Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company plans to issue shares in the A-share market, which is expected to enhance its valuation. The issuance will involve up to 800 million shares, potentially diluting EPS by 11.5%, but the high return from overseas projects may offset this short-term dilution [7] - The company has received national subsidy funds of 2.064 billion HKD, which is expected to improve cash flow and reduce impairment risks. The company has also increased its interim dividend to 0.15 HKD per share, reflecting its commitment to shareholder returns [7] - The forecasted net profit for 2025-2027 is 3.53 billion, 3.70 billion, and 3.92 billion HKD respectively, with corresponding P/E ratios of 8.57, 8.18, and 7.72. The expected dividend yield for the same period is 4.9%, 5.1%, and 5.4%, indicating a low valuation and high dividend value [7] Summary by Sections Market Performance - Closing price as of November 14, 2025, is 4.93 HKD with a market capitalization of 30,284.87 million HKD [3] Financial Forecasts and Valuation - Revenue projections for 2025 are 29,185.72 million HKD, with a year-on-year decline of 3.5%. Net profit for 2025 is estimated at 3,532.57 million HKD, reflecting a growth of 4.6% [6] - The company’s P/E ratio is projected to be 8.57 for 2025, indicating a relatively low valuation compared to its earnings potential [6] Cash Flow Analysis - The net cash flow from operating activities is expected to be 7.56 million HKD in 2025, with capital expenditures of -3.27 million HKD [9]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is initiating the "Back to A" process to diversify its financing channels, which will support long-term development. The company plans to issue up to 800 million shares in RMB and list them on the Shenzhen Stock Exchange, aiming to enhance its H+A dual-platform layout [7][8] - The company has shown a significant improvement in free cash flow, which turned positive in 2024, and has increased its dividend payout ratio to 42% [7][8] - The report highlights the company's strategic focus on rational capital expenditure and careful expansion into overseas high-quality projects, ensuring sustainable growth [7][8] Financial Summary - Total revenue (in million HKD) is projected to decline from 32,495 in 2023 to 28,089 in 2027, with a year-on-year decrease of 13.92% in 2023 and a gradual decline thereafter [1] - Net profit attributable to the parent company (in million HKD) is forecasted to decrease from 4,429 in 2023 to 4,036 in 2027, with a notable drop of 23.75% in 2024, followed by a recovery in subsequent years [1] - The earnings per share (EPS) is expected to rise from 0.72 in 2023 to 0.66 in 2027, reflecting a gradual improvement in profitability [1] Capital Expenditure and Cash Flow - The company has controlled capital expenditure, with a projected decrease to 40 billion RMB in 2025, while free cash flow is expected to exceed 10 billion HKD [7][8] - The report indicates that the company received government subsidies of 2.064 billion RMB in July-August 2025, which is significantly higher than the previous year's amount [7][8] Valuation Metrics - The current price-to-earnings (P/E) ratio is 8.5x for 2025, with a price-to-book (P/B) ratio of 0.59x, indicating potential undervaluation compared to industry peers [1][7] - The report suggests that the company's A-share valuation is likely to be higher than its H-share valuation, with historical premiums observed in similar companies [7][8]

Core Viewpoint - Bank of America Securities has a positive outlook on Everbright Environment's plan to issue RMB shares for listing on the Shenzhen Stock Exchange, with an issuance scale not exceeding 800 million shares, aimed at developing its main business and supplementing working capital [1] Group 1: Share Issuance and Use of Proceeds - Everbright Environment plans to issue up to 800 million RMB shares on the Shenzhen Stock Exchange [1] - The funds raised are expected to be used for the development of its main business and to supplement working capital [1] Group 2: Market Impact and Investor Sentiment - The issuance is anticipated to provide shareholders with a clearer dividend policy and trigger a potential re-rating of the company's valuation [1] - Approximately 31% of Everbright Environment's shares are currently held by investors through the Shanghai-Hong Kong and Shenzhen-Hong Kong Stock Connect programs [1] - The expected issuance of RMB shares is likely to attract a broader base of domestic investors, including insurance funds and mutual funds, which traditionally prefer utility stocks and dividends [1] Group 3: Analyst Rating and Target Price - Bank of America Securities reaffirms a "Buy" rating for Everbright Environment, with a target price set at HKD 5.3 [1]

