Waste-to-energy capacity to expand by 23%/22%YoY in 2017E/2018E
EPC business revenue would continue to grow strongly by 32%/19%YoY in 2017E/18E
Net profit growth of 20%/16%YoY in 2017E/18E is the bright spot
Spin-off of biomass business would reduce net gearing and fund future growth
MaintainBUYwith TP of HK$13.40 implies 18x 2017E P/E and 3.0x 2017E P/B