China Everbright (formerly: HanKore Environmental Tech Group)

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#51
sure deal will go through? or all stop due to investigation on CEI...
1) Try NOT to LOSE money!
2) Do NOT SELL in BEAR, BUY-BUY-BUY! invest in managements/companies that does the same!
3) CASH in hand is KING in BEAR! 
4) In BULL, SELL-SELL-SELL! 
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#52
Hankore at .088 is back to the price where it was trading around before the RTO announcement. With the proposed change in auditors from Moores Stephen to KPMG, I believe it is a prelude to the completion of the RTO since KPMG is also the auditor for CEI.

However, with news(unconfirmed by the HK exchange) from China papers reporting that CEI is one of the 5 state owned companies whose management is under investigation for corruption, I am unsure if RTO will be smoothly completed or abandoned. However, It will be nice for Hankore to take advantage and grab CEI water assets at a discount if the RTO goes through.

(Vested)
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#53
(09-05-2014, 05:02 PM)CityFarmer Wrote: Picking-up more at 9 cents. I am too slow to pick-up at lower price.

I might be catching a falling knife...Tongue

(vested)

Hi cityfarmer, may I ask why did you average down on Hankore at this juncture? In post #23, you felt that Hankore without CEI's water assets is not appealing at all. I do not think the possibility of RTO going through is higher than before 30 Apr.
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#54
(10-05-2014, 06:06 PM)yawnyawn Wrote:
(09-05-2014, 05:02 PM)CityFarmer Wrote: Picking-up more at 9 cents. I am too slow to pick-up at lower price.

I might be catching a falling knife...Tongue

(vested)

Hi cityfarmer, may I ask why did you average down on Hankore at this juncture? In post #23, you felt that Hankore without CEI's water assets is not appealing at all. I do not think the possibility of RTO going through is higher than before 30 Apr.

This is called 人在江湖,身不由己。
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#55
(10-05-2014, 06:06 PM)yawnyawn Wrote:
(09-05-2014, 05:02 PM)CityFarmer Wrote: Picking-up more at 9 cents. I am too slow to pick-up at lower price.

I might be catching a falling knife...Tongue

(vested)

Hi cityfarmer, may I ask why did you average down on Hankore at this juncture? In post #23, you felt that Hankore without CEI's water assets is not appealing at all. I do not think the possibility of RTO going through is higher than before 30 Apr.

Ops, let me recap from post #23

"Hankore without CEI, is not appealing at all. At the current price, the upside already priced-in. So I will give it a miss as special situation investment for the moment. Pending further update, valuation might change, and I will reconsider then."

I meant Hankore is not appealing as "long term grow" stock, but a special situation play. The valuation (price) changed from above 12 cents then, to below 9 cents last Friday, thus I have reconsidered.

The IV of Hankore without CEI, is above the purchased prices, after factored in the recent acquisition, while the upside is still around.

I agreed with OSK/DMG report, "there is strong incentive for both sides to seal the deal".

Well, as usual, YMMV. I might be wrong. I just stick to my story and choose to believe to myself. Big Grin

(vested)
“夏则资皮,冬则资纱,旱则资船,水则资车” - 范蠡
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#56
Falling knife
Monday shall see it drop further
gearing is high
PE is high
its also a S-chip

so many red flags...
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#57
If targeted valuations is @ 15x forecast, then Hankore would be fairly valued around current levels... Kankore IMHO...

Maybank KE:

Issues abound; keep the faith
 HanKore’s shares fell 18.5% last Friday over fears of CEI deal fallout as corruption investigations of SOEs extend to CEI.
 Separately, HanKore issued a profit warning. We are not worried as it is purely accounting adjustments with zero impact on cash flows.
 In our view, current share price assumes no CEI deal and presents a good entry point. Reiterate BUY with unchanged TP of SGD0.17, based on 30x FY6/15E P/E.
Profit warning
According to Hong Kong media, China’s state-owned enterprises (SOEs) including China Everbright (CEI) are undergoing a special audit, with a focus on links to corruption in the management team. This has sparked fears that the deal between HanKore and CEI may fall through. HanKore’s shares reacted negatively, with the price correcting 18.5% last Friday. Separately, HanKore also issued a profit warning.
Accounting related; no impact on cash flows
We would advise investors to not be unduly worried about the profit warning as it is purely accounting related with no impact on HanKore’s cash flows. The profit warning relates to: (1) fair value loss on contingent liability from the acquisition of Jiangsu Tongyong Environment Engineering, and (2) fair value adjustments on outstanding warrants. The latter is a yearly exercise whose impact was not apparent to us before as the market price was just slightly above the exercise price of SGD0.04 for the warrants. We estimate that SGD23.2m (CNY116m) needs to be charged in 3QFY6/14 P&L, putting the company in the red for the quarter.
We would recommend continued focus on HanKore’s strong core operations. The market appears to have written off the CEI deal. In our view, current share price weakness presents a good buying opportunity. Reiterate BUY with the TP unchanged at SGD0.17.
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#58
website: http://www.ebchinaintl.com/en/investors/...id=p140511


