[ET Net News Agency, 15 January 2018] Daiwa Research lifted its target price for
Beijing Enterprises (BEH)(00392) to HK$44.2 from HK$41, and maintained its "hold" rating.
The research house said BEH shares are up 8% since 30 August, backed by: (1) the
announcement on 30 August of a milder-than-expected cut in the Shaanxi-Beijing pipeline
(SJ pipeline) transmission tariff, and 2) strong 1H FY2018 results (announced 27 November)
for associate CGHL (00384), which led the market to revise up 2017-19 EPS by 2-6%.
In 2017, the SJ pipeline saw solid volume growth of 14% YoY, thanks to robust
coal-to-gas conversion in northern China. The effective tariff (ex-VAT) was cut by 30% on
1 September to CNY0.20/m3 (assuming an average transmission distance of 800 km),
offsetting the strong volume growth. (KL)
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00392 BEIJING ENT
Nominal 
25.050 +0.400 (+1.623%) Others
15/01/2018 11:43
[I-bank focus]Daiwa lifts Beijing Enterprises to HK$44.2
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