United Envirotech inked two water treatment projects in China
They're estimated at $85 million.
According to OCBC Investment Research, United Envirotech Ltd (UEL) recently announced that it has secured two more water treatment projects in China.
Here's more:
The first contract is to provide total water solution to a textile industrial park in Guangan, Sichuan Province, via a 90-10 JV with the park owner. The first phase of the BOT project – worth RMB160m (S$33m) – will commence immediately and be completed by end Aug 2014.
The second is a RMB250m (S$52m) EPC contract to build a 60k m3/day underground membrane bioreactor to treat wastewater from a textile industrial park in Gaoyang, Hebei Province.
UEL expects to commence construction immediately and complete the project by end 2014. However, UEL notes that these two projects will not have any material impact to FY14 (ending Mar) bottom-line.
Ezra: Appointment Of Advisor To Evaluate Strategic Options To Grow Subsea Services Division
17 Jan 2014 10:27
Ezra Holdings Limited has appointed J.P. Morgan (S.E.A.) Limited to advise the Company on strategic options, aimed to optimise the international profile and competitive position of its subsea services division, EMAS AMC. Potential options include a listing in the United States of America. The Company remains committed to the business and the review is intended to unlock value for shareholders and to enhance access to capital...
The first thing to like about CapitaMalls Asia (SGX: JS8) is its name. It speaks volumes.
The company is part of the S$13 billion property developer CapitaLand (SGX: C31), which was formed some 14 years ago when a subsidiary of DBS (SGX: D05), namely DBS Land, merged with Pidemco Land.
Parent company, CapitaLand, is big player in the real estate market. It has interests in residential property, office space, serviced residences and a host of Real Estate Investment Trust that include CapitaMall Trust (SGX: C38U) and CapitaCommercial Trust (SGX: C61U).
Unlike CapitaLand, which has its fingers in many property pies, CapitaMalls Asia is focussed, as its name suggests, on Asian shopping malls. That is the second thing to like about CapitaMalls Asia. Consumption can be a big driver for any economy and shopping malls could be seen as the “picks and shovels” of the consumers’ shopping trolley.
Household consumption in Singapore accounts for around 40% of the Garden City’s economic growth, while in Malaysia it is about 50%. In Japan, where CapitaMalls Asia also has a presence, household consumption contributes around 60% of the country economy and in India it is roughly 55%.
The final, though by no means the last, thing to like about CapitaMalls Asia is its consistently high Return on Equity. At around 9%, shareholders have reaped $9 of Net Income for every $100 of equity in the business. The Return on Equity is roughly in line with the average return for the 30 companies that make up the Straits Times Index (SGX: ^STI).
Over the last four years, shares in CapitaMalls Asia have fallen around 18%, which is disappointing. However, the Total Return, which includes reinvested dividends, whilst also inadequate, has been a less painful negative 3%.
This week’s Falling Knife is Pollux Properties (Catalist: 5AE). The stock has fallen by 13.6% from last Friday till yesterday, hovering at S$0.070 at the time of writing. It has a tiny current market capitalisation of around S$44 million.
The company is an investment holding firm involved with properties and it operates in two segments – Property Development and Rental Services. The Property Development segment is involved in the acquisition and development of properties for sale while the Rental Services segment is involved in the renting of properties.
On 10th of January, the company announced that it had appointed new members to the company’s board with effect from the previous day. Mr Nico Purnomo Po became the executive Chairman of the board. Mr Tan Kay Kiang was appointed as a member of the Audit Committee and a member of the Remuneration and Nominating Committee. Furthermore, Mr Low Chai Chong became the Lead Independent Director with effect from 10th January 2014.
In November last year, Pollux released its first half of 2013 (1H 2013) results. Its revenue shot up 195% to close to S$10 million. However, it posted a net profit of S$395,000, which was a 64% plunge from the previous year. It had around S$70 million in total debt. Cash flow wise, it generated S$5.3 million of cash flow from operations in 1H 2013 while the corresponding amount in the previous year was at S$1.6 million.
The firm is currently trading at a historical PB of close to 1.
Singapore “Flyer” of the Week: Broadway Industrial
By Sudhan P - January 17, 2014
Broadway Industrial Group Limited (SGX: B69), manufacturer of precision-machined components and provider of engineered foam solutions, is this week’s Singapore “Flyer”. The stock has soared 20% so far, last changing hands at $0.27 as of Thursday’s close.
The firm was founded in 1969 and it comprises of over 14 manufacturing and research facilities across China, Thailand and the USA. Broadway Industrial is one of the top three manufacturers of actuator arms and related assembled parts for the global hard disk drive (HDD) industry. Broadway boasts well-recognised players in the HDD industry such as Western Digital and Seagate as its clients.
On 7th January, the firm made public that it had entered into a conditional option agreement with a buyer to sell its property located at The Central, 8 Eu Tong Sen Street, Singapore for S$4.2 million.
The reasons for selling the property are twofold:
1.The property is not being used by the company for any business operations.
2.After the sale, the cash received can be used to reduce the company’s borrowings (thereby lowering its interest expenses) and the proceeds can also be used as working capital.
On the previous day before the option agreement was announced, the company revealed that Shanghai Broadway Packaging & Insulation Materials Co., Ltd (SHBW), a 96.47% owned subsidiary of Broadway, had increased its registered capital from US$5.3 million to US$17.3 million. After the capital increase, SHBW remains a 96.47% owned subsidiary of the company.
The company also announced that Compart Hi-Precision (Suzhou) Co., Ltd (CHSUZ), an indirect wholly-owned subsidiary of the company, had increased its registered capital from US$8 million to US$10 million.
Broadway is now trading at a historical PE ratio of close to 24.
