q18 results season and update our outlooks for 35 companies in FY18. 

ENN Energy: S&P Upgrade to BBB+

Worth Watching: 03 May 2018, 10:30 AM ET - ENN Energy  (ENN, Bond Ratings: BBB+/Baa2/BBB) recently had its bond and corporate ratings upgraded from BBB to BBB+ by S&P. The outlook was also revised from Positive to Stable. According to S&P, the rating upgrade reflects its view of "ENN's sol ..

Asia IG News: Xiaomi, ENN, Siam CB, DBS

Worth Watching: 30 Apr 2018, 5:43 AM ET - Asia IG News (Click the hyperlinks to see CreditSights research)Greater China:Chinese smartphone maker Xiaomi Corp. is preparing to raise $10 bn in a Hong Kong IPO. S&P upgrades ENN Energy to BBB+ from BBB to reflect their view of the company's so ..

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