Credit Suisse maintains 'outperform' rating on SIIC, target price of 26 cents
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SIIC stated that it holds a portfolio of about 70 water treatment and supply projects (including Longjiang) with total design capacity of about 5.5 mn t/day (or 4.8 mn t/day if excluding equity capacity of Longjiang in our estimate), versus 4.1 mnt/day) a year ago - driven by Yinchuan (0.20 mnt/d-new BOT project), Hanxi (0.20 mnt/d-expansion and upgrade), Qingpu (0.12 mnt/d-acquisition), Dongguan (0.11 mnt/d-acquisition) and Dalian (0.04 mnt/d-new BOT project), in our estimates.
The capacity addition has met management's FY acquisition target mostly in our view, with nearly half taking place towards end of the year.
We also note that the capacity disclosed only includes "current capacity", not long-term capacity – a more conservative approach than peers. 
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