Investment Rating - The report does not provide a specific investment rating for the company [4] Core Views - The potential privatization of Yuefeng Environmental (1381.HK) is being considered by Hanlan Environment, which is looking to acquire shares at a price of HKD 4.90 per share, representing a premium of over 20% compared to the last closing price of HKD 4.06 [2][3] - The privatization is contingent upon the completion of certain preconditions, including capital injection from Guangdong Hengjian Holdings and Guangdong Nanhai Holdings [2] - Yuefeng Environmental's projected net profit for 2024 is HKD 11.8 billion, with the potential privatization price corresponding to a PE ratio of 10 times, which is higher than the PE ratios of similar companies in the Hong Kong market [2][3] Summary by Sections Company Overview - Yuefeng Environmental has issued 2.44 billion shares, with a total equity value of HKD 119.5 billion based on the proposed privatization price [2] - The company reported a net profit of HKD 10.2 billion for 2023, with expectations of profit primarily from electricity sales and waste management services in 2024 [2] Financial Metrics - The current market capitalization of Yuefeng Environmental is approximately HKD 10.69 billion [4] - The stock has a 12-month low of HKD 3.4 and a high of HKD 4.9 [4] Shareholder Structure - Major shareholders include Li Yongyi and family (55%), Shanghai Environment (19.5%), and Olympus (5.7%) [4]
粤丰环保：潜在私有化交易