报告名称：China Everbright International(00257.HK)Construction revenue to pick up in 2H15
报告类型：港股研究
报告日期：2015-08-13
研究机构：中金公司
股票名称：中国光大国际
股票代码：00257
页数：6
简介：1H15 result miss slightly
Revenue rose 28% YoY to HK$3.77bn and net profitincreased 25% to HK$1.0bn, accounting for 43% of our2015 full-year estimate (vs. 49%/47% actual in 2013/14).Revenue from operation services grew 50% YoY to HK$1.1bn;however, revenue from construction services increased only 16%YoY to HK$2.1bn as many new projects are moving from thepreparatory to the construction stage. We expect constructionrevenue growth to pick up in 2H15 and increase by 65% HoH.
Trends to watch
Significant increase in processing volume and powergeneration: processing volume for municipal waste and wastewater increased by 46% YoY and 47% YoY, respectively. Powergeneration from WTE and Greentech also grew by 50% and 87%YoY due to the rapid ramping up of new capacity added last year.
Strong project pipeline: 19 projects are under construction(total investment of Rmb7.2bn); while another 31 projects (totalinvestment of Rmb10.5bn) are at the preparatory stage.
Visible capacity growth: WTE operating capacity reached
14,950t/day; another 8,900t/day is under construction with10,550t/day at the preparatory stage; we expect 2,800t/day tobe online in 2H15. WWT daily processing capacity reached2,455k t/day with another 115k t/day under construction.CEI hopes to increase its WWT capacity to 10mn t/day over thenext 3~5 years.
Earnings revisions
We trim 2015/16e EPS by 8%/4% to HK$0.48/0.68.
Valuation and recommendation
Maintain BUY, but cut TP 5.6% from HK$18.00 toHK$17.00 (25x 2016e PER), implying 4.5/3.9x P/B in 2015/16e
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