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1、DeutscheBankMarketsResearchRatingCompanyDateBuyBEWG13May2013ForecastChangeAsiaChinaPriceat10May2013(HKD)2.50UtilitiesPricetarget-12mth(HKD)3.20UtilitiesReutersBloombergExchangeTicker52-weekrange(HKD)2.53-1.350371.HK371HKHSI0371HANGSENGINDEX23,321Excit
2、ingopportunitiesinKai-TingWong,CFAMichaelTong,CFAenvironmentalbusinessaheadResearchAnalystResearchAnalyst(+852)22036235(+852)22036167Notjustapurewateroperator;environmentalrenovationakeygrowthareakai-ting.wong@db.commichael.tong@db.comWethinkBEWG,unli
3、ketraditionalwateroperators,hasaveryexcitinggrowthopportunityahead,givenitsbusinessexposuretoenvironmentalrenovationEricCheng,CFAprojects,onwhichthegovernmentisplacingstrongeremphasis.BEWGResearchAnalystsecuredHK$14bninprojectsinthepasttwoyears.Reiter
4、ateBuygivenwhat(+852)22036202weseeasstrongearningsgrowthaheadandareasonablevaluation—now16xeric-ct.cheng@db.comFY13EP/Evs.31%EEPSCAGR(2013-2015),tradingatlowerendofhistoricalvaluationband.Our2013E/14EEPSare10%/30%higherthanconsensusasweKeychangesexpec
5、tastrongerramp-upinitspipelineBT(build-transfer)projects.Pricetarget2.50to3.20↑28.0%Increasedpipelinevisibility+lowerfinancingcost+higherincentiveSales(FYE)8,244to6,729↓-18.4%BEWGhasastrongstartYTD,winningseveralwaterandenvironmentalOpprof25.7to27.1↑5
6、.3%renovationprojects.Currently,ithasHK$15bninenvironmentalrenovationmargin(FYE)projectsand5mtons/dayofwaterprojects,whichshouldsupportgrowthinNetprofit1,299.2to↓-7.9%thenext3years.BEWG’saccesstofinancingisimproving,asevidentthrough(FYE)1,197.2itsUS$5
7、00mbondissuanceat4.6%vs.previousPRClong-termbankloansatPrice/pricerelative8%.BEWGalsoissuedshareoptionswithfive-yearvestingperiodsrecently.2.8Malaysiaprojectontrack;placementriskmanageableManagementguidedthatconstructionofitsoverseasMalaysiaprojectiso
8、n2.4track,andshoulddeliverHK$600mrevenuethisyear.Thecompanyisintalks2.0onafewoverseasprojects,butwillbehighlyselectiveandinvestonlyin1.6countrieswithagoodregulatoryenvironment.Gearingratiodeclinedto75%1.25/1111/115/1211/12aftertheassetinjectio
