Stock Name: Hyflux
Company Name: HYFLUX LTD
Citi said it still likes the long-term nature of Hyflux’s environmental business, and its recent project win in India will benefit the company.
Company Name: HYFLUX LTD
| Research House: Citigroup | Price Call: BUY | Target Price: 1.86 |
Citigroup downgraded its 2012 estimates on Singapore water treatment firm Hyflux by 32%, citing slow order book wins in the second half of last year.
It cut its target price to $1.86 from S$2.15. Shares in Hyflux were up 1.3% to $1.50.
It cut its target price to $1.86 from S$2.15. Shares in Hyflux were up 1.3% to $1.50.
Citi said it still likes the long-term nature of Hyflux’s environmental business, and its recent project win in India will benefit the company.
Hyflux said on Thursday its unit and its Japanese partners, Hitachi Ltd and Itochu Corp, had agreed to develop Asia’s largest seawater desalination plant in Gujarat, India. The total cost of the project is estimated to be around US$600 million (657 million), Hyflux said.
Citi estimates the Indian project will raise Hyflux’s order book by about 12% to $2.4 billion.
Seven out of 11 analysts have cut their earnings per share estimates on Hyflux over the past month, with average revisions of 7.2% for this year.
No comments:
Post a Comment