[ET Net News Agency, 8 March 2018] Daiwa Research lifted its target price for China
Everbright International (CEI)(00257) to HK$11.7 from HK$10.35, and reiterated its "hold"
The research house said CEI as of end-2017 had 268 projects with total investment of
CNY73.1bn, of which 97 projects were under construction or in the preparatory stage with
total investment of CNY36.1bn.
CEI intends to further expand its scale in the coming years, and therefore, Daiwa
expects CEI's project ramp-up to remain robust over 2018-20, which will result in a high
proportion of non-cash construction revenue, heavy capex and rising gearing going forward.
Daiwa increased its 2018-19 EPS by 7-8% based on its latest assumptions for CEI's
project schedule for the period. (KL)
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