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One of China's largest private city-gas distributors, also selling integrated energy and LNG services.
One of China's largest private city-gas distributors, also selling integrated energy and LNG services.
Earns a one-off fee to connect each new home or business, then a margin between what it pays for pipeline or LNG gas and what it charges end users; those prices are set or guided by local governments, so passing on cost changes can lag. Controlled by the ENN Group of founder Wang Yusuo.
In one line: A privately-run Chinese municipal gas utility.
Moat: narrow (regulatory licence, installed base). Exclusive multi-decade city-gas concessions across dozens of Chinese cities.
Headquarters: Langfang, China · Founded: 1992 · Employees: 33,742
Size Enn Energy (2688.HK) is a Hong Kong Utilities company (Gas Distributors) with a market value of $7.02B, the 211th largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$48.72 on 6 Nov 2026.
Performance Over six months the shares fell 16.7%, against +2.6% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 4th lowest of 21 in its peer set.
Growth Revenue grew 5.7% over the last twelve months (peer median +1.8%); the operating margin is 7.1% (peer median 21.3%).
Valuation It trades at 7.6× forward earnings against a peer median of 17.3× (2nd cheapest of 21).
Price implies For today's price to make sense, revenue must grow about -3% a year for seven years (Req g). Recent delivered growth is +9%, so the hurdle is -12 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 1.0 points above its cost of capital (8.1% WACC).
Credit Enn Energy has 2 bonds outstanding ($1.04B), rated BBB+ by the agencies and trading like AA- at a weighted spread of 80 bp.
Next results Next results expected around 29 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$127B | HK$121B | HK$119B | HK$126B | HK$128B |
| Revenue growth | — | +2% | -5% | -2% | — |
| Gross profit | HK$14.1B | HK$13.5B | HK$13.7B | HK$15.1B | HK$17.6B |
| EBITDA | HK$13.0B | HK$12.0B | HK$11.9B | HK$12.8B | HK$14.7B |
| Net income | HK$6.84B | HK$6.40B | HK$6.49B | HK$7.53B | HK$6.82B |
| Free cash flow | HK$5.40B | HK$4.08B | HK$4.37B | HK$3.04B | HK$4.09B |
| Capital expenditure | HK$7.09B | HK$7.69B | HK$7.30B | HK$7.72B | HK$8.04B |
| Total debt | n/a | HK$22.0B | HK$21.7B | HK$25.0B | HK$22.6B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Enn Energy 2688.HK | $7.02B | -17% | +6% | 7% | 7.6× | -3.4% |
| KunLun Energy 0135.HK | $8.35B | +1% | +6% | 5% | 9.5× | -13.0% |
| HK & China Gas 0003.HK | $17.6B | +3% | +2% | 14% | 21.6× | 8.7% |
| China Resources Gas 1193.HK | $4.77B | -13% | +1% | 6% | 10.7× | 1.8% |
| China Gas 0384.HK | $3.52B | -31% | -7% | 8% | 9.9× | 3.8% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 2688.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -1.5% | +5.4% | 3rd lowest of 21 |
| 6-month return | -16.7% | +2.6% | 4th lowest of 21 |
| Distance from 52-week high | -31.0% | -12.0% | 3rd lowest of 21 |
| Revenue growth (TTM) | +5.7% | +1.8% | 7th highest of 21 |
| Operating margin | 7.1% | 21.3% | 5th lowest of 20 |
| Forward P/E | 7.6× | 17.3× | 2nd cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | -3.4% | 7.1% | 4th least demanding of 12 |
| Growth delivered (Del g) | +8.6% | +8.4% | 6th highest of 12 |
| Hurdle (Req g minus delivered) | -11.9 pp | -5.2 pp | 4th least demanding of 12 |
| ROIC minus cost of capital | +1.0 pp | -0.9 pp | 7th highest of 20 |
| EV / EBITDA | 5.7× | 11.9× | 4th cheapest of 20 |
| Net debt / EBITDA | 0.9× | 4.8× | 4th least indebted of 20 |
| Bond spread | 80 bp | 84 bp | 4th tightest of 10 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Enn Energy 2688.HK | Hong Kong | $7.02B | -17% | +6% | 7% | 7.6× | -3.4% | +8.6% |
| DCC Energy DCC.L | United Kingdom | $7.41B | +13% | -14% | 3% | 12.7× | 7.1% | +2.9% |
| Southwest Gas SWX | United States | $6.62B | +2% | -57% | 29% | 18.9× | n/a | n/a |
| Black Hills BKH | United States | $6.47B | +13% | +3% | 24% | 18.2× | n/a | n/a |
| KunLun Energy 0135.HK | Hong Kong | $8.35B | +1% | +6% | 5% | 9.5× | -13.0% | +11.4% |
| New Jersey Resources NJR | United States | $5.51B | -2% | +7% | 24% | 16.6× | n/a | n/a |
| Centrica CNA.L | United Kingdom | $9.23B | -25% | 0% | 23% | 13.1× | n/a | n/a |
| Spire SR | United States | $5.25B | +4% | +4% | 20% | 17.9× | n/a | n/a |
| Enagas ENG.MC | Spain | $5.22B | +7% | -2% | 21% | 19.4× | 15.0% | -2.2% |
| ONE Gas OGS | United States | $5.09B | -5% | -2% | 21% | 16.6× | n/a | n/a |
| ENN Natural Gas 600803.SS | China | $9.83B | +5% | -1% | n/a | 11.8× | -6.1% | +8.4% |
| Beijing Enterprises 0392.HK | Hong Kong | $4.93B | -3% | +5% | 4% | 6.3× | 7.7% | +6.7% |
| Brookfield Infrastructure BIPC.TO | Canada | $4.91B | +5% | +6% | 60% | 22.0× | n/a | n/a |
| Canadian Utilities CU.TO | Canada | $10.1B | +9% | +1% | 16% | 18.9× | 20.1% | +2.7% |
| China Resources Gas 1193.HK | Hong Kong | $4.77B | -13% | +1% | 6% | 10.7× | 1.8% | +11.8% |
| APA APA.AX | Australia | $10.4B | +7% | -6% | 38% | 49.3× | 12.5% | +3.1% |
| Italgas IG.MI | Italy | $10.4B | -12% | +9% | 49% | 12.3× | 2.4% | +11.3% |
| Excelerate Energy EE | United States | $4.17B | +9% | +49% | 22% | 18.6× | 18.1% | +23.3% |
| AltaGas ALA.TO | Canada | $11.8B | +4% | +18% | 9% | 22.5× | n/a | n/a |
| MDU Resources MDU | United States | $3.92B | -17% | -30% | 17% | 18.9× | n/a | n/a |
| Transportadora de Gas del Sur SA Sponsored ADR Class B RegS TGS | United States | $3.80B | -27% | +11% | 44% | 8.2× | -14.6% | +11.8% |
Enn Energy has 2 bonds outstanding with $1.04B face value. The agencies rate it BBB+; its bonds trade like AA-. Weighted yield 5.41%, a spread of 80 bp over government bonds.