文档介绍：October 31, 2007 Shenergy ()
October 31, 2007
COMPANY UPDATE
Shenergy ()
Sell
e down 19%; 1-3Q07 results in line with expectations
What's changed Investment Profile: Shenergy
Shenergy reported e of Rmb339mn (), down 19% Low High
yoy based on modestly restated 3Q2006 results. Net e for the first Growth Growth
Returns * Returns *
nine months of 2007 rose by 2% yoy, in line with our FY2007 estimate of
Multiple Multiple
up 3% yoy. However, per pany announcement, excluding non- Volatility Volatility
recurring items, net e for the first nine months of 2007 rose by 32% Percentile 20th 40th 60th 80th 100th
yoy.
Asia Pacific Utilities Peer Group Average
* Returns = Return on Capital For plete description of the
investment profile measures please refer to
Implications the disclosure section of this document.
The Shanghai Petroleum and Natural Gas business is now fully
consolidated. This change impacts parison in many e Key data Current
Price (Rmb)
statement and balance sheet accounts. Therefore, parison in gross 12 month price target (Rmb)
Market cap (Rmb mn / US$ mn) 52, / 6,
and pre-tax margins are not available. margin was down to Foreign ownership (%) --
16% from 24% in 1Q and 29% in 2Q. However, Shenergy did report yoy
growth in e for WaiGaoQiao 2 and WuJing 2 power 12/06 12/07E 1