Beijing Enterprises Water 0371

Beijing Enterprises Water 0371

Postby winston » Fri Jun 13, 2008 12:00 pm

Do u understand this ? New shares are issued at a discount of >80% :(. Not vested ( luckily ! )

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HK-listed Beijing Enterprises Water buys asset for 1.37 bln hkd; stock plunges

HONG KONG (XFN-ASIA) - Beijing Enterprises Water Group Ltd, a mainland-based water processor, said it will acquire 88.43 pct of Gainstar Ltd for a total consideration of 1.37 bln hkd.

The company was formerly known as Shang Hua Holdings Ltd.

Gainstar specializes in waste water treatment in China.

At the end of 2007, the net asset value of Gainstar was 78 hkd. Its net profits for 2007 was 5.2 mln hkd.

Beijing Enterprises Water will pay 542 mln hkd of the consideration via the issue of 787 mln new shares at 0.69 hkd each, a discount of 81.1 pct to the last closing price of 3.65 hkd.

The balance of 828 mln hkd will be paid through the issue of 2-year convertible bonds. The bonds will have a conversion price of 0.69 hkd per Beijing Enterprises Water share.

After the deal, controlling shareholder Beijing Enterprises Holdings Ltd's stake in Beijing Enterprises Water will decline to 59.3 pct from 74.8 pct.

Assuming full conversion, Beijing Enterprises Water needs to issue 1.2 bln new shares, and Beijing Enterprises Holdings' stake in the company will decline further to 43.7 pct.

At 11.26 am, Beijing Enterprises Water shares plunged 1.20 hkd or 32.88 pct to 2.45 while shares of Beijing Enterprises Holdings were up 0.70 hkd or 2.61 pct at 27.55.
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Re: Beijing Enterprises Water 0371

Postby winston » Mon May 11, 2009 2:33 pm

DJ MARKET TALK: ML Ups Beijing Enterprises Target To HK$42.8; Buy

1305 [Dow Jones] STOCK CALL: Merrill Lynch raises Beijing Enterprises' (0392.HK) target to HK$42.80 from HK$40.70 based on 2010 NAV estimate; factors full conversion of convertible bonds - company announced 5-year 2.25% convertible bond with maximum value of HK$2.2 billion with proceeds for construction of No. 3 gas pipeline, M&A for water unit, working capital.

Says 2009-11E earnings forecasts remain largely unchanged. Keeps Buy rating; "We expect Beijing gas to continue to drive strong earnings growth in 2009 and beyond." Stock off 1.4% at HK$34.05.
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Re: Beijing Enterprises Water 0371

Postby winston » Mon Sep 07, 2009 10:37 am

Down 6% now. MARKET TALK: BJ Ent Water May Soft On Shareholder Offloading News
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Re: Beijing Enterprises Water 0371

Postby winston » Fri Sep 11, 2009 11:37 am

DJ MARKET TALK: DBS Starts Beijing Enterprises Water At Buy

1121 [Dow Jones] STOCK CALL: DBS starts Beijing Enterprises Water (0371.HK) at Buy, sets target at HK$2.07 (10% premium to NAV), in view of "its abundant business opportunities," as company taking on more new projects, including acquiring Shenzhen Hua Qiang, winning more BOT (build, operate, transfer) projects, as well as penetrating water supply and recycled water markets.

"As BEW takes on more new projects, its operating capacity will increase substantially and lead to a strong earnings growth of 45% and EPS growth of over 28% (fully diluted) in FY10 (vs average FY10 EPS growth of 21% for HK-listed counterparts)," says DBS. Stock +0.6% at HK$1.63. (SUT)

Source: Dow Jones Newswire
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Re: Beijing Enterprises Water 0371

Postby winston » Wed Dec 09, 2009 11:23 am

Not vested.

DJ MARKET TALK: DBS Ups Beijing Enterprises Water Target By 26.3%

1101 [Dow Jones] STOCK CALL: DBS Vickers raises Beijing Enterprises Water (0371.HK) target price to HK$3.12 from HK$2.47 to factor in contribution from Malaysia contract in FY11.

Raises FY09-11 earnings forecasts by 6%-76% after raising capacity assumption by 800,000 tons in FY10 and 1.9 million tons in FY11, bringing total daily capacity to 10 million tons in FY11.

Maintains stock at Buy. Stock last off 0.4% at HK$2.54.

Source: Dow Jones Newswire
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Re: Beijing Enterprises Water 0371

Postby winston » Thu Dec 24, 2009 2:46 pm

Not vested.

