UBS 瑞银：中国水务行业深度报告 64 页

UBS Investment Research Chinese Water Utilities Sector

19 September 2007 64 页

Contents page
Summary and investment case 3
Industry analysis 5
Industry risks 14
Valuation and comparables 16
Company pages 21
— Guangdong Investment Limited ...........................................................................22
— Investment case .............................................................................................23
— Company risks ...............................................................................................24
— Financials .......................................................................................................25
— Price target derivation ....................................................................................30
— Company background ....................................................................................32
— Tianjin Capital - H .................................................................................................36
— Investment case .............................................................................................37
— Company risks ...............................................................................................39
— Financials .......................................................................................................40
— Price target derivation ....................................................................................44
— Company background ....................................................................................45
— Bio-Treat Technology ...........................................................................................49
— Hyflux....................................................................................................................53