[ET Net News Agency, 20 May 2020] Daiwa Research initiated coverage of Conch Venture
(CV)(00586) with an "outperform" rating and a target price of HK$40.
The research house forecast CV's core profit, excluding associate profit from Conch
Cement (00914), to grow at a 47% CAGR (2019-22) due to robust capacity expansion on a
solid balance sheet.
Daiwa believes CV is a better investment option given its solid fundamentals and the
lowest net debt-to-equity ratio of 7% as of end-2019 among peers in both the HW (hazardous
waste) and SW (solid waste) treatment and MSW (municipal solid waste) incineration
industries. (KL)