DJ MARKET TALK: Beijing Ent Water Flat;ZKC Stake Buy Positive-DBS

1125 [Dow Jones] Beijing Enterprises Water (0371.HK) flat at HK$2.63, not gaining support after news company has agreed to raise its stake in Beijing Enterprises ZKC Group to 99.21% from 92% for HK$111.8 million; ZKC has water plants across China and is one of leading sewage treatment enterprises in China.

"The acquisition valuation is similar to the transaction in November when BEW acquired 3.57% interest. We believe BEW will acquire the remaining 0.79% which currently is held by Sichuan Zhongwu Technology Group," says DBS. Notes, there's no change in its earnings forecasts as house has already factored in impact.

Adds, it's positive on BEW's business outlook as Chinese government remains committed in improving environmental protection sector. "We believe more business opportunities will be available along the water value chain to support BEW's robust earnings growth." Keeps at Buy, target at HK$3.12.

Source: Dow Jones Newswire
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Re: Beijing Enterprises Water 0371

Postby winston » Fri Mar 19, 2010 7:38 am

Not vested.

Liquid assets have cash flow potential

A second-line stock worth considering is Beijing Enterprises Water (0371). The company has benefited from higher sewage treatment fees and water bills in major mainland cities. In Harbin, for instance, the water bill is double last year's.

Parent Beijing Enterprises Holdings (0392) will continue to inject water and sewage treatment assets into Beijing Enterprises Water.

The southwest faces a serious drought. Since September, Yunnan, Guizhou, Guangxi, Chongqing and Sichuan recorded just 10 to 30 percent of rainfall from the corresponding period a year earlier. The drought in Yunnan and Guizhou is the worst in a century. Building water-treatment facilities throughout the country is a long-term strategy.

Beijing Enterprises Water has great expansion potential. It was acquired by Beijing Enterprises Holdings in January 2008. The share price then soared from 80 HK cents to as high as HK$3.90 in May 2008.

During the financial crisis, it fell below HK$1 but recovered steadily as fund managers realized its potential. It reached a 52-week high of HK$2.95 in January and closed yesterday at HK$2.67. I think it's a bargain below HK$2.60.

http://www.thestandard.com.hk/news_deta ... 00319&fc=8
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Re: Beijing Enterprises Water 0371

Postby winston » Fri Oct 15, 2010 11:45 am

Not vested

DJ MARKET TALK: Nomura Keeps Beijing Enterprises Water At Buy

1116 [Dow Jones] STOCK CALL: Nomura keeps Buy rating on Beijing Enterprises Water (0371.HK), raises target price to HK$4.20 from HK$3.80.

Still, revises down down FY10 net earnings by 21% to HK$418 million, mainly on lower gross margin assumption for build-transfer segment following on from lower-than-expected margins reported in interim results.

But raises capacity assumption from FY11 onward, projecting company will add 2 million cubic meters of daily capacity per year until FY13, up from previous assumption of 1 million cubic meters.

Adds company emerging as leader in wastewater treatment space, with strong project execution and continued capacity growth.

Tips water asset injection by parent (by early 2011) should be value-accretive - next catalyst to watch for. Expects new share issuance is near-term overhang, but should bring down gearing to 51% and allow for further growth. Stock last +1.2% at HK$2.61.

Source: Dow Jones Newswire
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Re: Beijing Enterprises Water 0371

Postby winston » Thu Feb 05, 2015 2:40 pm

not vested

29 Jan, 2015

<Research Report>BJ ENT WATER (00371.HK) downgraded to Neutral, target pared to $5.8 - UBS

UBS downgraded the rating of BJ ENT WATER (00371.HK) from Buy to Neutral and the target price was trimmed from $6.6 to $5.8.

The broker believed that the industrial prospect became less favorable with treatment ratio as high as 90% in the city areas currently.

It is expected that the new volume will shrink under the 13th Five-Year Plan.

The industry investments would bring surprise this year, but may be disappointed in 2016.

Source: AAStocks Financial News
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Re: Beijing Enterprises Water 0371

Postby winston » Tue Mar 03, 2015 8:14 pm

not vested

BJ ENT WATER (00371.HK) upgraded to Buy; target kept at $6.3 by Daiwa

Daiwa saw BJ ENT WATER (00371.HK) -0.050 (-0.996%) Short selling $61.03M; Ratio 26.383% 's 8% share price correction last month on concerns of its solar power business investment in Jin Cai Holdings and a number of reports on SOUND GLOBAL (00967.HK) +0.140 (+2.020%) Short selling $3.54M; Ratio 5.999% .

Hence, the rating was upgraded from Outperform to Buy, while the target price remained constant at $6.3.

Source: AAStocks Financial News
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