[ET Net News Agency, 12 December 2018] HSBC Global Research initiated coverage on NWS
Holdings (00659) with a "buy" rating and a target price of HK$20.5.
The research house sees decent growth opportunities in NWS's traditional toll roads and
construction segment on the back of (1) rising traffic flows and margin from continued
urbanisation and development of e-commerce in China and (2) a strong order backlog and an
active property market in Hong Kong.
The aviation segment is likely to be a new driver, fuelled by a surge in the company's
aircraft leasing fleet. Meanwhile, from FY2018, the environment segment has recovered from
the downturn in previous years, given that SUEZ NWS and Chongqing Derun are in full swing
to grow after the restructuring in FY2017.
HSBC expects NWS's attributable operating profit (AOP) to edge up 16% YoY in FY2019 from
8% in FY2018 and continue at a CAGR of 11% in 2019-21. (KL)
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00659 NWS HOLDINGS
Nominal 
6.530 +0.130 (+2.031%) Others
12/12/2018 14:41
[I-bank focus]HSBC starts NWS Holdings (00659) at HK$20.5
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