Accretive Acquisition and Portfolio Resiliency
1
Strategic expansion into a market supported by strong tailwinds
Supported by continued waste production and limited growth in incineration and landfill capacity
Increased Waste Production
Waste Treatment Capacity
4.9% CAGR
2.5% CAGR
573
584
598
614
630
647
534
545
497
429
430
446
534
545
573 584
598 614
630 647
497
236
230
257
263
270
278
286
294
429
430 446
221
199
196
207
467
478
506
518
533
549
565
580
430
203
221
236
236
240
246
252
260
267
368
371
384
Incineration
0.6% CAGR
162
165
168
14
15.
15
16
16
17
17
18
18
19
54
56
58
62
62
63
64
65
66
67
68
26
26
28
28
29
39
29
29
30
30
30
26
26
Landfill
-5.2% CAGR
2016 2017 2018 2019 2020 2021E 2022E 2023E 2024E 2025E 2026E 2027E
Domestic Designated
Charts source: Deloitte
Industrial Facilities
Construction
2016 2017 2018
■Recycling
2019 2020 2021E 2022E 2023E 2024E 2025E 2026E 2027E
Incineration
Others
■Landfill
Supply Constraints
Increasingly stringent regulations and difficulties
obtaining new licenses
Not in My Backyard phenomenon putting
constraints on additional supply
Landfill: Shutdown of public landfills in 2025
Waste production to grow at a
CAGR of 2.5% from 2022 to 2027
Demand Drivers
Limited expansion in incineration and landfill capacity of
0.6% and -5.2% respectively from 2022 to 2027
Transition from government run to private due to
growing government debt ratio
Waste volume shielded from
macroeconomic turbulence
Incineration: Diaper waste reclassified from medical to industrial to grow volume
KIT
KEPPEL
INFRASTRUCTURE
8
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