[ET Net News Agency, 5 November 2019] Daiwa Research lowered its target price for CIMC
Enric (03899) to HK$6.7 from HK$10.6 and maintained its "buy" rating on appealing
valuation.
The research house said CIMC's share price was down 25% over the past 3 months versus
city-gas distributors' 1-19% rise and transmission pipeline operators' 1-6% rise, due
mainly to (1) small-cap underperformance year-to-date, (2) concerns over the establishment
of the National Oil & Gas Pipeline Company (NOC), which could hurt sales of LNG transport
equipment, and (3) the recent exercising of share options. (KL)