Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Capital Markets

China Everbright Greentech / Equity Capital Markets

<a href="https://www.smartkarma.com/entities/24085" target="_blank" data-smartkarma-citation="entities:24085:1">China Everbright Greentech (1412177D HK)</a>, a subsidiary of <a href="https://www.smartkarma.com/entities/15946" target="_blank" data-smartkarma-citation="entities:15946:1">China Everbright Intl Ltd (257 HK)</a>, plans to list in Hong Kong in an US$425m IPO. In this insight, we will discuss the fundamentals of the company, its growth drivers, key risks and our thoughts on valuation. The conclusion can be found at the end of my insight.<h2>Company background</h2><ul><li>The company (CEG) is a China-based specialty environmental protection service provider with a focus on biomass and hazardous waste treatment projects. The company…</li></ul>

China Everbright Greentech (1412177D HK), a subsidiary of China Everbright Intl Ltd (257 HK), plans to list in Hong Kong in an US$425m IPO. In this insight, we will discuss the fundamentals of the company, its growth drivers, key risks and our thoughts on valuation. The conclusion can be found at the end of my insight.Company backgroundThe company (CEG) is a China-based specialty environmental protection service provider with a focus on biomass and hazardous waste treatment projects. The company…

China Everbright Greentech IPO: Discounting for Biomass Energy Risks

Asia Ex-J Consumer/ Transport analyst

Valerie Law, CFA

Thematic (Sector/Industry)

Extending my point about more demanding transportation frameworks going forward (see <a href="https://www.smartkarma.com/insights/comfortdelgro-fy16-results-an-era-where-competition-hits-a-higher-gear" target="_blank" data-smartkarma-citation="insights:8719">ComfortDelGro FY16 Results: An Era Where Competition Hits a Higher Gear</a> ), the recent fire-bomb attack on Hong Kong’s MTR that left 19 injured signals increasing costs for transport operators. This article presents another reason why investors should sell MTR Corp, on top of points already provided by fellow insight provider Sameer Taneja in an earlier piece <a href="https://www.smartkarma.com/insights/mtr-66-hk-conviction-sell-thesis" target="_blank" data-smartkarma-citation="insights:7982">MTR (66 HK): Conviction Sell Thesis</a><h2>Security Costs to</h2>…

Extending my point about more demanding transportation frameworks going forward (see ComfortDelGro FY16 Results: An Era Where Competition Hits a Higher Gear ), the recent fire-bomb attack on Hong Kong’s MTR that left 19 injured signals increasing costs for transport operators. This article presents another reason why investors should sell MTR Corp, on top of points already provided by fellow insight provider Sameer Taneja in an earlier piece MTR (66 HK): Conviction Sell ThesisSecurity Costs to…

66 HK and SBUS SP: Attack on HK Metro Signals Increases in Transport Operators' Costs

APAC IPOs & Placements

Zhen Zhou, Toh

Zheneng Jinjiang Environment / Equity Capital Markets

China Jinjiang Environment (CJE) is looking to raise US$137m in its IPO in Singapore, to fund acquisitions of two Waste To Energy (WTE) plants, investment in operating and pipeline projects and to pay down some debt.In this insight, we look into details of its operation and highlight corporate governance risks. Lastly, we compare China Jinjiang Environment with other listed peers.

China Jinjiang Environment (CJE) is looking to raise US$137m in its IPO in Singapore, to fund acquisitions of two Waste To Energy (WTE) plants, investment in operating and pipeline projects and to pay down some debt.In this insight, we look into details of its operation and highlight corporate governance risks. Lastly, we compare China Jinjiang Environment with other listed peers.

China Jinjiang Environment - An Average Waste to Energy Player in a Tough Environment

Equity Research Analyst, Maritime sector, Drewry Maritime Financial Research

Ankush Kathuria CFA, FRM

Equity Research Analyst, Maritime sector

Maritime Sector, Equity & Credit Research

Drewry Maritime Financial Research

With no ties to other players in the shipping, finance or banking world, we provide a uniquely impartial view of the markets and companies we cover. Our parent organization, Drewry is a leading independent provider of research services to the maritime and shipping industry, employing over 100 professionals across an international network of offices in London, Delhi, Singapore and Shanghai. Combining our market-leading resources with seasoned sector expertise DFRS offers a highly differentiated and comprehensive range of investment and financial research services to lenders and prospective investors in publicly listed maritime and shipping companies. The full service of reports, supporting resources and sector orientated webinars provides our clients with the most complete picture of the organisations under coverage as is possible. We have been charting and analysing the world’s maritime markets for more than 40 years. This unrivalled intelligence and understanding provides the foundation of our research service. Our analysts have access to one of the most up-to-date, comprehensive and reliable sources of market insight and research data available today. We look at globally listed companies within the following sectors: Port Operators, Container Shipping, Container Manufacturing & Leasing, LNG Shipping, Dry Bulk Shipping and Tanker Shipping. Combine in-depth sector expertise with financial analysis focusing on over 50 stocks globally.

