[ET Net News Agency, 4 November 2019] Huatai Research raised its target price for China
Conch Venture (00586) to HK$35.2 from HK$34.6 and maintained its "buy" rating.
The research house talked with management and visited two environmental projects at the
NDR Conch Venture hosted last week in Yiyang.
Huatai thinks the company's strong growth in core earnings is on track. Operational
performance for its projects improves, thanks to stable market demand and management's
growing know-how. The company has signed up 22 new projects year to date, including
800ktpa in industrial solid waste and hazardous waste, and 3,860ktpa in waste-to-energy;
progress towards its mid-term capacity target looks steady.
Huatai lifted its 2019 earnings by 52%, mainly on higher associate income from Conch
Cement (00914), and cut 2020 earnings by 2%. (KL)