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Latest Posts By teeth53 - Supreme      About teeth53
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06-Oct-2006 23:26 Others   /   Epure Tnt'l IPO (a water recycle stock)       Go to Message
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x 0 		Epure should trade S$0.83/share on 11x CY07 (forward PE). Funny, isit they so vested in this counter ??. but currently px is strongly support at about $0.70 to $0.75, so short term ok. maybe this px higher is for next year 2007 isit??.
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06-Oct-2006 23:17 Others   /   Epure Tnt'l IPO (a water recycle stock)       Go to Message
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http://www.remisiers.org/research//Epure-Intl-QT-061006.pdf

Initial assessment
Epure?s IPO of 100m new shares at S$0.65 per share translate into a mkt capitalisation of S$260m, which makes it the 4th largest water stock after Hyflux (S$1.1bil), Bio-Treat (S$615m), & Sinomem (S$425m). A decent size & strong endorsement from d WB (IFC), as 10% shareholder at S$0.394/share.) is likely to attract institutional interest as an alternative water stock to Bio-Treat. Like Bio-T, Epure focuses on municipal waste water treatment for discharge into the environment, but unlike Bio-T, it has successfully completed a few big industrial projects (e.g. steel, coking, etc). Bio-T is oso developing new technologies to tap the higher-margin industrial sector. Currently a pure turnkey player, we believe Epure will inevitably follow in the footsteps of SGX-listed players to harness the BOT market for recurring income & has a more established name. Its subsidiary, Beijing Sound, has over 10 years of track record w/an impressive portfolio of projects, included jobs w/mega treatment capacity of 300-400,000 tonnes/day, as well as record completion times of 3 mths. This is a testament to its execution capability that provides comfort for any expansion into BOT projects. In a 2005 survey by H2O-China (an industry website supported by government agencies), Epure was listed as one of the 10 most influential water companies in China, together with foreign and domestic names that included Veolia Environment, Suez, and Beijing Capital Water. Comparatively, Bio-T only commercialised its proprietary BMS technology 5 years ago, its largest project is only up to 240,000 tonnes/day of capacity. Epure with wider suite of technologies has developed 18 proprietary technologies over the years. While there is not much clarity on the competitive edge of these technologies, it appears to have thrived on effective customisation. Outstanding order book at end-Mar 06 already implies revenue growth of 20%. Of d Rmb456.7m order book as at end-Mar 06, Rmb366.7m (80% of it) is expected to be booked in FY06. Together with the Rmb90m revenue recorded in 1Q06, revenue could amount to Rmb456.7m this year, implying 20% yoy growth. IPO proceeds can support doubling of order book. 1/3 of Epure?s Rmb 282m net IPO proceeds (Rmb97m) has been earmarked for turnkey projects. According to mgt, this amount can support Rmb400m-450m of new turnkey orders and underpin its target to increase the number of projects completed from about 300 in FY05 to 600 by FY07/08. Opportunities abound, given China?s political determination to clean up the environment, ahead of the Beijing 2008 Olympics. Epure should trade S$0.83/share on 11x CY07 (forward PE). Epure?s overall margins have been relatively stable, at around 2.5%. Its net margins were 19-21% in the past 3 years, but dropped to 17% in 1Q06 on the expiry of its 50% tax concession. However, economies of scale expected should be able to mitigate this impact. We estimate a CAGR of 39% for revenue and 35% for net profit for FY05-07, but EPS CAGR will be diluted to 17%. Both Bio-T and United Env are trading at steep discounts to the sector & at the lower end of their P/E bands due to disappointing earnings delivery. Applying 11x CY07 multiple to Epure, which is a 5% discount to our target valuation for Sinomem (the only other China-centric benchmark) in view of its shorter listing track record, translates into valuation of S$0.83/share. Reported by CIMB-GK

