[ET Net News Agency, 4 September 2018] Citi Research raised its target price for China
Everbright International (CEI)(00257) to HK$8.5 from HK$8.29, and maintained its "buy"
rating.
The research house raised CEI's 2019-20 net profits forecasts by 4-5% factoring in
company's new guidance regarding construction works in its pipeline.
Citi sees recent share price fall driven by the rights issue as an enhanced buying
opportunity given (1) CEI would have high 25% 2018-20 EPS CAGR from expansions; (2) its
net debt to equity ratio would be lowered to 51% by end 2018; & (3) attractive 7x 2019 PER
and 1x PB, being an industry leader.
It noted that CEI has just completed its global roadshow with over 50 client meetings to
win shareholder support of its announced 10-for-27 rights issue at HK$6/share. (KL)
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00257 EB ENVIRONMENT
Nominal 
3.290 +0.030 (+0.920%) Others
04/09/2018 14:21
[I-bank focus]Citi raises China EB Int'l (0257) to HK$8.5
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