Stock Name: UtdEnvirotech
Company Name: UNITED ENVIROTECH LTD
OCBC Investment Research in a Feb 16 research report says: "Revenue saw a 57.5% y-o-y jump to $20.1 million, largely buoyed by higher engineering income, which climbed 77.5% to $14.2 million for the quarter. Treatment income increased 22.9% to $5.9 million.
"But reported net profit saw a 53.8% plunge to $1.9 million, mainly due to higher interest cost arising from the recent issuance of US$113.8 million worth of convertible bonds. For 9MFY12, revenue climbed 13.8% to $66.2 million, meeting 74.3% of our full-year forecast, while net profit declined 36.4% to $9.1 million, meeting just 57.5% of our original FY2012 forecast.
"Company continues to deliver on the revenue front, supported by an estimated $40 million order book (which is likely to be delivered over the next three quarters). DCF-based FV improves to 50 cents from 42 cents. MAINTAIN BUY."
Company Name: UNITED ENVIROTECH LTD
| Research House: OCBC | Price Call: BUY | Target Price: 0.50 |
OCBC Investment Research in a Feb 16 research report says: "Revenue saw a 57.5% y-o-y jump to $20.1 million, largely buoyed by higher engineering income, which climbed 77.5% to $14.2 million for the quarter. Treatment income increased 22.9% to $5.9 million.
"But reported net profit saw a 53.8% plunge to $1.9 million, mainly due to higher interest cost arising from the recent issuance of US$113.8 million worth of convertible bonds. For 9MFY12, revenue climbed 13.8% to $66.2 million, meeting 74.3% of our full-year forecast, while net profit declined 36.4% to $9.1 million, meeting just 57.5% of our original FY2012 forecast.
"Company continues to deliver on the revenue front, supported by an estimated $40 million order book (which is likely to be delivered over the next three quarters). DCF-based FV improves to 50 cents from 42 cents. MAINTAIN BUY."
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