CITIC SEC (06030.HK) -0.100 (-0.532%) Short selling $6.20M; Ratio 10.185%
announced that its operating revenue increased 59.4% to RMB6.844
billion in the third quarter ended 30 September 2014; net profit rose
44.2% to RMB2.289 billion. EPS was RMB0.21.
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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