Stock Name: UtdEnvirotech
Company Name: UNITED ENVIROTECH LTD
OCBC Investment Research in an Oct 3 research report says: "UEL has acquired another waste-water treatment project in China; this after exercising a call option to acquire the entire equity interest of Tongji Environmental (China) Pte Ltd (Tongji) for RMB34.03 million.
"With the plant already running at 80% capacity, UEL expects to see income contribution from October; and we estimate that the plant should generate around $0.3 million in quarterly income for the group.
"With the proceeds from the issue of US$113.8 million worth of convertible bonds to KKR coming in some time in early October, management believes that it should provide the group with enough powder keg for more potential acquisitions for the next one year. We maintain our FY2012 and FY2013 estimates for now. DCF-based fair value remains at 53 cents. MAINTAIN BUY."
Company Name: UNITED ENVIROTECH LTD
| Research House: OCBC | Price Call: BUY | Target Price: 0.53 |
OCBC Investment Research in an Oct 3 research report says: "UEL has acquired another waste-water treatment project in China; this after exercising a call option to acquire the entire equity interest of Tongji Environmental (China) Pte Ltd (Tongji) for RMB34.03 million.
"With the plant already running at 80% capacity, UEL expects to see income contribution from October; and we estimate that the plant should generate around $0.3 million in quarterly income for the group.
"With the proceeds from the issue of US$113.8 million worth of convertible bonds to KKR coming in some time in early October, management believes that it should provide the group with enough powder keg for more potential acquisitions for the next one year. We maintain our FY2012 and FY2013 estimates for now. DCF-based fair value remains at 53 cents. MAINTAIN BUY."
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