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【出版时间及名称】：2010年2月亚洲水务行业研究报告
【作者】：野村证券
【文件格式】：PDF
【页数】：106
【目录或简介】：
Contents
Flowing strongly 4
Sector call remains bullish; upside in waste-to-energy 4
Pressing water shortages raise conservation awareness 5
Tariff hikes likely to be steeper and broader; tap water is the major beneficiary 5
Wastewater treatment: maturing, but growth will be sustained 6
Tap water supply: privatisation story with the best business model — but nearterm
growth is unclear 7
Waste-to-energy is the next attraction 7
Defensive appeal amid rising commodity prices and inflation 7
Risks: intensifying competition and rising interest costs 8
Stock-picking criteria and preferences 8
Comparison of capacity, business mix and revenue 13
Severe water shortages increasing awareness of conservation 14
Natural shortages — worsened by disparity 14
Consistent rise in water demand 15
Pollution exacerbates water scarcity 16
Water tariffs continue to rise 18
Water prices have been marching forward since January 2009 18
Tariff hikes likely to be steeper, more frequent 19
Recent tariff hikes have limited upside for water utilities 22
New directive from NDRC supports water tariff hikes 22
Background on water tariff evolution 23
Identifying growth in the water market 25
What does the Ministry of Environmental Protection think? 25
Existing support from government 27
Rich growth opportunities seen in privatisation 28
Demand grows on urbanisation 29
China’s water value chain 30
Water quality in China 31
Non-revenue water 32
Natural gas versus water 32
Tap water supply remains an M&A story 34
Revenue model 34
Large potential for an underinvested market 34
Robust growth from privatisation 35
Margin expansion from efficiency improvement 36
Minimal collection risk 36
Suggested 8-12% ROE with direct cost pass-through 37
Change in water usage habits 37
Turning more defensive 37
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