Beijing Enterprises Holdings Ltd

00392: XHKG (HKG)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	HK$11.95	Hwxdqfs	Wvbwwcyc

Beijing Enterprises Is Undervalued With Attractive Risk/Reward

Jennifer Song

Jan 20, 2021

It appears fourth-quarter natural gas demand in Beijing is higher than anticipated and we lift our 2020 earnings estimate by 5% to HKD 7.6 billion for Beijing Enterprises, or BEH. We expect the positive momentum of strong gas sales to continue in the first quarter, driven by extreme weather conditions, but we note this trend is unusual. Our fair value estimate of HKD 48.50 per share is, thus, unchanged.

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We sell different types of products and services to both investment professionals and individual investors. These products and services are usually sold through license agreements or subscriptions. Our investment management business generates asset-based fees, which are calculated as a percentage of assets under management. We also sell both admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters.

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To further protect the integrity of our editorial content, we keep a strict separation between our sales teams and authors to remove any pressure or influence on our analyses and research.

Read our editorial policy to learn more about our process.

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