China Everbright Water started at 'buy' by DBS with $1.20 target price

Stock Name: China Everbright
Company Name: CHINA EVERBRIGHT WATER LIMITED

Research House: DBS Vickers

Price Call: BUY

Target Price: 1.20

SINGAPORE (Jan 12): DBS Group Research is initiating coverage of China Everbright Water (CEW) with a "Buy" call and target price of $1.20 as the newly formed company looks set to become a top three player in the China water sector.

CEW, previously known as HanKore, was formed after China Everbright International injected all of its water assets into HanKore in a reverse takeover deal to become its largest shareholder with a 78% stake.

CEW is now CEI's only investment arm in water operations with 3.4 million tons of daily capacity under its project portfolio.