Citi Research lowered its target price for China Everbright International (CEI)(00257) to HK$7.2 from HK$8.5 and maintained its "buy" rating.
The research house said China aims to reduce tariff subsidy for new waste-to-energy projects. Citi expects an announcement to be made in 4Q. It assumed EBITDA margins of CEI environmental energy segment to fall -1ppt p.a. in 2020-25, including that of construction services from 24% in 2020 to 19% in 2025 and that of operations from 39% to 34% in the same period.
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