Investment Rating - The report maintains a "Buy" rating for the company [2][6]. Core Views - The company plans to issue up to 800 million shares to return to A-share market, which is expected to enhance long-term value [6]. - The issuance is anticipated to have limited dilution on profits, as the company’s operational business is steadily growing, and financial costs are being optimized [6]. - The company has turned positive in free cash flow since 2024, with expectations for continued improvement [6]. - The dividend policy remains stable, with a proposed mid-term dividend of 0.15 HKD per share for 2025, reflecting a dividend payout ratio of 42% [6]. - The A-share issuance is expected to optimize the company's capital structure and improve its valuation in the long term [6]. - The report forecasts net profit attributable to ordinary shareholders for 2025-2027 at 3.589 billion, 3.810 billion, and 4.055 billion HKD, respectively, with corresponding PE ratios of 8, 8, and 7 [6]. Financial Data and Profit Forecast - Revenue projections for 2023 to 2027 are as follows: 32,090 million, 30,258 million, 29,976 million, 30,938 million, and 31,954 million HKD, with a decline in growth rates from -14.02% in 2023 to 3.28% in 2027 [3][7]. - Net profit attributable to ordinary shareholders is projected to decrease from 4,429 million HKD in 2023 to 3,377 million HKD in 2024, before recovering to 4,055 million HKD by 2027 [3][7]. - The company’s return on equity (ROE) is expected to gradually improve from 9.20% in 2023 to 7.35% in 2027 [3][7].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - On November 14, 2025, the company announced a proposal to issue up to 800 million RMB shares, which would account for no more than 11.52% of the post-issue share capital. The net proceeds from this issuance are intended for business development, which may help offset the short-term dilution of EPS [2][4] - The company has potential for EPS growth due to remaining capacity to be deployed and the opening of Southeast Asian markets, particularly with recent developments in Indonesia's waste incineration policies [8] - The dividend payout ratio has room for improvement, and an increase in dividends could help mitigate the EPS dilution from the new share issuance. The current dividend payout ratio is relatively low compared to industry peers [8] Summary by Sections Event Description - The company plans to issue up to 800 million RMB shares, which represents 11.52% of the post-issue share capital. The board has approved this preliminary proposal, and the lead underwriter is authorized to exercise an over-allotment option of up to 15% of the proposed shares [4] Earnings Forecast and Valuation - The company is expected to face an 11.52% dilution pressure on EPS due to the new share issuance. However, the funds raised will be used for core business development and operational funding, which could lead to further EPS growth. The projected net profits for 2025, 2026, and 2027 are estimated at 3.7 billion HKD, 4.1 billion HKD, and 4.2 billion HKD, respectively, with corresponding PE ratios of 8.1x, 7.4x, and 7.1x [8]

Group 1 - The company, Everbright Environment, announced a preliminary proposal to issue RMB shares and list them on the Shenzhen Stock Exchange, subject to market conditions and necessary approvals [1] - The proposed issuance is for up to 800 million shares, with net proceeds intended for business development and general working capital, pending regulatory approval [1] - Everbright Environment is the first Hong Kong-listed company to announce plans to return to A-shares following a policy that allows companies in the Guangdong-Hong Kong-Macao Greater Bay Area to list on the Shenzhen Stock Exchange [1] Group 2 - Everbright Environment, a subsidiary of Everbright Group, has become the largest environmental company in China and the world's largest waste-to-energy investment operator since its transformation in 2003 [2] - The company focuses on three main areas: solid waste, water resources, and clean energy, with core businesses including waste-to-energy, biomass utilization, hazardous waste disposal, and environmental remediation [2] - As of June 30, 2025, Everbright Environment has expanded its operations to 26 provinces and regions in China and 16 countries overseas, with ongoing projects in Uzbekistan, Thailand, and India [2]

Core Viewpoint - The company, Everbright Environment (00257.HK), has announced a preliminary proposal to issue Renminbi shares and list them on the Shenzhen Stock Exchange by November 14, 2025, subject to market conditions, shareholder approval, and necessary regulatory approvals [1] Group 1 - The board of directors has approved the potential issuance of Renminbi shares [1] - The proposed issuance is contingent upon various factors including market conditions and shareholder approval [1] - The listing of the Renminbi shares is planned for the Shenzhen Stock Exchange [1]

智通财经APP讯，光大环境(00257)公布，于2025年11月14日，董事会批准可能进行发行人民币股份及将 该等人民币股份在深交所上市的初步建议。建议发行人民币股份需取决并受限于(其中包括)市场情况、 股东于公司股东大会的批准以及必要的监管批准。公司拟发行人民币股份数量不超过8亿股，募集资金 净额初步拟用于公司发展主营业务及补充一般营运资金，但以经相关监管机构同意的招股说明书的披露 为准。 ...

光大环境(00257)公布，于2025年11月14日，董事会批准可能进行发行人民币股份及将该等人民币股份 在深交所上市的初步建议。建议发行人民币股份需取决并受限于(其中包括)市场情况、股东于公司股东 大会的批准以及必要的监管批准。公司拟发行人民币股份数量不超过8亿股，募集资金净额初步拟用于 公司发展主营业务及补充一般营运资金，但以经相关监管机构同意的招股说明书的披露为准。 ...

CHINA EVERBRIGHT ENVIRONMENT GROUP LIMITED 中國光大環境（集團）有限公司 （ 於 香 港 註 冊 成 立 之 有 限 公 司 ） （股份代號：257） 內幕消息 建議發行人民幣股份並在深圳證券交易所上市 本公告乃由中國光大環境（集團）有限公司（「本公司」）根據香港上市規則第13.09(2)條 以及《證券及期貨條例》（香港法例第571章）第XIVA部之內幕消息條文（定義見香港上 市規則）而作出。 本公司欣然公佈，於二零二五年十一月十四日，董事會批准可能進行發行人民幣股份及 將該等人民幣股份在深交所上市（「建議發行人民幣股份」）的初步建議。建議發行人民 幣股份需取決並受限於（其中包括）市場情況、股東於本公司股東大會的批准以及必要 的監管批准。 1 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不會就本公告全部或任何部份內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 人民幣股份的上市地點 深交所 截至本公告日期，除本公告所披露內容之外，董事會尚未通過建議發行人民幣股份的其 他方案，亦未 ...