MINMETALS LAND (00230.HK) +0.070 (+7.865%)
announced that Beijing Wanhu, a non-wholly owned subsidiary of the
company, entered into the service agreement with Beijing Vanke on 24
November in which Beijing Vanke agreed to provide pre-construction
planning, procurement of raw materials, supervision and cost control for
residential development project “Fortune Garden” situated in Haidian
District, Beijing, the PRC.
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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