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06-Oct-2006 21:24 Others   /   Good time for China stocks again?       Go to Message
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x 0 		Will Epure a china play stock included ??.
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06-Oct-2006 21:18 Others   /   SYNEAR Food IPO on offer       Go to Message
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x 0 		Synear closed at even higher as of Friday 6-10-2006
1.180 +0.030 +2.6 21,378
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06-Oct-2006 21:14 Others   /   China Kangda Food IPO       Go to Message
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x 0 		It will start trading on Oct 9, Oct 6, 2006 IPO closed liao. Why sooo quite one this ipo (stock) forum. sure got someone here vested.
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06-Oct-2006 18:00 Others   /   Epure Tnt'l IPO (a water recycle stock)       Go to Message
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 Balloting-English.pdf
 Balloting-Chinese.pdf


EPURE is link to d above news on www.sgx.com.sg

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06-Oct-2006 17:54 Centillion^   /   E-waste recycler       Go to Message
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x 0 		Sound more like Cent till it million $$$ in Environment and in Recycling it business, recycling more of it into OHL fund. Oredi one of d very rich one liao, so can help many more poorer ppl or less rich ppl like u and me.
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06-Oct-2006 17:46 DISA   /   Windfall from Citiraya       Go to Message
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x 0 		After all this expl.....and plus plus, settle in liao, what happen next??. Still gunning for 18c or more maybe 20c plus plus, FA story hav't change yet, maybe..those
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06-Oct-2006 17:42 Enviro-Hub   /   Enviro-Hub       Go to Message
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x 0 		Re-cycle company, not water, competitier off Centillion??.
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06-Oct-2006 17:39 Envictus   /   IS Milk share booming ?       Go to Message
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x 0 		China milk went up liao to $1.15 liao.
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06-Oct-2006 17:36 Others   /   Epure Tnt'l IPO (a water recycle stock)       Go to Message
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x 0 		BioT did move (it help a little) but then again i tink tink Epure move a little fast then BioT. 2moro let see may move alittle bit more. Today don see shortise as px don attract them too much, if there is, px may have even move up higher liao.
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06-Oct-2006 17:32 Others   /   Epure Tnt'l IPO (a water recycle stock)       Go to Message
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x 0 		Got some profit , Take some and leave some for others. I am out at $0.73, today it closed off at $0.734 after tested $0.745 with a volume of 76.4 mil shares changed hand.
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06-Oct-2006 17:28 Others   /   China Plays       Go to Message
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x 0 		Happy liao with my ipo stock like epure, got some kopi $$$, looking out for sa-more new ipo to look for kopi $$$.
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06-Oct-2006 14:11 Others   /   Epure Tnt'l IPO (a water recycle stock)       Go to Message
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x 0 		Whow..here it come again.. $0.72 liao..cheongg..let cee end of d day.
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06-Oct-2006 13:22 Others   /   Epure Tnt'l IPO (a water recycle stock)       Go to Message
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x 0 		BioT will move but then.....Q? is which one move 1st...??.
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06-Oct-2006 13:15 Others   /   Epure Tnt'l IPO (a water recycle stock)       Go to Message
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x 0 		Since day one. Be realistic, get real and don tink tink the sky will open up with unlimited rescource. take what is on the plate and hope it chenogg...let cee end of d day.
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06-Oct-2006 09:27 Others   /   Epure Tnt'l IPO (a water recycle stock)       Go to Message
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x 0 		IPO px $0.65 lahh.... long into histroy lao.....
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06-Oct-2006 09:27 Others   /   Epure Tnt'l IPO (a water recycle stock)       Go to Message
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Thk. C this and U will know why??

Growth of 20% for FY06. We estimate a CAGR of 35% for net for FY05-07 but
EPS CAGR will be diluted to 17%.

We believe Epure should trade at S$0.83
per share based on 11x CY07, which is a 5% discount to our target valuation
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06-Oct-2006 09:22 Others   /   Epure Tnt'l IPO (a water recycle stock)       Go to Message
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x 0 		Yesss...within my expected grey...later U see how...?? is green +ve
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06-Oct-2006 09:18 Others   /   Epure Tnt'l IPO (a water recycle stock)       Go to Message
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x 0 		Woww really over shadow Centillion and Equation, maybe some help coming later from Chinasky is open up, Cnersave, Synear, C.milk. This grp R from... the same boys...Yahh....
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