The Reserve Bank of New Zealand stated that BANK OF CHINA (03988.HK) -0.050 (-1.323%) Short selling $262.43M; Ratio 17.815% will set up a branch in New Zealand. Bank of China became the twenty-fifth registered banks in New Zealand and also the third Chinese-funded banks following ICBC (01398.HK) -0.070 (-1.386%) Short selling $150.43M; Ratio 10.945% and CCB (00939.HK) -0.050 (-0.880%) Short selling $72.47M; Ratio 8.101% .
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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