Stock research on global mid-cap companies

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Stock research on global mid-cap companies, Evaluate Research

Equity Bottom-Up

China Renewable Energy Investment / Equity Bottom-Up

China Renewable Energy Investment (987 HK)

China Renewable Energy [CRE] reported strong results for the second half and year ended December 31, 2017 which were in-line with our estimates. For the second half of FY2017, EPS came in at HK1.08 cents vs. HK0.71 cents in 2H2016, an increase of about 52% YoY while revenue increased by 3.4% to HK$64.7 mn from HK$62.6 mn in 2H2016. The higher EPS growth came on the back of a 48.3% increase in income from associates which came in at HK$34.0 mn in 2H2017 vs. HK$22.9 mn in the corresponding period last year. After a slow first half, wind resources at the company’s associate windfarms improved substantially during the second half resulting in higher income from associates. For the full year FY2017, revenue was flat at HK$131.3 mn [HK$131.0 mn in FY2016], while EPS declined slightly to HK2.54 cents from HK2.59 cents in FY2016, mainly due to lower associate income during the first half of the year. Attributable EBITDA for the year was HK$283 mn.
Analyst: Ajeya Patil

China Renewable Energy [CRE] reported strong results for the second half and year ended December 31, 2017 which were in-line with our estimates. For the second half of FY2017, EPS came in at HK1.08 cents vs. HK0.71 cents in 2H2016, an increase of about 52% YoY while revenue increased by 3.4% to HK$64.7 mn from HK$62.6 mn in 2H2016. The higher EPS growth came on the back of a 48.3% increase in income from associates which came in at HK$34.0 mn in 2H2017 vs. HK$22.9 mn in the corresponding period last year. After a slow first half, wind resources at the company’s associate windfarms improved substantially during the second half resulting in higher income from associates. For the full year FY2017, revenue was flat at HK$131.3 mn [HK$131.0 mn in FY2016], while EPS declined slightly to HK2.54 cents from HK2.59 cents in FY2016, mainly due to lower associate income during the first half of the year. Attributable EBITDA for the year was HK$283 mn.
Analyst: Ajeya Patil

China Renewable Energy Investment

FY2017 [ended December] Earnings Update