Morgan Stanley said in a report that BYD COMPANY (01211.HK) -4.550 (-8.434%) Short selling $243.09M; Ratio 34.900% 's net profit for the third quarter slid 26% yearly, or 92% quarterly, to RMB28.22 million, missing its and market estimates by 89% and 93%. Rating was downgraded from Equalweight to Underweight. Moreover, the company's earnings forecasts for 2014 and 2015 were cut by 54% and 7% respectively. Target price was slashed by 7% to $40 from $43 accordingly.
Hopewell Hold (00054) sells Hopewell Infr stake for $9.9B Hopewell Holdings (00054) has agreed to sell 2.055 billion shares of Hopewell Highway Infrastructure (00737) , representing 66.69% of the issued share capital of the company, to Shenzhen Investment International Capital Holdings Infrastructure Co. to HK$9.865 billion in cash, or HK$4.8 per share, which has a discount of 3.61% to the closing price of HK$4.98 per share on 29 December 2017. Upon completion of the deal, the purchaser and parties acting in concert with it will own a total of 66.69% stake in Hopewell Highway Infrastructure and the purchaser will be required to make an unconditional mandatory cash offer for all other issued shares of Hopewell Highway Infrastructure also at HK$4.8 per share. The total consideration of the offer will be HK$4.927 billion assuming full acceptance of the offer. The offeror intends to maintain Hopewell Highway Infrastructure's share listing following the close of...
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