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Nomura lowers ENN Energy (02688) to "neutral"
Nomura lifted its target price for ENN Energy Holdings (02688) to HK$58.5 from HK$56.9,
 but downgraded its rating to "neutral" from "buy".
  The research house said it is positive on the fundamentals for ENN Energy, but the 
downgrade and 2017 earnings forecast cut by 3% reflect higher convertible bond (CB)
settlement costs.
  As the stock price rose by 15% over the past two months and is now 18% higher than the 
exercise price of HK$47.73, Nomura estimated CB cost to increase by 165% to CNY602mn (or 
CNY0.56/share) from CNY227mn (CNY0.21/share) previously.
  Nomrua believes that the market is neglecting the near-term earnings impact from the CB
settlement. Hence, it advised that investors wait for a better entry point after all the 
CBs are settled

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