KUANGCHI (00439.HK) -0.120 (-2.154%) issued a clarification announcement and stated that the MOU was entered into among the company, Airways Corporation of New Zealand Limited and Pengxin Mining International Company Limited (Pengxin) to cooperate and undertake test launch(es) of the near space flying apparatus in New Zealand instead of entered into among the company and Shanghai Pengxin Group Company Limited (SPGC). Therefore, the proposed cooperation under the MOU will also be performed by Pengxin instead of by SPGC.
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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