D/G - Strong 2016, but what about 2017? - 8422 TT; HOLD-OPF
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We downgrade Cleanaway to HOLD-OPF as we believe 1) the market has largely priced in the Taiwan Fertilizer Project’s contribution; and 2) there are still no new large-scale projects visible to drive 2017F revenue at the current stage.
Cleanaway Company Limited is a Taiwan-based company which principally engaged in the clearing and processing of hazardous wastes. The Company primarily provides solidification process services of harmful heavy metal contaminated sewage sludge, solidification process services of harmful heavy metal dust in steel industry, solidification process services of harmful heavy metal urban garbage furnace flying ash, solidification and cleaning services of harmful asbestos waste, disposal site cleanup services, soil underwater sewage control services, and excavation services of waste disposal sites. The Company operates its business in Taiwan.
Yuanta is a Taiwan-headquartered brokerage with a growing presence in Asia, especially across Greater China. Our team of 140+ provides cutting-edge analysis on key sectors, spread across offices in Taiwan, Hong Kong, Shanghai (A-Share), Seoul and Jakarta. With an ever-expanding coverage universe of 400+ companies, we provide in depth analysis with unique local color to investors. Consistently being voted the Best Investment Consulting Firm in Taiwan in the AsiaMoney broker poll is evidence of our strength. We target providing an extensive range of research, from small, to mid-sized, to large cap. We bring you the big, well-covered names, as well as going off the beaten track to research the less-familiar companies.
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