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Morgan Stanley: It is estimated that the implementation of tariffs on LNG imports to the USA will have a neutral impact on gas companies such as ENN ENERGY.
Morgan Stanley published a research report stating that starting from the 10th of this month, the State Council will impose a 15% tariff on liquefied natural gas (LNG) imported from the USA. The report mentions that this move has a slight impact on domestic public gas companies, and indicates that last year, the domestic imports of 4.3 million tons of LNG from the USA accounted for only 5.6% of total LNG imports or about 3% of total natural gas imports. Therefore, it is believed that the tariff will not have a significant impact on the overall cost of natural gas imports. The bank stated that overall, the impact on the domestic gas costs and energy security is limited, and the cheaper gas prices from the USA could partially offset the tariff.
Morgan Stanley estimates that imposing tariffs on LNG imports to the USA will have a neutral impact on gas companies such as ENN ENERGY (02688).
Morgan Stanley believes that the impact on gas companies, including ENN ENERGY (02688), is neutral; however, companies with significant LNG import contracts in the USA may face negative effects.
BOCOM INTL: It is expected that the overall Henry Hub Natural Gas Consumer volume in mainland China will increase by about 7% annually in 2025, preferring KUNLUN ENERGY (00135) and ENN ENERGY (02688).
BOCOM INTL estimates that by 2025, the volume of city gas and industrial gas usage in the mainland will grow by approximately 5%/9% year-on-year, with the overall Henry Hub Natural Gas consumption volume increasing by about 7% annually to 456 billion cubic feet.
BOCOM INTL: It is expected that the gas demand for coal in mainland China will increase by 7% in 2025, with a preference for KUNLUN ENERGY and others.
BOCOM INTL released a Research Report stating that it is estimated that by 2025, the mainland's imported gas volume can ensure a supply of at least 144 billion cubic meters (an increase of about 9% year-on-year), and the mainland's Henry Hub Natural Gas production can maintain a 6% annual growth. It is estimated that by 2025, the mainland can most likely ensure a natural gas supply volume of 460 billion cubic meters, an increase of 7.2% year-on-year. Among the covered Gas Stocks, the bank still prefers: 1) KUNLUN ENERGY (00135), with a Target Price of HKD 9.08, and 2) ENN ENERGY (02628), which is expected to see a profit recovery in 2025, with a Target Price of HKD 65.1, both rated as "Buy".
[Brokerage Focus] BOCOM INTL expects gas demand in mainland China to grow by about 7% in 2025, supporting moderate profit growth for leading distributors.
Jinwu Finance | BOCOM INTL stated that in 2024, the apparent consumption of Henry Hub Natural Gas in mainland China is expected to increase by 8% year-on-year to 426 billion cubic feet. During the year, the natural gas production in mainland China is projected to rise by 6.2% year-on-year to 246.4 billion cubic feet, and the imported gas volume is expected to increase by 9.9% year-on-year, including a year-on-year increase of 7.7% for LNG and 13.1% for pipeline gas imports. The bank estimates that in 2025, the imported gas volume in mainland China can ensure at least 144 billion cubic feet of supply (approximately a 9% year-on-year increase), while natural gas production can maintain a year-on-year growth of 6%. In summary, the bank estimates that by 2025, mainland China can likely ensure 460 billion cubic feet.
ENN Energy Holdings Limited's (HKG:2688) Recent 3.4% Pullback Adds to One-year Year Losses, Institutional Owners May Take Drastic Measures
