Although first-half net income rose 7.3% on the year to 3.33 billion yuan , it missed forecasts by a wide margin after gas sales to power plants and property companies unexpectedly fell. ENN’s stock in Hong Kong dropped as much as 19% to its lowest since March 2020.
The cut to retail gas volumes “has taken us by surprise as there was no indication prior to the results of well-below industry performance,” Citigroup Inc. said in a note. The bank was among those that downgraded the stock, which was the worst performer on the Hang Seng Index.
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