dbAccess China Environmental Protection & Clean Energy Corporate Day

Deutsche BankdbAccessdbAccess ChinaEnvironmental Protection & Clean Energy Corporate DayInternational Commerce Centre, Hong Kong September 18, 2015 (Friday) Deutsche Bank AG/Hong Kong Deutsche Bank does and seeks to do business with companies covered in its research reports. Thus, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. DISCLOSURES AND ANALYST CERTIFICATIONS ARE LOCATED IN APPENDIX 1. MCI (P) 124/04/2015. Deutsche Bank Markets Research Asia China Utilities Utilities Industry dbAccess China Date 15 September 2015 Special Report Handbook for Environmental & Clean Energy Corporate Day 3rd Environmental Protection & Clean Energy Corporate Day on 18 September ________________________________________________________________________________________________________________ Deutsche Bank AG/Hong Kong Deutsche Bank does and seeks to do business with companies covered in its research reports. Thus, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. DISCLOSURES AND ANALYST CERTIFICATIONS ARE LOCATED IN APPENDIX 1. MCI (P) 124/04/2015. Michael Tong Research Analyst (+852) 2203 6167 michael.tong@db.com Yuxiao Peng, CFA Research Analyst (+852) 2203 6235 yuxiao.peng@db.com Yingying Dong, CFA Research Associate (+852) 2203 6207 yingying.dong@db.com Luka Zhu Research Associate (+852) 2203 6173 luka.zhu@db.com Companies Featured CR Power (0836.HK),HKD19.08 Buy 2014A 2015E 2016E P/E (x) 7.69 7.09 7.32 EV/EBITDA (x) 9.1 6.5 6.6 Price/book (x) 1.2 1.1 1.0 GCL-Poly (3800.HK),HKD1.41 Buy 2014A 2015E 2016E P/E (x) 16.9 10.2 8.0 EV/EBITDA (x) 7.8 6.2 6.4 Price/book (x) 1.5 1.1 0.9 ENN Energy (2688.HK),HKD41.50 Hold 2014A 2015E 2016E P/E (x) 20.72 15.79 14.00 EV/EBITDA (x) 11.2 9.9 8.6 Price/book (x) 3.1 2.7 2.3 SIIC Environment (SIIC.SI),SGD0.16 Buy 2014A 2015E 2016E P/E (x) 32.69 23.03 17.60 EV/EBITDA (x) 28.9 14.0 12.6 Price/book (x) 1.7 1.7 1.5 China Everbright Water (CEWL.SI),SGD0.66 Buy 2014A 2015E 2016E P/E (x) 42.15 20.72 13.32 EV/EBITDA (x) 24.6 12.8 10.1 Price/book (x) 2.4 1.3 1.2 Source: Deutsche Bank With enhanced government policy supports to combat the country’s severe pollution issues, the environmental protection & clean energy sector in China continues to enjoy strong secular growth. Despite market volatility in recent months, the sector continues to receive significant investor interest, for its long-term structural growth outlook against the backdrop of a moderating macro trend. We would be pleased to see you at our 3rd dbAccess China Clean Energy & Environmental Corporate Day, to be held at Deutsche Bank's Hong Kong offices, International Commerce Centre on 18 September (Friday). In this Conference Handbook, we provide a summary of information on each of the companies attending, including: 1) Business overview 2) Suggested question list 3) Company financials and forecasts (if available) 4) Valuation comparison 5) Share price performance We believe this event will provide attendees with first-hand updates from 10 leading companies in the space after their interim results, as well as the latest policy development and market outlook from industry guest speakers. The list of attending companies is as below: China Environmental SIIC Environmental (SIIC SP) China Everbright Water (CEWL SP) CT Environmental (1363 HK) Canvest Environmental (1381 HK) Power & Renewables China Resources Power (836 HK) GCL-Poly Energy (3800 HK) China Power New Energy (735 HK) Kong Sun Holdings (295 HK) China Gas ENN Energy (2688 HK) UHV equipment Jiangnan Group (1366 HK) 15 September 2015 Utilities dbAccess China Page 2 Deutsche Bank AG/Hong Kong Table Of Contents Comps and share price performance .................................. 3 SIIC Environmental (SIIC SP) ............................................... 8 Overview ............................................................................................................. 8 Key questions ..................................................................................................... 8 Everbright Water (CEWL SP) ............................................. 10 Overview ........................................................................................................... 10 Key questions ................................................................................................... 10 CT Environmental (1363 HK) ............................................. 12 Overview ..............................................................