ENN Energy Holdings Ltd (2688) fair value: what the stock is really worth
As of Sep 30, 2026: fair value of ENN Energy Holdings Ltd HK$108, price HK$48.70, upside +121.5%, quality 58 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
- Fair value above price? Yes
- Good quality? Yes
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ENN Energy Holdings Ltd
2688 · HKClearly undervaluedStrong Fair Value upside, but quality is only moderate.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 27, 2026.
How to read this chart
60‑month range HK$40.46 – HK$144.77 · fair‑value band HK$70.28 – HK$202.66 · the HK$48.70 price screens below the HK$107.85 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 27, 2026.
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Company profile
ENN Energy Holdings Limited, an investment holding company, engages in the investment, construction, operation, and management of gas pipeline infrastructure in the People's Republic of China. It operates through Retail Gas Sales Business, Integrated Energy Business, Wholesale of Gas, Construction and Installation, and Smart Home Business segments.
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ENN Energy Holdings Limited, an investment holding company, engages in the investment, construction, operation, and management of gas pipeline infrastructure in the People's Republic of China. It operates through Retail Gas Sales Business, Integrated Energy Business, Wholesale of Gas, Construction and Installation, and Smart Home Business segments. The company distributes and sells piped gas, liquefied natural gas (LNG), and other multi-energy products; operates vehicle gas refueling stations; and provides services related to low-carbon integrated solutions. It is also involved in the integrated energy business; retail of gas pipelines and intelligent equipment; transportation of oil products and gas; and sourcing and sale of LNG, as well as wholesale and retail of LNG, CNG, gas facilities, equipment, appliances, and others; and provision of financial services. It serves residential, commercial, and industrial customers. The company was formerly known as XinAo Gas Holdings Limited and changed its name to ENN Energy Holdings Limited in September 2010. ENN Energy Holdings Limited was founded in 1989 and is headquartered in Langfang, China.
Stock analysis
ENN Energy Holdings Ltd (2688) currently trades at HK$48.70, while our model-based Fair Value estimate is HK$107.85, implying the stock looks roughly 54.8% undervalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of HK$156.13 per share, and 24 of the 26 models we run sit above the HK$48.70 price.
Bear case: the Asset-Based group reads lowest at HK$33.73, and 2 of the 26 models stay below the price. Evidence for this calculation is high.
Scenario range: HK$70.28 (bear) to HK$202.66 (bull), the price of HK$48.70 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 58/100 (solid quality), in the Utilities sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
ENN Energy Holdings Ltd reported revenue of 112B CNY in FY2025 versus 93.1B CNY in FY2021, a compound +4.7%/yr. Reported net income was 5.9B CNY in FY2025, compounding −6.6%/yr from FY2021.
Key figures
Market cap HK$54.1B (≈ $6.9B) · P/E ratio 6.6 · P/S ratio 0.35 · EPS (TTM) HK$2.19 · Dividend yield 6.2% · Net margin 5.3% · Return on equity 13.0% · Return on assets (EBIT) 8.5%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 50 out of 100 (low confidence).
What moves the price
The share trades about 31% below its 52-week high and 20% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Utilities peers we cover trades at −10% fair-value upside, at 121%, 2688 screens cheaper than that median.
Fair Value models
All 26 models by family
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Set up alert →Quality Score breakdown
Of which business quality 56 · Market factors (momentum, volatility) 43
Revenue & earnings trend
Growth Forecast
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Compare ENN Energy Holdings Ltd with another stock
Price, fair value, quality and upside side by side.
Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Utilities - Regulated Gas · 103 stocks
Valuation Multiplesvs Utilities - Regulated Gas median · lower = cheaper
Strength profile in five axes (Snowflake)
Context: sector, industry, market
- Is the Utilities sector expensive or cheap?
- P/E, EV/EBITDA and margins by industry (reference tables)
- Undervalued stocks: Utilities
- Undervalued stocks: Hong Kong Stocks
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Utilities - Regulated Gas stocks, each showing price versus our Fair Value estimate.
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Naturgy Energy Group NTGY | €29.10 | €32.79 | +13% |
| Atmos Energy Corporation ATO | $157.21 | $77.00 | −51% |
| Uniper SE UN0 | €45.25 | €45.97 | +2% |
| NiSource Inc NI | $39.42 | $19.90 | −50% |
| The Hong Kong and China Gas Company 0003 | HK$7.08 | HK$4.79 | −32% |
| GAIL (India) Limited GAIL | ₹172.70 | ₹132.97 | −23% |
| Italgas S.p.A IG | €8.35 | €9.19 | +10% |
| ENN Natural Gas Co 600803 | ¥18.54 | ¥36.99 | +100% |
| UGI Corporation UGI | $36.24 | $32.74 | −10% |
| Southwest Gas Holdings SWX | $81.87 | $57.47 | −30% |
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Key figures of ENN Energy Holdings Ltd
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