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Beijing Enterprises Holdings Ltd 00392 Stock Quote

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Morningstar‘s Stock Analysis 00392

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Is it the right time to buy or sell?

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Economic Moat


Capital Allocation


BEH’s Focus on Natural Gas Operation to Benefit From China's Decarbonziation Goal

Jennifer Song Senior Equity Analyst

Business Strategy and Outlook

| Jennifer Song |

Founded in 1997, Beijing Enterprises Holdings is the listed flagship of the Beijing municipal government, with a strategic focus on public utilities. It has a monopoly position in Beijing’s natural gas distribution, owns unparalleled gas transmission and distribution networks in Beijing, and controls 40% of the Shaanxi-Beijing pipelines, the major source of natural gas supply for Beijing and northern China. It has a unique customer mix, with gas-fired power and heating plants the most prominent demand segments, allowing the company to benefit from a favorable policy environment. With the production of natural gas involving fewer emissions compared with coal, we think China will continue to encourage the use of natural gas, which should drive maintainable and robust gas demand. We think BEH's key strength is its high-quality, well-located gas network with monopoly operation, providing the company with maintainable and robust cash inflows. This underpins our narrow economic moat rating.

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Key Statistics 00392

Company Profile 00392

Business Description

Beijing Enterprises Holdings was founded in 1997 and it is the listed flagship of the Beijing municipal government. It has a diversified business portfolio with focus on public utilities, including gas distribution and transmission, sewage and water treatment, and waste-to-energy business. It also invests in an upstream Russia oil and gas company, and owns 80% of Yanjing Brewery, one of the leading domestic brewers. The business mix is approximately two thirds in gas transmission and distribution, with the rest in water, waste treatment, upstream oil and gas, and beer businesses.

18 Harbour Road, 66th Floor, Central Plaza
Hong Kong, Hong Kong
T +852 29152898
Industry Conglomerates
Most Recent Earnings
Fiscal Year End Dec 31, 2022
Employees 35,000