According
to the results of CCB (601939.SH/00939.HK), the bank recorded a net
profit of RMB190.685 billion in as at the end of 30 September 2014, up
7.81% from a year ago. The balance of non-performing loans totaled
RMB105.32 billion, and the NPL ratio was 1.13%, up 0.14% from the end of
last year. Industry insiders considered that with the issues of
overcapacity and economic restructuring, banks' asset quality has been
under pressure so far this year, and the whole sector's non-performing
loans are expected to keep rising at the end of the year.
CLSA lowers Beijing Ent Water (00371) to HK$6 CLSA cut its target price for Beijing Enterprises Water (BEW)(00371) by 8% to HK$6, and reiterated its "buy" rating. The research house said BEW's share price has dropped 14% in the last two trading days. First, the 2017 earnings results are below expectations. Second, management is guiding for 20-25% net profit growth for 2018, versus 30% in the past few years. Management now has a cautious approach to water PPP (public-private partnership) projects, which is not necessarily bad. CLSA cut its 2018-19 earnings forecasts by 19%. At the current level, it believes many of the negatives are already priced-in.
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