SPIC Hydropower Co., Ltd. (600292.SS)
ValueMarkers Composite Index
54% below intrinsic value ($4)
SPIC Hydropower Co., Ltd. (600292.SS) — VMCI valuation read
Headline read on 600292.SS: VMCI of 58/100 versus a Utilities sector median of 50. The 8-point above-median position is what makes SPIC Hydropower Co., Ltd. a relative-value candidate in the mid-cap cohort, before any pillar-level review.
Form 4 filings on 600292.SS: zero in the trailing 30 days. The absence of insider transactions is itself a data point, just a low-information one. The thesis runs on financials and price action until that changes.
**Investor frame.** Three reads on 600292.SS: value (600292.SS trades at 25.0x earnings, 39% above the Utilities median of 18.0x), quality (ROIC of 15.0% sits 5.0pp above the Utilities median (10.0%)), and risk (net debt to EBITDA of 3.4x is the binding constraint on the bear case). The value read also implies an EV/EBITDA gap of +4.0x against the Utilities 12.0x baseline.
600292.SS rose 3.7% over the trailing 7 days, with a -3.0% read on a 30-day basis.
SPIC Hydropower Co., Ltd. provides energy conservation and environmental protection services in China and internationally. The company offers environmental engineering, desulfurization and denitrification franchising, nuclear facilities decommissioning and radioactive waste disposal, and sewage treatment and reclaimed water reuse. It also manufactures environmental protection equipment and products; and develops energy-saving technologies. The company was formerly known as CPI Yuanda Environmental Protection (Group) Co., Ltd. and changed its name to Spic Yuanda Environmental-Protection Co., Ltd. in May 2016. Spic Yuanda Environmental-Protection Co., Ltd. was founded in 1994 and is based in Chongqing, China.
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