---
title: "Citi Initiates 90-Day Downside Catalyst Watch on ENN ENERGY , Cuts TP to HKD47"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/290509225.md"
description: "Citi initiated a 90-day downside catalyst watch on ENN ENERGYand cut its target price from HKD50 to HKD47, maintaining a Neutral rating. Following the withdrawal of privatization plans, Citi adopted a prudent stance, lowering 2026-2028 net profit forecasts by 6.3%-8.9%. The broker expects core net profit to decline 4.3% YoY due to rising gas costs and weaker sales volumes, anticipating further earnings forecast reductions when interim results are announced in late August."
datetime: "2026-06-23T04:15:39.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/290509225.md)
  - [en](https://longbridge.com/en/news/290509225.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/290509225.md)
generator: "portal-rs"
---

# Citi Initiates 90-Day Downside Catalyst Watch on ENN ENERGY , Cuts TP to HKD47

Citi issued a research report stating that after ENN withdrew the privatization of ENN ENERGY (02688.HK) -0.420 (-0.960%) Short selling $67.02M; Ratio 19.983% , the company’s share price is expected to revert to fundamentals. The broker has adopted a more prudent stance on its business forecasts and lowered its 2026-2028 net profit forecasts by 6.3% to 8.9%. It currently expects core net profit for the year to decline 4.3% YoY, factoring in a 2% YoY increase in retail gas sales volume this year, a potential QoQ decline in dollar margin per unit in the current quarter and 3QYY, a 15% YoY drop in new connections, and an approximately 5% YoY decrease in integrated energy sales volume due to rising gas costs.

Citi cut its TP on ENN ENERGY from HKD50 to HKD47 and maintained a Neutral rating. It also initiated a 90-day downside catalyst watch, expecting the market to lower its earnings forecasts for the company when it announces its interim results at the end of August. (gc/da)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-06-22 16:25.)

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> **Disclaimer: This article is for reference only and does not constitute any investment advice.**