[ET Net News Agency, 16 November 2017] Deutsche Bank lifted its target price for China
Everbright International (CEI)(00257) to HK$13.5 from HK$12.7, and maintained its "buy"
rating.
The research house said China usually strengthens environmental enforcement during the
last three years of Five-Year Plan periods, as the country gets closer to assessment
deadlines.
DB expects the same to take place from 2018. It also expects these factors to benefit
this laggard sector, together with improving cashflow profile/earnings quality with
selective companies over the next few years.
It raised CEI earnings by 6%/14% in 2017/18 on fast project construction progress.
DB calculated that the WTE (Waste-to-Energy) segment's free cashflow should improve from
-HK$2.9bn in 2017 to -HK$970m in 2019 as operational capacity should grow significantly
and position the segment well for positive free cashflow thereafter. (KL)
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00257 EB ENVIRONMENT
Nominal 
3.640 0.000 (0.000%) Others
16/11/2017 12:13
[I-bank focus]DB lifts China EB Int'l (00257) to HK$13.5
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