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Equity Bottom-Up

China Water Affairs Group / Equity Bottom-Up

In FY20, despite a very challenging operating environment, China Water Affairs (CWA) delivered another year of growth for shareholders. Requirements for environmental expenditure in the Chinese water sector present opportunities for it to extend its track record of growing returns into FY21 and beyond. This opportunity does not appear to be reflected in CWA’s current modest market rating of an FY21e P/E multiple of 5.6x.

In FY20, despite a very challenging operating environment, China Water Affairs (CWA) delivered another year of growth for shareholders. Requirements for environmental expenditure in the Chinese water sector present opportunities for it to extend its track record of growing returns into FY21 and beyond. This opportunity does not appear to be reflected in CWA’s current modest market rating of an FY21e P/E multiple of 5.6x.

China Water Affairs Group - Growth opportunities remain

FY19 results from Kangda International Environmental (KIE) showed an improvement in profitability and China Water Affairs (CWA) has put in place a deal to increase its holding in its associate company. While the precise financial impact of the COVID-19 pandemic has yet to be clarified, we have left our FY20 forecasts unchanged, but CWA’s current rating appears modest for such a defensive company.

FY19 results from Kangda International Environmental (KIE) showed an improvement in profitability and China Water Affairs (CWA) has put in place a deal to increase its holding in its associate company. While the precise financial impact of the COVID-19 pandemic has yet to be clarified, we have left our FY20 forecasts unchanged, but CWA’s current rating appears modest for such a defensive company. 

China Water Affairs Group - Improvements at Kangda International

China Water Affairs (CWA) continues to offer the prospect of attractive growth in EPS despite the fall in environmental protection construction revenue. The requirement for expenditure on the water sector in China remains intact and the current rating of the shares appears undemanding.

China Water Affairs (CWA) continues to offer the prospect of attractive growth in EPS despite the fall in environmental protection construction revenue. The requirement for expenditure on the water sector in China remains intact and the current rating of the shares appears undemanding.

China Water Affairs Group - Valuation ignoring growth potential

China Water Affairs Group (CWA) is well positioned to take advantage of the favourable trends that we expect in the Chinese water and sewage market. CWA’s portfolio of water assets, experienced team, stable financial position and impressive track record should enable the company to continue to grow returns for shareholders.

China Water Affairs Group (CWA) is well positioned to take advantage of the favourable trends that we expect in the Chinese water and sewage market. CWA’s portfolio of water assets, experienced team, stable financial position and impressive track record should enable the company to continue to grow returns for shareholders.

China Water Affairs Group - Well positioned in a growing market

The H118 results and publication of the full interim report confirmed China Water Affairs Group&#8217;s (CWA) strong growth trajectory. In our view the outlook for the company remains positive. We have increased our EPS and DPS forecasts for CWA and raised our fair value from HK$6.7/share to HK$8.0/share.

The H118 results and publication of the full interim report confirmed China Water Affairs Group&#8217;s (CWA) strong growth trajectory. In our view the outlook for the company remains positive. We have increased our EPS and DPS forecasts for CWA and raised our fair value from HK$6.7/share to HK$8.0/share. 

China Water Affairs Group - Strong growth trajectory continues

Hong Kong

China Water Affairs Group is a leading integrated water service operator that invests in, constructs, and operates urban water supply, sewage treatment, and related value-added services, including pipeline direct drinking water, across Mainland China. The company is headquartered in Hong Kong and was founded in 1998.

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China Water Affairs Group (855 HK)

China Water Affairs Group - Growth opportunities remain

In FY20, despite a very challenging operating environment, China Water Affairs (CWA) delivered another year of growth for shareholders....

Edison Investment Research

China Water Affairs Group - Improvements at Kangda International

FY19 results from Kangda International Environmental (KIE) showed an improvement in profitability and China Water Affairs (CWA) has put in place a...

Edison Investment Research

China Water Affairs Group - Valuation ignoring growth potential

China Water Affairs (CWA) continues to offer the prospect of attractive growth in EPS despite the fall in environmental protection construction...

Edison Investment Research

China Water Affairs Group - Well positioned in a growing market

China Water Affairs Group (CWA) is well positioned to take advantage of the favourable trends that we expect in the Chinese water and sewage...

Edison Investment Research

China Water Affairs Group - Strong growth trajectory continues

The H118 results and publication of the full interim report confirmed China Water Affairs Group’s (CWA) strong growth trajectory. In our view the...

Edison Investment Research

Price Gauge

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Market Cap (USDm)

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