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00371 BJ ENT WATER
RTNominal up2.170 +0.040 (+1.878%)
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03/04/2018 10:09

[I-bank focus]CLSA lowers Beijing Ent Water (00371) to HK$6

[ET Net News Agency, 3 April 2018] 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. (KL)

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