1065.HK Yearly Result.

TianJin Capital 1065.HK Interim Result.

TianJin Capital 1065.HK

TianJin Capital code in ShangHai :600874

TianJin Capital (1065.HK)

创业环保：水务龙头 上半年净利增长7.68％
　　8月24日，创业环保发布了2009年半年报，报告显示上半年公司实现营业收入58,766万元，较2008年同期增长14.38%;营业利润为14322.2万元，较2008年同期增长5.44%，实现净利润人民币10801.3万元(不包含少数股东损益)，较2008年同期增长7.68%。　　分析指出，营业收入增加的主要原因：一是由于集团母公司污水处理厂处理水量的增加，使得收入较2008年同期有所增加;二是由于西安创业水务有限公司于2008年5月17日正式商业运行，故2008年同期西安创业水务有限公司收入仅为5月17日—6月累计金额，使得2009年上半年收入较2008 年同期有较大幅度提高。收入的增长促使营业利润及净利润增加。　　中投顾问环保行业研究员侯宇轩认为，近年来水务行业发生了一系列深刻的变革，在行业结构上，市场竞争格局变动明显，非核心企业大量退出，龙头企业进一步提高了市场占有率。
　　侯宇轩指出，当前水资源短缺和水污染严重已经成为我国城市可持续发展的主要制约因素，作为具备环保概念的水务板块，在国家大力扶持节能环保业的背景下，将受益明显，未来赋予了高成长性。　　据中投顾问发布的《2009-2012年中国水务行业投资分析及前景预测报告》显示，按照国家“十一五”期间的目标，全国城镇污水集中处理能力将达到1亿立方米/天，年集中处理量达到302亿立方米，要实现上述目标，需新增投资3320亿元，这将给相关上市公司带来巨大的发展机遇。
来源:东方财富

TianJin Capital (1065.HK)

创业环保 业绩符合预期 新项目进展顺利
　　中期业绩：公司实现营业收入58766万元，同比增长14.38%;营业利润14322.2万元，同比增长5.44%，实现净利润10801.3万元，同比增长7.68%，基本每股收益0.08元，符合预期。　　业绩分析：(1)上半年公司共处理污水3.66亿立方米，同比增长了18.45%，主要为天津本埠污水处理厂处理水量增加;(2)西安污水处理厂及净化中心于08年5月17日正式商业运行，污水处理规模27万吨/日，今年新增4个多月的供应量;(3)自来水供水量同比下降了11.09%，主要是由于曲靖第三自来水厂自08年年底持续断流，于今年6月初才恢复正常取水。供水量减少导致吨水折旧增加，上半年公司供水业务毛利率仅达到2.04%，同比减少了31.84个百分点;(4)赤壁项目投入商业运营时间超预期，我们原预计今年下半年投产，实际已于今年5月投入商业运营，赤壁项目污水处理能力4万方/日;(5)今年8月10日公司中标阜阳颖东污水处理厂项目，采用BOT特许经营模式，设计规模为15万吨/日，其中一期为3万吨/日，二期9万方/日。　　两大不确定性因素进展状况：(1)天津地区特许经营权。天津市政府规定公司天津污水处理厂必须实施特许经营。目前公司在天津地区污水日处理规模为164.5万方，污水处理费较高，为1.93元/方。　　针对水价、水量、厂外管网等问题公司还在与天津市建设行政主管部分进行深入谈判，具体方案还未确定;(2)天津市2010年底前在建和已建成运行的污水处理厂出水要达到一级排放标准，公司现运营的四座污水处理厂执行二级出水标准。报告期内公司天津本埠四座污水处理厂升级改造工程的环境评级报告、可行性研究报告已获天津市相关主管主管部门批复，升级改造工程总投资约10.4亿元。咸阳路和北仓污水处理厂升级改造工程已于报告期内正式开工，四座污水处理厂升级改造工程主体工程预计于2010年完工，将增加公司的资金压力和运营成本。　　盈利预测与投资建议：不考虑上述不确定因素，我们预计公司09、10年公司净利润分别为24903万元和26707万元，EPS分别为0.17元、0.18元，对应PE分别为34.4X和32.1X，估值相对合理，维持"中性"投资评级。

US Energy Stocks.

Following the recent market crash in the oil and energy sector, many investors have gone bargain hunting. But in this volatile market, which energy stock has the greatest risk to reward ratio? Without knowing when depressed energy prices will rise again, which names offer protection against bankruptcy and insolvency? My favorites in this type of market are the heavy hitters, the stalwarts of the market. Sure they may not have as much upside as some of the smaller names, but they offer me the much sought after safety blanket in today's rough market, while still capturing the upside in the eventual rise in energy prices.
The following is a brief overview of the top 5 energy companies based by market cap:
ExxonMobil (XOM): Heavily dwarfing its rivals with a near $330 billion market cap, ExxonMobil's ability to use pricing power is unmatched. It currently spots a P/E of 7.5 and a dividend yield of 2.3%. With a share price over 1/3 lower than its 52 week high, Exxon is a natural place to start your research.
Petroleo Brasileiro (PBR): It is the largest producer of gas and oil in Brazil. It also has strong ties internationally and could benefit from possible currency exchange rates. Its superiority is shown in its 15% profit margins and 21% operating margins, out pacing many rivals. With a market cap of $140 billion, PBR's reserves and future projects leave it well positioned for the future.
PetroChina (PTR): Based in Beijing China, PetroChina's stock followed the roller coaster that was the energy bubble. After Warren Buffett sold his entire stake, and following their status as the first trillion dollar company, PTR's stock price has come down to earth. With a strong grip on China's natural gas and petroleum production, and a reasonable market cap of $140 billion, PetroChina may have become a bargain.
Royal Dutch Shell (RDS.A): Located in the Netherlands, RDS has a strong brand name and a large, developed production arm. Recently on the Goldman Sachs conviction buy list, RDS may be a value with a P/E of around 6. It also sports a dividend yielding 6%. Royal Dutch Shell A shares have a market cap of just over $80 billion.
Chevron (CVX): Another beaten down behemoth, Chevron sports a P/E of 5.5 and a dividend yield of almost 4%. Their profit margins are a tad over 9% and there has been a recent spur of insider buying. It has the same market cap as rival BP, around $125 billion, yet is able to get away with having 1/3 less employees (67,000).
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