United Envirotech

United Envirotech: Grp has just secured two more projects in China. The first is a large RMB216m ($43m) EPC project to build a 100k m3/day drinking water plant in Yantai City, Shadong Province. UEL also won the tender for a TOT project in Shangzhi, Harbin city, , which UEL is investing RMB70m ($14m) for a 30-yr concession to operate the 40k m3/day treatment plant. Based on the usual 40% equity funding ratio, OCBC estimate that the remaining $100m proceeds from its CB issue can finance up to another $250m worth of projects. With its latest TOT win, house bump up FY13 revenue and earnings estimate by 2% and 3% respectively, with $0.52 TP.