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Daiwa raises Canvest Env (01381) target to $5.9
 Daiwa Securities has raised its price target on Canvest Environmental Protection (01381) from HK$5.5 to HK$5.9 and maintained its Buy rating on the stock.

On November 16, Canvest Environmental Protection announced that it was awarded a WTE plant PPP project in Dianbai, Maoming City, Guangdong Province. The treatment fee of the WTE plant will be RMB89.5 per tonne.

The company has guided for an attractive 30% compound annual growth rate for its total project capacity over 2017-2019, from 18300 tonnes per day (tpd) for 2016. Daiwa Securities expects the company to further announce about 2,000 tpd of new WTE capacity in November to December this year.

The brokerage raises 2019 EPS forecast for the company by 5% after factoring in the Dianbai project's contribution to revenue from 2019. It expects the company to report net profits of HK$541 million, HK$679 million and HK$869 million for 2017, 2018 and 2019 respectively.

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