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Epure
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ghlau935
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17-Jan-2008 10:29
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DJ MARKET TALK: BNP Paribas Starts Epure At Buy, S$2.95 Target
2351 GMT [Dow Jones] STOCK CALL: BNP Paribas starts Epure International (P75.SG) at Buy with S$2.95 target price, based on P/E of 28.7X 2008 earnings. Says China-based water treatment firm's strong R&D, customization capability strengthens its competitive edge in industry, giving it an advantage in contract bidding. Tips company as beneficiary of projected US$180 billion capital spending in environmental protection under China 's 11th Five-Year Plan. With Epure currently bidding for CNY400 million-CNY500 million worth of contracts, BNP forecasts 25%-30% growth in turnkey revenue in 2008-2009. Stock closed down 4.8% at S$1.98 yesterday. (FKH) |
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Pinnacle
Master |
20-Nov-2007 23:03
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CITI - Buy: Robust Profit Growth on Track Buy/Medium Risk 1M Price (16 Nov 07) S$1.96 Target price S$2.64 Expected share price return 34.7% Expected dividend yield 0.0% Expected total return 34.7% Market Cap S$843M US$581M 38% profit growth in 3Q07 ? to Rmb60m, backed by 41% turnover growth to Rmb273m. Earnings momentum remained robust at 80% qoq in 3Q07 (3Q06: 73% qoq), further to 41% qoq in 2Q07. 9M07 net profit jumped 39% yoy to Rmb117m. Stabilized margins ? 9M07 gross margin was 30.6%, compared with 31.4% in 9M06. Net margin stabilized at 22.1% in 3Q07 (3Q06: 22.7%) and 22.8% in 9M07 (9M06: 22.2%). CIR FY07 forecast highly achievable ? 9M07 revenue and profit already achieved 77% and 79% of our respective FY07 forecast, respectively. 9M06 profit represented 77% of full-year 2006 profit. We forecast FY07 revenue to surge 33% yoy to Rmb674m and net profit to jump 35% yoy to Rmb149m. Upstream development ? Epure is working on the acquisition of Beijing Hi- Standard, an environmental protection equipment manufacturer (Making Upstream Acquisitions dated 20 Jul 07). Mgt expects the acquisition will complete in 1Q08. |
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Pinnacle
Master |
15-Nov-2007 14:06
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DBS Vickers - On track to meet targets Buy S$1.92; Price Target : S$ 3.22 Epures 3Q07 results were in line with our expectation, as net profit rose 38% y-o-y to RMB60.3m. Epure has achieved RMB117.4m net profit in 9M07, and is on target to meet our net profit estimate of RMB167.1m in FY07. Epure grew its revenue by 41% y-o-y to RMB273.2m in 3Q07 and 35% y-o-y to RMB516.2m in 9M07. Gross margin remained at a healthy 30.6% in 9M07, slightly below 31.4% in 9M06. Gross profit increased a similar 32% y-o-y to RMB78.8m in 3Q07 and RMB158.2m in 9M07. Epures current orderbook of RMB270m is expected to be recognized over the next 9-12 months. |
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Pinnacle
Master |
15-Oct-2007 12:42
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DBS Vickers - Friendly taxman Buy S$2.38; Price Target : 12-Month S$ 3.22 (Prev S$ 2.64) Story: Epure announced last Friday that its wholly-owned subsidiary, Beijing Epure International Water Co., Ltd (BEI), has received the high technology company classification from the Beijing Tax Authority. Hence, BEI is able to enjoy tax-exempt status for three years starting 2007, and will enjoy half the usual 15% favourable tax rate for high technology companies in the subsequent three years thereafter. Point: This is a positive development for Epure, and is in line with our earlier view that the wastewater treatment industry will feature prominently in Chinas economic and environmental plans, with stronger players like Epure being in a good position to seek further tax incentives from the government. We have raised our net profit estimates by 6.6% to RMB167.1m in FY07, and 21.8% to RMB274.6m in FY08, after removing the previously forecasted tax expenses in the relevant financial periods. Relevance: Our fair value for Epure has been raised to S$3.22, in view of the higher FY08 EPS estimate. We believe that the use of 25x FY08 PER as the basis for our valuation is reasonable, as this is cross-checked against 0.6x PEG in the FY07-09 forecast periods. The price upside potential to our upward adjusted fair value is about 35%, and we reiterate our BUY rating on Epure. |
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ghlau935
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02-Oct-2007 10:42
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DJ MARKET TALK: CS Starts Epure At Outperform, S$2.50 Target
