德意志银行-xx环保产业-20170803-deutschebank-chinaenvironmentalrevisingupearningsforbew＆cei；1h17resultspreview.pdfVIP

China Environmental Deutsche Bank Markets Research Asia Industry Date China China 3 August 2017 Utilities Utilities Environmental Industry Update Revising up earnings for BEW CEI; 1H17 results preview Thomas Zhu, CFA Raising EPS for BEW and CEI; top pick BEW We expect strong earnings growth for China environmental companies for 1H17e Research Analyst and we significantly raise earnings forecasts for BEW and CEI on expected interim +852-2203 6235 results and recent company updates. Our top pick remains BEW, as we believe the company will most likely raise PPP targets significantly, and potential progress Michael Tong, CFA in the investment fund launch in 2H17 could lead to further re-rating. We like Research Analyst CEI and SIIC for their value and we expect CEI shares to be driven by the market +852-2203 6167 rolling over the valuation base and SIIC shares to be driven by a potential HK IPO. Key Changes 1H17 results preview Company Target Price Rating We expect China environmental companies (ex-GDI) to report recurring profit 0371.HK 7.10 to 7.80 growth of 17-50% yoy for 1H17e (detailed in Figure 1). We think the following 1257.HK 6.40 to 6.60 factors potentially coming out of 1H17 briefings could trigger share price 0257.HK 12.20 to 12.70 move