Reasonable port valuation supports M&amp;A activities<figure class="editor-figure"><img src="https://static-prod.smartkarma.com/images/media/000/005/443/original/ports5.JPG?1454570524" class="editor-image img-responsive" data-smartkarma-image-id="5443"></figure>Note: Market-weighted EV/EBITDA ticked higher from FY14 level of 14.8x to 15.0x Source: Bloomberg, DMER<figure class="editor-figure"><img src="https://static-prod.smartkarma.com/images/media/000/005/444/original/ports6.JPG?1454570793" class="editor-image img-responsive" data-smartkarma-image-id="5444"></figure> Source: Company, DMER• As the global trade growth moderates, we expect significant volatility to persist in the year ahead. Port companies with sturdy balance sheet will be favoured over growth companies. Debt servicing ratio is expected to trend lower on higher interest and faltering earnings. Therefore, we look for terminal operators with…

Reasonable port valuation supports M&amp;A activitiesNote: Market-weighted EV/EBITDA ticked higher from FY14 level of 14.8x to 15.0x Source: Bloomberg, DMER Source: Company, DMER• As the global trade growth moderates, we expect significant volatility to persist in the year ahead. Port companies with sturdy balance sheet will be favoured over growth companies. Debt servicing ratio is expected to trend lower on higher interest and faltering earnings. Therefore, we look for terminal operators with…

Global Port Operators - Reasonable Valuation Supports M&A Activities

Intensifying concerns about China as it registered its slowest growth since 1990 set the tone for a roller-coaster ride in 2016. The largest emerging country expanded 6.9%y/y in 2015, prompting the IMF to slash its global growth forecast for the third time in less than a year. Drewry Port Index fell 14% in the first three weeks of trading. The divergence between MSCI World and Drewry Port Index is the greatest since January 2015, pointing to a value buy for the port index compared with a year ago.

Intensifying concerns about China as it registered its slowest growth since 1990 set the tone for a roller-coaster ride in 2016. The largest emerging country expanded 6.9%y/y in 2015, prompting the IMF to slash its global growth forecast for the third time in less than a year. Drewry Port Index fell 14% in the first three weeks of trading. The divergence between MSCI World and Drewry Port Index is the greatest since January 2015, pointing to a value buy for the port index compared with a year ago.

Port Operators 2016 - Sieve Out Value Companies Amid Slowing Trade Growth

Hong Kong

Canvest Environment Protection Group Company Limited focuses on the development, management, and operation of waste-to-energy plants. The Company's plants are located in China.

Canvest Environmental Protection Group (1381 HK)

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Canvest Environmental Protection Group (1381 HK)

China Everbright Greentech IPO: Discounting for Biomass Energy Risks

China Everbright Greentech (1412177D HK), a subsidiary of China Everbright Intl Ltd (257 HK), plans to list in Hong Kong in an US$425m IPO. In this...

Ke Yan, CFA, FRM

66 HK and SBUS SP: Attack on HK Metro Signals Increases in Transport Operators' Costs

Extending my point about more demanding transportation frameworks going forward (see ComfortDelGro FY16 Results: An Era Where Competition Hits a...

Valerie Law, CFA

China Jinjiang Environment - An Average Waste to Energy Player in a Tough Environment

China Jinjiang Environment (CJE) is looking to raise US$137m in its IPO in Singapore, to fund acquisitions of two Waste To Energy (WTE) plants,...

Zhen Zhou, Toh

Global Port Operators - Reasonable Valuation Supports M&A Activities

Reasonable port valuation supports M&A activitiesNote: Market-weighted EV/EBITDA ticked higher from FY14 level of 14.8x to 15.0xSource:...

Drewry Maritime Financial Research

Port Operators 2016 - Sieve Out Value Companies Amid Slowing Trade Growth

Intensifying concerns about China as it registered its slowest growth since 1990 set the tone for a roller-coaster ride in 2016. The largest...

Drewry Maritime Financial Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)