DBS：中国环保行业投资机会

China Environment and Stocks

－A toss-up: economic prosperity or environmental crisis?

58页 9 January 2007 DBS Group Research . Equity

Table of Contents
China turns its focus towards the environment 3
Major challenges for China’s water supply 4
Water pollution - recent policy response 6
Investment opportunities for water companies 8
Tap Water 10
Waste Water Treatment 12
Risk factors 15
Major challenges for China’s clear skies 17
Measures to curb air pollution 18
Investment opportunities for air pollution control
companies 19
Valuations not cheap but supported by growth 20
Hong Kong listed companies
China Everbright 24
China Water 30
NWS Holding 36
Tianjin Capital 40
Singapore listed companies
Epure 48
Sino-Environment 52