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00392 BEIJING ENT
RTNominal up25.600 +0.900 (+3.644%)
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06/06/2018 11:43

[I-bank focus]Citi cuts Beijing Enterprises (00392) to HK$53

[ET Net News Agency, 6 June 2018] Citi Research lowered its target price for Beijing
Enterprises Holdings (00392) to HK$53 from HK$55, and retained its "buy" rating.
The research house cut its 2018-19 net profits forecasts slightly, mainly for less from
midstream pipelines. The target price cut is on lower values from its midstream pipelines
and 42% stake of Beijing Enterprises Water (00371) due to recent share price drop.
Citi noted high retail gas sales volume growth over 16% yoy in 2018, including >20% yoy
in 2-month 2018; more earnings from solid waste business and Yanjing Brewery in this year.
It added that the stock is trading at an attractive 7.2x 2018 PER & 0.7x PB. Its net
debt to equity ratio was healthy at 54% by end-2017 thus could have M&As. (KL)

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