Shanghai Composite Index and Shenzhen Component Index traded mixed in the afternoon session. The former peaked at 3,117 and eventually gained 51 pts or 1.67% to 3,108, fueled by the rally of banking and brokerage shares. Shenzhen Component Index fell 38 pts or 0.36% to 10,627. Turnover of the Shanghai and Shenzhen markets equaled RMB515.6 billion and RMB285.6 billion, respectively
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...
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