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1、ChinaEnvironmentalDeutscheBankMarketsResearchAsiaIndustryDateChina8December2017ChinaEnvironmentalUtilitiesUtilitiesIndustryUpdateHazardouswastetreatmentmarketupdatefromindustryplayerThomasZhu,CFAHazardouswastetreatmentmarketupdatefromindustryplayerResearchAnalystWerecentlymetwithmanagementofSu
2、nnyFriend(8341TT,notrated),aleaderinhazardouswastetreatment(HWT)inTaiwan.Inadditiontoitsprojectsin+852-22036235Taiwan,thecompanyrunsaHWTplantinBeijingandhasprojectpipelinesinMichaelTong,CFAHebei,JiangsuandShanxi.ThecompanyprovidesHWTEPCserviceandtechnicalResearchAnalystservicestocompaniesinChi
3、na.Keytakeawaysfromourmeetinginclude:1)HWT+852-22036167marketisalreadyquitebalancedincertaincities;2)M&AisnotanidealwaytoexpandinHWTand3)cementkilnsareunlikelytoposeastrongthreattoToppickstraditionalincineration.ChinaEverbrightInt'lBuy(0257.HK),HKD10.50DongjiangEnvironmental(895HK),ChinaEverbr
4、ightGreentech(1257HK)andSource:DeutscheBankChinaEverbrightIntl(257HK)allhavedirectexposurestoHWT,whileBeijingCompaniesfeaturedEnterprisesWater(371HK)hasexposurethroughoneofitsassociates.ChinaDongjiangBuyEverbrightIntlisoursectortoppickandwelikethestockon1)earningsEnvironmental(0895.HK),HKD10.8
5、8potentiallybeatingconsensusonfastprojectramp-ups;2)re-ratingfromhigherDongjiangSellproportionofearningsfromoperationsand3)freecashflowimprovementwithitsEnvironmentalWTEbusiness.Formoredetails,pleaserefertoChinaEnvironmental-Stronger(002672.SZ),CNY15.98enforcement,improvingcashflow;raisingCEIEPS
6、,TargetPrice;13Nov.BeijingBuyEnterprisesWater(0371.HK),HKD6.02Under-capacitynationwidealthoughmarketbalancedincertaincitiesChinaEverbrightInt'lBuySunnyFriendmentionedthatalocalcitygovernmentJiangsurecentlyreduced(0257.HK),HKD10.50theapproveddesignedcapacityofaHWTincinerationproject,presumablyC
7、hinaEverbrightBuyGreentechbecausethelocalgovernmentnowbelievesthatexistingincinerationcapacities(1257.HK),HKD6.71aresufficienttomeetlocaldemand.WhilemanagementbelievesthatChinaisSource:DeutscheBankstillshortofHWTcapacityfromanationwideper
