United Envirotech

United Envirotech: DMG starts at Buy with $0.53 target. Cites positive macro outlook for China's water industry, prospects of sharp earnings growth in next 2 yrs, attractive valuations as key invmt merits. Says China-focused wastewater treatment firm has strong track record in using its membrane technology in chemical, petrochemical, industrial park sectors, and should be able to continue securing tariff increases from various municipal govts. Stock trades at 8.5X P/E vs 12.4X for SG peers.