Tuesday, September 21, 2010
United Envirotech (UE)
United Envirotech (UE): +2% at $0.505. DMG maintains Buy; raises target to $0.66 from $0.53. Upgrades earnings by 25% for FY11, on the back of strong project flows. Notes that UE’s recent of RMB200m contract to develop the environmental infrastructure in Neijiang city is the largest thus far, bringing latest EPC orderbook to ~S$140m. Expects UE’s track record and continued strong demand for wastewater treatment facilities in China to underpin further order book growth, est S$160m for FY11.