China Everbright Water - DBS Research 2017-03-13: Faster deal flow

China Everbright Water - DBS Vickers 2017-03-13: Faster deal flow CHINA EVERBRIGHT WATER LIMITED U9E.SI

China Everbright Water - Faster deal flow

  • Clinched new projects worth over Rmb1.1bn since the start of the year.
  • More PPP and water environment restoration projects in the pipeline.
  • Maintain BUY with TP of S$0.64.



What’s New 

  • China Everbright Water (CEW)’s deal flow has improved recently. After securing multiple upgrading projects in Shandong and Liaoning, it won the bid for Hubei Suizhou High-tech Industrial Park PPP (public private partnership) project. 
  • Year-to-date, CEW’s total project win amount to over Rmb1.1bn in few months, compared with Rmb2.5bn in the whole of FY16.
  • In addition, the Suizhou High-tech Indistrial Park PPP project involves landscaping and greening of Fuhe’s riverbanks, treatment of industrial waste water treatment for Xihe county and water environment restoration of Piaoshui Park.
  • Thus, CEW has sucessfully stepped into more integrated water projects, where there is strong demand in China.
  • We maintain our BUY rating on CEW with TP of S$0.64, based on 24x 12-month rolling adjusted PE (stripping out construction revenue).




Patricia YEUNG DBS Vickers | http://www.dbsvickers.com/ 2017-03-13
DBS Vickers SGX Stock Analyst Report BUY Maintain BUY 0.640 Same 0.640





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