Hyflux - Hyflux cut to Hold with $3.40 target by DBS Vickers

Stock Name: Hyflux
Company Name: HYFLUX LTD
Research House: DBS Vickers

DBS Vickers downgrades Hyflux (600.SG) to Hold from Buy on limited upside to its reduced target price of $3.40 vs $3.50 previously, says Dow Jones.



Target change follows roll-over of valuation peg to FY11, reduction of FY10-11 earnings estimates by 28%-12% to assume delay by water treatment firm in finalising contracts to build two desalination plants in Libya (projects initially announced last year).

“Hyflux continues to discuss technical specifications with its clients but negotiations are progressing a tad too slowly.”



Shares +1.9% at $3.29.