In a Wednesday report, RHB believes that the q-o-q decline was mainly due to the uneven revenue recognition pattern of the RMB1.4 billion ($287 million) Zhenjiang sponge city project, which is based on construction milestones at various subprojects.
SINGAPORE (Nov 15): RHB is maintaining its “buy” call on China Everbright Water (CEW) with a target price of 54 cents.
This came after the group announced 3Q17 earnings were up by 35% y-o-y to HK$122.8 million ($19.7 million), but down 14% q-o-q.
