德银-公用事业行业-中国环保行业：投资基金的产业参照-20170926-deutschebank-chinaenvironmentalindustryread-acrossoninvestmentfund；hwt；bottot；buyceg

《德银-公用事业行业-中国环保行业：投资基金的产业参照-20170926-deutschebank-chinaenvironmentalindustryread-acrossoninvestmentfund；hwt；bottot；buyceg》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、ChinaEnvironmentalDeutscheBankMarketsResearchAsiaIndustryDateChina26September2017ChinaEnvironmentalUtilitiesUtilitiesIndustryUpdateIndustryread-acrossoninvestmentfund;HWT;BOT/TOT;BuyCEGThomasZhu,CFAIndustryread-acrossoninvestmentfund;HWT;BOT/TOT;BuyCEGResearchAnalystWehadameetingwithm

2、anagementofCITICEnvirotech(CELSP,notrated),amajorenvironmentalplayerinChinainvolvedinindustrial/municipalwater+852-22036235treatment(capacityofover5mtpd),waterenvironmentrenovation,membraneMichaelTong,CFAmanufacturing(capacityof20mm2p.a.)andhazardouswastetreatment.KeyResearchAnalystta

3、keawayinclude1)it'sdifficulttohavecapitalcontributionoflessthan20%+852-22036167forinvestmentfunds(whichoffersread-acrossforpossiblecapitalstructureofBeijingEnterprisesWater(371HK)andChinaEverbrightWater(CEWLSP)’sToppicksinvestmentfunds;2)hazardouswastetreatment(HWT)projectscanstillgenera

4、teChinaEverbrightGreentechBuyover15%projectIRRsdespitenewentrants(whichhighlightstheprofitability(1257.HK),HKD6.60ofChinaEverbrightGreentech(1257HK)’sHWTpipelineprojects)and3)itisSource:DeutscheBankincreasinglydifficulttofindstandaloneBOT/TOTprojects(whichoffersinsightsCompaniesfeaturedtoS

5、IIC(SIICSP)’scapacityadditionbeyond2017e).OursectortoppickisChinaBeijingBuyEverbrightGreentech(1257HK,Buy,TPHKD7.7)whichwelikeforitsstrongEnterprisesWater(0371.HK),HKD6.23projectpipeline,excellentprojectmanagementandpotentialexpansiontosoil2016A2017E2018Eremediation.P/E(x)14.8213.1710

6、.75EV/EBITDA(x)11.611.615.1Investmentfund;pandabondPrice/book(x)2.72.82.4CELisactivelynegotiatingwithfinancialinstitutionsinanefforttosetupChinaEverbrightWaterBuyinvestmentfunds.WhilerequiredcontributionfromCELdiffersfromonecaseto(CEWL.SI),SGD0.42another,CELfindsitgenerallydifficulttohaveit

7、scapitalcontributiontobeless2016A2017E2018Ethan20%oftotalfundsize.FinancialinstitutionsgenerallypreferareasonablyP/E(x)21.6711.9610.61highcapitalcontributionfromCELasthishelpstoboostconfidenceinprojectEV/EBITDA(x)14.29.39.8quality.RequiredreturnfromfinancialinstitutionsinChinais~5%.Fina

8、nceco