Memstar: unchg today, but up nearly 30% over past one week to $0.09, on strong volume. 60% JV to undertake 4 Transfer-Operate-Transfer wastewater treatment projects with combined capacity of up to 200k cubic m/day in China. The projects are located in Hebei, Henan and Fujian provinces, with concessionary agreements of btwn 20-30 yrs. Total project value est to be RMB225m. Project to be financed via mix of internal resources and debt, and is expected to be completed by end 2010…
Earnings appear to have recovered in FYJun10, with company posting record net profit of RMB24m. But at 47x PE, market likely pricing in very strong growth expectations for maker and distributor of membrane products.
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