Everbright International Secures Shandong Tengzhou Waste-to-Energy Project


11 May 2014, Hong Kong – China Everbright International Limited ("Everbright International" or the "Group") (HKSE: 00257) is pleased to announce that it has signed a concession agreement with the Municipal People’s Government of Tengzhou City, Shandong Province ("Tengzhou Municipal Government"), for the investment and construction of a household waste-to-energy project in Tengzhou City (“Tengzhou Project” or the “Project”).

Tengzhou Project is designed with a total daily household waste processing capacity of 1,000 tonnes and will be constructed in two phases. The Project Phase I is designed with a daily household waste processing capacity of 600 tonnes, commanding a total investment of approximately RMB339 million. It is expected to generate green electricity of approximately 80,000,000 kWh annually. The Project will be constructed on a BOT (Build-Operate-Transfer) basis for 30 years and its gas emission will comply with the Euro 2000 Standard.

As the most populous county-level city in Shandong Province and one of the top 100 counties in China, Tengzhou City continues to undergo rapid economic and social development. Following the improvements in the living standards of its citizens, the Tengzhou Municipal Government is pushing forward with the development of ecological civilization to improve the environment and actively develop the harmless treatment and reuse of household waste.

Mr. Chen Xiaoping, CEO of Everbright International, said, “Located in southern Shandong and in close proximity to northern Jiangsu, Tengzhou Project connects the Shandong and Jiangsu markets for the Group to further reinforce its footprint in these two strategic regions. As the largest integrated environmental protection service enterprise in Shandong and Jiangsu, Everbright International will adhere to its principle of quality construction and capitalize on its wealth of management experience and technical excellence to achieve the best economic and social benefits for Tengzhou Project and contribute to the sustainable development of Tengzhou City.”
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#59
I prefer Sound Global, which had corrected from its $9.26 HKD peak and is currently priced below $6 HKD.

(Vested)
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#60
(12-05-2014, 02:13 PM)greengiraffe Wrote: website: http://www.ebchinaintl.com/en/investors/...id=p140511


Everbright International Secures Shandong Tengzhou Waste-to-Energy Project


11 May 2014, Hong Kong – China Everbright International Limited ("Everbright International" or the "Group") (HKSE: 00257) is pleased to announce that it has signed a concession agreement with the Municipal People’s Government of Tengzhou City, Shandong Province ("Tengzhou Municipal Government"), for the investment and construction of a household waste-to-energy project in Tengzhou City (“Tengzhou Project” or the “Project”).

Tengzhou Project is designed with a total daily household waste processing capacity of 1,000 tonnes and will be constructed in two phases. The Project Phase I is designed with a daily household waste processing capacity of 600 tonnes, commanding a total investment of approximately RMB339 million. It is expected to generate green electricity of approximately 80,000,000 kWh annually. The Project will be constructed on a BOT (Build-Operate-Transfer) basis for 30 years and its gas emission will comply with the Euro 2000 Standard.

As the most populous county-level city in Shandong Province and one of the top 100 counties in China, Tengzhou City continues to undergo rapid economic and social development. Following the improvements in the living standards of its citizens, the Tengzhou Municipal Government is pushing forward with the development of ecological civilization to improve the environment and actively develop the harmless treatment and reuse of household waste.

Mr. Chen Xiaoping, CEO of Everbright International, said, “Located in southern Shandong and in close proximity to northern Jiangsu, Tengzhou Project connects the Shandong and Jiangsu markets for the Group to further reinforce its footprint in these two strategic regions. As the largest integrated environmental protection service enterprise in Shandong and Jiangsu, Everbright International will adhere to its principle of quality construction and capitalize on its wealth of management experience and technical excellence to achieve the best economic and social benefits for Tengzhou Project and contribute to the sustainable development of Tengzhou City.”

FYI, waste-to-energy business isn't part of the Hankore-CEI's deal. The deal is on the waste-water treatment business.
“夏则资皮,冬则资纱,旱则资船,水则资车” - 范蠡
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