Hyflux: Citi initiates at Buy with TP $2.74. Cite of rapid earnings expansion (CAGR of 31% in the past decade), riding on growth in demand for clean water across Asia and the Middle East & Africa.
1) Expect strong growth to continue given its record high order book;
2) revenue exposure becoming more Asia skewed, hence risk levels reduced;
3) improved funding structure will lead to more project wins. Catalysts would be mega-sized project wins as a key rerating driver.
No comments:
Post a Comment