800Super: CIMB has non-rated note.
- Recession-proof business as waste continues to be generated even in an
economic downturn.
- Oligopolistic industry – only 4 players, with little risk of new entrants.
- No FX risk as revenue is entirely derived from Singapore.
- Three contracts awarded over FY13-14 have started profit contribution.
- Historical CY15 P/E of 6.8x versus 8.7x for Colex Holdings. Average forward P/E
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