3 growth engines driving Hankore Environment revealed

As well as 3 key risks.

According to Maybank Kim Eng, Hankore Environment faces triple growth engines going forward.

"We identified three main growth drivers for the company: (1) in FY6/14, there could be a big increase in the construction revenue as the existing 5 upgrading and expansion contracts delivered to the government; (2) FY6/15 onwards, the ongoing expansion works will increase the water processing capacity by around 33% from current level; and (3) water tariff hike due to the improved water quality after the upgrades are completed."

The research firm also pointed out three key risks that could hurt the company's growth story.

"In our view, there are three main risks to almost any water treatment companies including Hankore: (1) interest rate risk, (2) liquidity risk and (3) credit risk. Lack of a strong parent company could also be one of the disadvantages for Hankore compared with other SOE backed water companies such as Beijing Enterprises Water Group (371: HK) and SIIC Environment (SIIC: SP)."

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