United Envirotech: Announced disappointing 3Q11results, with Rev at $12.8m, -31.8% YoY and -44.3%QoQ, while Net Profit at $4.1m was -20.8%YoY and -32.3%QoQ. Drop in quarterly performance due to lower engineering income in the current period, which contributed 57.8% of 3Q11 Rev, while recurring income arising from the Wastewater Treatment segment, increased substantially to $5.4m frm $3.6m, YoY....
Result brings 9M10 Rev to $58.2m, +49.6%, while Net Profit at $14.3m, +53.4% YoY, representing only 65% of consensus FY11 Net Profit forecasts. Going forward, grp remains optimistic as the Chinese govt maintains its commitment towards the country’s water pollution and scarcity problems,…
We note that at current levels, grp trades at an annualised14.2x FY11E PE, in-line with its historical average of 14.5x PE vs larger peers Sound Global of 16.7x and hyflux of 22.5x forward PE
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