Beijing Enterprises Holdings:Defensive with solid growth momentum; Resume with Conviction Buy北京控股[00392]   

研究机构：高盛高华证券 分析师： Frank ... 撰写日期：2010年12月03日

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    We resume coverage on Beijing Enterprises with a Conviction Buy. Webelieve the company is well positioned to benefit from robust natural gasdemand growth in China while it has a well timed and rising exposure towater treatment, In addition, its brewery business should benefit fromongoing market consolidation. We believe the company offers growthfrom both clean energy and a domestic consumption upgrade. We forecastthe company to achieve earnings CAGR of 21% during 2009-2012E. Thestock is trading at 30% discount to our 2011 NAV, which we discount by10% to arrive at our HK$62.7 target price, with 28% potential upside.