C&G Environment

C&G Environment: StanChart held a non-deal road show in early Mar. The house is bullish on the waste-to-energy (WTE) sector in China; C&G is one such Chinese WTE operator (non-rated). C&G has 6 WTE projects in operation with a municipal solid waste treatment capacity of 5,100 tpd. By 1H13, mgt expects to put on more into operation in Langfang, Hebei province, with a treatment capacity of 1,000 tpd. C&G has 5 other WTE projects secured in the pipeline, in Hebei, Hubei and Fujian provinces and its first overseas project in Bangkok. Mgt is looking to turn around losses with operational ramp up, and is currently negotiating for a rise in treatment fees in certain projects.