资源描述：
《德银-中国-公用事业行业-中国环境：北京安徽江苏环境之旅要点》由会员上传分享，免费在线阅读，更多相关内容在行业资料-天天文库。
1、ChinaEnvironmentalDeutscheBankMarketsResearchAsiaIndustryDateChina15January2018ChinaEnvironmentalUtilitiesUtilitiesIndustryUpdateTriptakeawaysfromEnvironmentaltourinBeijing/Anhui/JiangsuThomasZhu,CFATwo-dayEnvironmentaltourinBeijing/Anhui/JiangsuResearchAnalystWehoste
2、datwo-dayEnvironmentalandRenewablestourinBeijing,AnhuiandJiangsu.FortheEnvironmentalpart,wevisitedfacilitiesincludingaspongecity+852-22036235PPPproject,awastecollection(sanitation)managementcentre,awastetransferMichaelTong,CFAstation,abiomasstreatmentplant,andahazardo
3、uswastetreatmentplant.WeResearchAnalystsummarizethekeytakeawaysbelow.+852-22036167TongzhouspongecityPPPprojectofBeijingEnterprisesWater(371HK)ToppicksThespongecityprojectofTongzhouispartoftheTongzhouPPPpackagethatChinaEverbrightInt'lBuyBEWwonin2016,whichcarriesatotali
4、nvestmentof~RMB17bn.Thesponge(0257.HK),HKD11.92cityprojectfocusesonpreventingwaterlogginganddivertingrainfromsewage.Source:DeutscheBankBEW’sPPPprojectsaredistinguishedbyitstailor-madesolutionsandsuperiorCompaniesfeatureddesignachievedbyengagingfirst-classdesigninstitut
5、es.ThespongecityprojectBeijingBuyshouldbecompletedbyend2018,whilethecompletiontimingforotherprojectsEnterprisesWater(0371.HK),HKD6.00intheTongzhouPPPpackageisnotyetfinalized.IfthegovernmentwantstoChinaEverbrightInt'lBuyaddmoreprojectstothepackageandifthereisacostoverru
6、nasaresult,BEW(0257.HK),HKD11.92believesthatitcanre-negotiatethetermswiththegovernment.BEWhasyetnotChinaEverbrightBuycollectedpaymentfromthegovernmentasthespongecityprojectisstillintheGreentechconstructionstage.(1257.HK),HKD7.61Source:DeutscheBankHuaiyuanbiomasstreatm
7、entprojectofChinaEverbrightGreentech(1257HK)andChinaEverbrightIntl(257HK)TheHuaiyuanprojectachievedveryhighutilizationin2017andmanagementOurvaluationsareDCF-based;keyrisksinclude:fewer-than-expectedprojectwins,believesthatitcanconsistentlyachievestableutilizationbypro
8、perlyblendinglower-than-expectedprojectreturns.agriculturalwastewithforestryresidualsandwoodedplates.Nominalrawmaterialscost
