Stock Name: UtdEnvirotech
Company Name: UNITED ENVIROTECH LTD
OCBC Investment Research in a Nov 4 research report says: "United Envirotech Ltd (UEL) reported its 2QFY12 results with revenue climbing 9.6% y-o-y to $25.2 million; this largely aided by higher treatment revenue, which grew 54.5%, due to the additions of Hegang 50k m3/day treatment plant and Nansha industrial treatment plant.
"But net profit tumbled 38.7% y-o-y to $3.7 million. On a sequential basis, the group showed a pretty good performance, with revenue rising 21.3% and earnings 4.9%. For 1HFY12, revenue grew 1.4% to $46.0 million, meeting 51.7% of full-year estimate, while net profit fell 29.5% to 7.3 million, or 41.8% of our FY2012 forecast.
"Earnings estimates for both FY2012 and FY 2013 drop by 8.4%. DCF-based fair value also correspondingly drops to 42 cents, upside potential of 30%. MAINTAIN BUY."
Company Name: UNITED ENVIROTECH LTD
| Research House: OCBC | Price Call: BUY | Target Price: 0.42 |
OCBC Investment Research in a Nov 4 research report says: "United Envirotech Ltd (UEL) reported its 2QFY12 results with revenue climbing 9.6% y-o-y to $25.2 million; this largely aided by higher treatment revenue, which grew 54.5%, due to the additions of Hegang 50k m3/day treatment plant and Nansha industrial treatment plant.
"But net profit tumbled 38.7% y-o-y to $3.7 million. On a sequential basis, the group showed a pretty good performance, with revenue rising 21.3% and earnings 4.9%. For 1HFY12, revenue grew 1.4% to $46.0 million, meeting 51.7% of full-year estimate, while net profit fell 29.5% to 7.3 million, or 41.8% of our FY2012 forecast.
"Earnings estimates for both FY2012 and FY 2013 drop by 8.4%. DCF-based fair value also correspondingly drops to 42 cents, upside potential of 30%. MAINTAIN BUY."
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