[ET Net News Agency, 27 April 2020] Huatai Research said China Everbright
International's (CEI)(00257) share price is down by 30% year-to-date, underperforming the
market, given the uncertainties accompanying the cut in tariff subsidy have heightened
concerns of whether CEI will be able to achieve the return it previously expected.
The research house does not doubt it, and sees three catalysts that could trigger a
re-rating of the stock: (1) settlement of the subsidy payment for "old projects" (defined
as projects that commenced operation before 20 January 2020); (2) the transition of new
projects to grid parity by raising waste treatment fee; and (3) establishment of a payment
mechanism for waste treatment service.
Huatai reiterated its "buy" call on CEI, with a target price of HK$8.3. (KL)
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00257 EB ENVIRONMENT
Nominal 
3.260 +0.010 (+0.308%) Research Report
27/04/2020 13:52
{I-bank focus}Re-rating catalysts seen for China EB Int'l
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