大摩：中国水务业深度报告（100页）070306 <BR>

Contents
Investment Case.................................................................................................................................................................................3
China – Quality and Shortage of Water...............................................................................................................................................9
Competitive Dynamics.......................................................................................................................................................................17
The Global Water World....................................................................................................................................................................23

Company Research.........................................................................................................................................................................25
Bio-Treat Technology Ltd : Initiation of Coverage: Unloved But Attractive..............................................................................27
Financial Summary............................................................................................................................................................................28
Risk-Reward Snapshot: Bio-Treat (BIOT SP, Overweight, PT S$1.13)............................................................................................29
Investment Case...............................................................................................................................................................................30
Investment Positives.........................................................................................................................................................................32
Investment Concerns........................................................................................................................................................................33
Valuation...........................................................................................................................................................................................34
Earnings Outlook...............................................................................................................................................................................39
Company Description........................................................................................................................................................................44
Sinomem Technology Ltd : Initiation of Coverage: Sailing into Untreated Waters...................................................................53
Financial Summary............................................................................................................................................................................54
Risk-Reward Snapshot: Sinomem (SINO SP, Overweight, PT S$1.31)............................................................................................55
Investment Case...............................................................................................................................................................................56
Investment Positives.........................................................................................................................................................................58
Investment Concerns........................................................................................................................................................................59
Valuation...........................................................................................................................................................................................60
Financial Outlook..............................................................................................................................................................................65
Company Description........................................................................................................................................................................68
China Discovery: Hyflux : Total Water Solution...........................................................................................................................75
Financial Summary............................................................................................................................................................................76
Summary & Conclusion.....................................................................................................................................................................77
Earnings Outlook...............................................................................................................................................................................80
Valuation...........................................................................................................................................................................................82
Company Profile................................................................................................................................................................................84
China Discovery: Epure International  : Dedicated to Clean Water............................................................................................87
Financial Summary............................................................................................................................................................................88
Summary & Conclusion.....................................................................................................................................................................89
Earnings Outlook...............................................................................................................................................................................90
Valuation...........................................................................................................................................................................................93
Company Profile................................................................................................................................................................................95