Hyflux

Hyflux: Credit Suisse maintains O/P with $3.00 TP. Expect strong order momentum in Asia and Middle East concerns to fade. Note that grp has secured US$76m of contracts in China YTD, and management expects strong order momentum to continue. Co. expects ‘low teens’ project IRR for its $890m investment in the second desalination plant at Tuas. Add that exposure to MENA has been reduced and continue to see strong growth prospects for grp.