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12月05日
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Speeding up in 2012
Upbeat on gas, wind andwaste treatment
After a sluggish year, we expect growth of the environmental andclean energy sectors to pick upmomentum this year as the new leadership structure of the central and local governments will become clear. The government’s promise to resolve pollution and reduce carbonemissions, finalisation of the TwelfthFive-Year targets and inclusion ofenvironmental achievements in the grading of government official ssuggest that the growth plans of the two sectors will be rolled out in fullstrength.
Kunlun, Longyuan and CEI are top picksWe keep an Overweight on the sector.
Kunlun is a beneficiary of the rapidexpansion of the natural gas market.Being a leading wind power producer,Longyuan should see decent growth.We also like CEI for its expertise in sewage and waste treatment and aggressive expansion.
We expect the increased supply ofnatural gas to trigger M&Aopportunities and new demand asusers switch from fossil fuels opt forthis clean energy. Wind power willstill be promoted by the government.
In particular, we see robust growth in incineration.
Wind power producers will continueto benefit from depressed equipmentprices, stable tariffs and monetarypolicy relaxation. Water and wastetreatment will be under the spotlight.
We expect to see more robust growth and new opportunities from this yearonwards when the government is finalising the development roadmapand leadership changes will beclearer. Top picks are Kunlun,Longyuan and CEI.
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