In today’s briefing:
- China Everbright Water (1857 HK): Long-Term Pipeline Stays Resilient
China Everbright Water (1857 HK): Long-Term Pipeline Stays Resilient
- A slow 1H22 new project momentum and a slight retreat in net profit are not expected to materially alter the positive outlook for China Everbright Water (1857 HK).
- We estimate project pipeline equals to about 28% of its existing operating capacity. They will underpin growth prospects over the next two years.
- New project growth should accelerate in 2H22 given the increase in local governments’ special purpose bonds issue. Cost inflation is expected to moderate sequentially as well.
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