Local
travel agency EGL Tours (06882.HK) announced the plan for global
offering by issuing 125 million shares, of which 10% will be issued in
Hong Kong and up to 15% will be issued by over-allotment option. The
offer shares will be priced between $1.3 and $1.48 in board lot of 2,000
shares. The IPO listing is expected to be started on 18 November. The
entry fee is around $2,989.83
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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