CHINA TAIPING (00966.HK) -0.080 (-0.409%) Short selling $19.60M; Ratio 10.556% announced the results for rights issue. The company accepted a total of 4,353 valid acceptances and applications had been received for a total of 4.217 billion rights shares, representing an over-subscription of 681.81% compared with the total subscription number of 539 million rights 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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