Underrated renewable energy play

■ With the support of Water Development Enterprise, China Shuifa SIngyes Energy (Shuifa Singyes) is expected to enter a fast-growth phase and benefit from China’s peak carbon emissions and carbon neutrality targets.
■ The Company has been off investors’ radar for the past several year because of debt restructuring in 2019 and limited marketing activity. We expect Shuifa Singyes to improve communication with the market as its operations return to normal.
■ We believe that it is an underrated renewable energy play. Share price catalysts include the release of its expansion plan and related progress.