Sound Global Climbs 9.3% as Earnings Forecast RaisedBloomberg News
Sound Global Ltd., a Chinese wastewater-treatment company, led peers higher in Hong Kong after Standard Chartered Bank (HK) Ltd. raised its earnings forecast this year by 4 percent.
The stock advanced 9.3 percent to HK$6.93 today after climbing as much as 12 percent, the biggest increase since Jan. 29. Beijing Enterprises Water Group Ltd., a water-treatment company, rose 4.4 percent.
Sound Global has strong project momentum as “the government continues to push for stricter water and environmental policies,” Evan Li and Apple Li, Hong Kong-based analysts of the bank, wrote in a note today. Its parent may also inject assets in the longer term, according to the note.
China, facing water shortages in central and western regions, will accelerate the building of water-conservation projects to attract investment, boost supplies and assist farmers, Xinhua News Agency reported yesterday, citing a State Council meeting.
— With assistance by Feifei Shen