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No concerns over ENN Energy's CFO exit - Citi
Citi Research said it remains positive on ENN Energy Holdings (02688), believing the resignation of its CFO Chau Tien Hsiang will not
adversely affect the business.
  The research house reiterated its "buy" rating, expecting it to achieve its target of
recurrent net profit growth of 15% pa in 2017-19 driven by piped gas sales volume growth.
  It also maintained its target price of HK$56.5, noting ENN's 11.1x 2018 PER looks
appealing, with positive free cashflow and upside dividend payout ratio.
  Citi said Chau held the CFO position for only seven months. The company's key decision
making team represented by its director board remains intact.

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