Stock Name: UtdEnvirotech
Company Name: UNITED ENVIROTECH LTD
OCBC Investment Research in an Aug 1 research report says: "United Envirotech Ltd (UEL) announced that it has entered into a purchase agreement with KKR China Water Investment Holdings (KKRCWI) for a proposed issue of US$113.8 million of 2.5%-coupon convertible bonds (CBs) due 2016.
"UEL also announced its 1QFY12 results, with revenue easing 7% y-o-y (but +4.9% q-o-q) to $20.8 million, while meeting 23.4% of our FY2012 estimate. Net profit dropped 16.3% y-o-y to $3.5 million, it surged 114.7% q-o-q, meeting 20.4% of full-year forecast. UEL is also currently sitting on cash of $44.9 million (as of end Jun), with its net gearing of 12.6%.
"As before, we remain positive on the water industry in China and continue to believe that UEL has the technology and track record to make further inroads into the market. Unchanged fair value of 53 cents. MAINTAIN BUY."
Company Name: UNITED ENVIROTECH LTD
| Research House: OCBC | Price Call: BUY | Target Price: 0.53 |
OCBC Investment Research in an Aug 1 research report says: "United Envirotech Ltd (UEL) announced that it has entered into a purchase agreement with KKR China Water Investment Holdings (KKRCWI) for a proposed issue of US$113.8 million of 2.5%-coupon convertible bonds (CBs) due 2016.
"UEL also announced its 1QFY12 results, with revenue easing 7% y-o-y (but +4.9% q-o-q) to $20.8 million, while meeting 23.4% of our FY2012 estimate. Net profit dropped 16.3% y-o-y to $3.5 million, it surged 114.7% q-o-q, meeting 20.4% of full-year forecast. UEL is also currently sitting on cash of $44.9 million (as of end Jun), with its net gearing of 12.6%.
"As before, we remain positive on the water industry in China and continue to believe that UEL has the technology and track record to make further inroads into the market. Unchanged fair value of 53 cents. MAINTAIN BUY."
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