China Environmental:Ride the waves
Maintaining Buy on other names; risks
We like CEW and SIIC on what we see as their attractive valuations and strongearnings growth potential, and we maintain a Buy on GDI on its dividendgrowth potential and on CTEG on the potential benefits from the Soil PollutionControl Plan. Our valuations are DCF-based. Key risks: fewer-than-expectedproject wins; lower-than-expected project returns.