Stock Name: UtdEnvirotech
Company Name: UNITED ENVIROTECH LTD
OCBC Investment Research in a Sept 7 research report says: "United Envirotech Ltd (UEL) recently announced that it has acquired a 40% stake in Maxrise Envirogroup Ltd (Maxrise) for RMB100 million; the other 60% is held by Memstar Technology Ltd.
"UEL had earlier also secured a RMB220 million ($42 million) BOT project in Dafeng Jiangsu Province, China. Going forward, management continues to remain upbeat about the wastewater industry and growth prospects in China. And it has been looking at more large-scale municipal projects (~50k m3/day) and also industrial (~10k m3/day) ones.
"As the new contract and latest investment in Maxrise fall within our assumptions, we do not see any need to adjust our estimates at this stage. Our DCF-based fair value of 53 cents remains. MAINTAIN BUY."
Company Name: UNITED ENVIROTECH LTD
| Research House: OCBC | Price Call: BUY | Target Price: 0.53 |
OCBC Investment Research in a Sept 7 research report says: "United Envirotech Ltd (UEL) recently announced that it has acquired a 40% stake in Maxrise Envirogroup Ltd (Maxrise) for RMB100 million; the other 60% is held by Memstar Technology Ltd.
"UEL had earlier also secured a RMB220 million ($42 million) BOT project in Dafeng Jiangsu Province, China. Going forward, management continues to remain upbeat about the wastewater industry and growth prospects in China. And it has been looking at more large-scale municipal projects (~50k m3/day) and also industrial (~10k m3/day) ones.
"As the new contract and latest investment in Maxrise fall within our assumptions, we do not see any need to adjust our estimates at this stage. Our DCF-based fair value of 53 cents remains. MAINTAIN BUY."
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