In line FY21 results■ China Water Affairs (CWA) reported satisfactory FY21 results, in line with ourexpectations.■ Its water supply-related business reported resilient yoy revenue growth, and waste water treatment also reported faster yoy growth in 2HFY21.■ The less positive point about the Company's FY21 results was the yoy increase in the net gearing ratio, which […]

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