MS upgrades Beijing Ent (HKG:0392) to Overweight


Morgan Stanley has upgraded Beijing Enterprises Holdings (HKG:0392) to Overweight from Equal-weight and raised the stock's price target to HK$55.1 from HK$45.2 due to: (i) accelerating earnings growth, driven by strong gas business, (ii) margin of safety from accelerated government construction plan on natural-gas power plant, and likely approval of Shaanxi Beijing pipeline IV in 2012.

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