China Everbright International 257

China Everbright International 257

Postby winston » Wed Jan 14, 2009 8:38 am

20090109 BOCI Initiating Coverage: China Everbright International
China Everbright International


More than just a concept

We initiate coverage on China Everbright International (CEI) with BUY rating and a target price of HK$2.16. We believe CEI is well-positioned to benefit from growth in China’s waste management and sewage treatment sectors amid supportive government policies. Its execution record shows that environmental business is not just a concept for CEI, but a deliverable financial promise.


Key Points for Rating

Increasing waste and sewage water discharge creates opportunities for treatment and energy recycling.

Preferential government policies and huge budgeted investments for the environmental protection business.
Positive records in Jiangsu and Shandong point to CEI’s ability to launch more projects and enhance returns.


Key Risks to Rating

Stiff competition for projects from private entities with good relationships with authorities.

Lower utilisation rates for certain projects.
Potential funding needs as leverage increases.


Valuation

Discount cash-flow (DCF)-based target price of HK$2.16.

Target 2009E P/E of 17x 2 and P/B of 2x.
EPS to grow 29% in 2009 and 15% in 2010 with EBITDA margin to widen from 34% in 2007 to 46% in 2010.
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Re: China Everbright International 257

Postby winston » Mon Mar 23, 2009 2:43 pm

DJ MARKET TALK: DBS Cuts China Everbright Intl Target 28.6%

1232 [Dow Jones] STOCK CALL: DBS lowers target of China Everbright International (0257.HK) to HK$2.00 from HK$2.80, after raising discount rate assumption to 10.0% from 9.5%, lowering estimated NAV to HK$2.22, to reflect investors' low appetite for high-gearing plays. Notes CEI had net debt to equity ratio of 65.4% in 2008, which higher-than-expected. House keeps stock at Buy. Stock +4.8% at HK$1.52
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Re: China Everbright International 257

Postby winston » Fri Nov 06, 2009 7:51 am

No wasted opportunity by Dr. Check, The Standard HK:-

China Everbright International (0257) is among stocks that has outperformed the Hang Seng Index.

CEI is involved in environmental energy (converting waste to energy, for instance), wastewater treatment and alternative energy projects.

Around 6.6 billion yuan (HK$7.49 billion) has been invested in its 26 environmental protection projects mainly in Jiangsu and Shandong provinces.

River pollution, caused by industrialization, is a major concern in the mainland. So Beijing fully backs environmental protection and the recycling of processed waste water.

CEI s first-half net profit soared 47 percent to HK$196 million.

Turnover jumped 40 percent to HK$1.01 billion.

BOCI is positive about the company's leading position in mainland waste-to-energy projects.

DBS gives it a target price of HK$4.26. The stock fell from a peak of HK$4.50 in 2007 to a low of 61 HK cents last year.

Since then it has steadily recovered ground to around HK$3.60. It closed at HK$3.46 yesterday.

It currently trades at around 22 times 2009 expected earnings.

As robust growth looks very possible in the coming few years, China Everbright International's stock price should be able to quite easily test its peak once again.

http://www.thestandard.com.hk/news_deta ... 91106&fc=8
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Re: China Everbright International 257

Postby winston » Tue Jun 29, 2010 7:34 am

Not vested. From Dr. Check, The Standard HK:-

When it comes to picking a stock, investors may consider China Everbright International (0257), which has three business segments - environmental energy, water and alternative energy, including wind and solar power.

China Everbright International's net profit rose 9 percent to HK$371 million last year.

Its share price has fallen from a peak of HK$4.48 in January, closing yesterday at HK$3.33.

As high growth is possible in the coming years, its share price should be able to test its peak again.

This stock is worth buying below HK$3.
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Re: China Everbright International 257

Postby winston » Fri Oct 15, 2010 12:29 pm

DJ MARKET TALK: Nomura Ups China Everbright Target To HK$6.10

1148 [Dow Jones] STOCK CALL: Nomura raises China Everbright International (0257.HK) target price to HK$6.10 vs HK$5.50 after lifting FY11-FY12 earnings tad by 1.0%-4.0% to reflect higher sewage daily capacity assumption given house positive outlook on project expansions.

Says company could be major beneficiary of 12th Five-Year Plan, owing to its exposure to wastewater treatment and waste-to-energy. Tips project growth remains healthy, with recent wins in Guangdong and Anhui projects. Notes trading at 18X FY11 EPS, valuation is in line with peers' 16X-19X.

Adds, house believes this undemanding, as it thinks China Everbright International deserves to trade at premium given waste-to-energy expansion likely to provide higher returns. Keeps stock at Buy. It last +1.5% at HK$4.16.

Source: Dow Jones Newswire
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Re: China Everbright International 257

Postby winston » Thu Oct 21, 2010 1:17 pm

Not vested

SING TAO DAILY

-- China Everbright International (0257.HK) said it had successfully developed the biomass power generation project in two counties located in Shandong and Anhui province, with a total investment of about 640 million yuan ($96.22 million).
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Re: China Everbright International 257

Postby winston » Fri Nov 23, 2012 5:29 am

Not vested

At this level, China Everbright International (0257) looks like a bargain.

The company operates in environmental energy, environmental water management and alternative energy, and net profit has been rising in recent years.

From HK$371 million in the 2009 fiscal year, net profit rose to HK$801 million in 2011.

The stock has since risen steadily, hitting peaks and troughs and so providing ample chances for short-term trading.

It closed at HK$3.90, or 13 times projected earnings for 2012.

Most brokers target it between HK$4.30 and HK$4.80.


Source: Dr Check, The Standard HK
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Re: China Everbright International 257

Postby winston » Mon Dec 30, 2013 6:56 am

not vested

In Hong Kong, we have a star in environmental protection sector with China Everbright International (0257).

The company operates waste-to- energy power plants, industrial and hazardous waste landfills, waste-water treatment, reusable water plants and alternative energy projects.

Its shares have gone from HK$4 to HK$10.42 in the last 12 months and it trades at 35 times its historical price- earnings ratio. But fund managers tend to chase such shares and push them sky high. So we'd best wait for a correction or a new star.

Source: Dr Check, The Standard HK
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Re: China Everbright International 257

Postby winston » Wed Aug 06, 2014 9:36 am

not vested

<Research Report>CHINA EB LTD (00165.HK) benefits from restructuring, reiterated Buy - CICC

According to the latest research report by CICC, the State Council had approved the restructuring proposal of China Everbright Group, and the group will be developed into a joint-stock company from a SOE.

According to the plan, the new company will become the controlling shareholder of CEB BANK (06818.HK), Everbright Securities and CHINA EB LTD (00165.HK).

Rating of CHINA EB LTD (00165.HK) was reiterated Buy, and target price was determined at $14.5. CHINA EB LTD is one of the top picks of CICC.

The bank commented the restructuring can help China Everbright Group to transform into a comprehensive assets management firm by optimizing the capital structure. ~

Source: AAStocks Financial News
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Re: China Everbright International 257

Postby winston » Sun Jul 05, 2015 5:39 pm

not vested

CHINA EB INT'L (00257.HK) Raises Zhenjiang Waste-To-Energy Project Process Fee by 15.4%

CHINA EB INT'L (00257.HK) -0.480 (-3.380%) Short selling $45.85M; Ratio 41.068% 's subsidiary Everbright Environmental Energy was approved by the Zhenjiang Municipal People's Government of Jiangsu province Zhenjiang city administration to raise the waste process fee by 15.4% for the company's waste-to-energy projects (phase 1 and phase 2) located in Zhenjiang, with effective from 25 May 2015.

Source: AAStocks Financial News
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