ENN ENERGY (02688.HK) -5.050 (-9.300%) Short selling $40.42M; Ratio 9.077%
acquired the gas station in the U.S. and Canada from its substantial
shareholder with US$200 million. The stock dropped for a third day and
once reached the trough at $46.7, hitting a 11-month low. It last traded
at $48.5, down 11%, on volume of 12.9 million shares.
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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