0025 GMT [Dow Jones] STOCK CALL: Credit Suisse starts Epure International (P75.SG) at Outperform with S$2.50 target. Says company provides exposure to engineering, procurement, construction in China 's water and wastewater municipal, industrial markets. Notes firm not bound by long-term financial burdens, unlike other long-term project-focused plays; "with its track record of over 400 projects and established branding (through its parent Sound Group), (it) will continue to do well." Tips orderbook to expand to CNY610 million by end-2007, to over CNY1 billion in 2009 from CNY540 million currently; "this is driven by its strategy to target bigger-sized projects, such as industrial wastewater treatment projects worth around CNY20 million and municipal water and wastewater projects with treatment capacity of at least 100,000 tons per day." Stock +8.2% at S$2.38 yesterday. (FKH) |
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787180
Master |
22-Aug-2007 22:02
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On July 11 Epure pte pacement shares at $2.18...institution still holding at this price...will push up from current price of $1.57...Gd Buy Press Release by Epure International EPURE forays into Wastewater Treatment for Coal to Diesel Oil Conversion Process
*Allows Epure to establish its reputation in wastewater treatment for Energy Sector *Epure sees good growth prospects and export potential from sector *In line with strategy to diversify earnings base and expand into new geographical markets Singapore, 25 July 2007 ? Epure International Ltd., a leading turnkey water and wastewater treatment solutions provider in China, is making its first foray into the buoyant Energy Sector which will see the Group develop a customized wastewater treatment system for the conversion of coal into diesel oil. Epure's wholly-owned Beijing Sound Environmental Engineering Co., Ltd secured the RMB5.8 million Engineering, Procurement and Construction contract from Inner Mongolia Yitaimei Zhiyou Co., Ltd ("Yitaimei Zhiyou"). Yitaimei Zhiyou is in the business of converting coal into diesel oil. Epure's CEO, Mr Wang Zhili, said: "This is our first foray into the energy sector and we are excited about the prospects and opportunities, especially in the export potential of our know-how. Although this initial project size is small, it will allow Epure the opportunity to learn and develop its technologies for this industry and enhance our competitive edge as a leading provider of customized wastewater treatment systems." Under the terms of the contract, Epure will design, fabricate, install and commission the equipment for a wastewater treatment system which will have a capacity to treat 2,400 tonnes of wastewater daily. The Group is actively taking steps to enhance its competitive edge by adding or acquiring capabilities which will enable it to provide a fully integrated range of services in water and wastewater treatment not only in the PRC, but the world. Earlier this month, Epure announced it had signed a memorandum of understanding with Shanghai Jingke Investment Management Co., Ltd to acquire at least 70% of Beijing Hi-Standard Water Treatment Equipment Co., Ltd. Beijing Hi-Standard provides design, R&D, manufacturing, supply and consultation services in environmental protection equipment in the PRC and is 100%-owned by Shanghai Jingke. Epure presently derives its revenue and earnings entirely from the PRC. Last year, the Group diversified into the management of water treatment plants when it took a 20% stake in Shanghai Chenghuan Water Operation Co., Ltd. The Group also intends to venture into capital investment, having taken a 15% stake in Anyang Mingbo Water Operations Co., Ltd. |
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teeth53
Supreme |
02-Aug-2007 08:58
Yells: "don't learn through life, learn to grow with life " |
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Epure late-ly is making news..... |
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zhuge_liang
Supreme |
01-Aug-2007 00:26
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Epure has secured a RMB 5.8m Engineering, Procurement and Construction (EPC) contract from Inner Mongolia Yitaimei Zhiyou Co. Ltd (in the business of converting coal into diesel oil). Epure will design, fabricate, install and commission the equipment for a wastewater treatment system which has a treatment capacity of 2,400 tonnes daily. It is expected to be completed by the 2Q08.
Epure sees this recent foray into the Energy sector to be in-line with the Group?s strategy to diversify earnings base and also to expand into new geographical markets. This project will not have any material impact in FY07. |
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teeth53
Supreme |
23-Apr-2007 16:22
Yells: "don't learn through life, learn to grow with life " |
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teeth53
Supreme |
03-Mar-2007 13:51
Yells: "don't learn through life, learn to grow with life " |
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http://www.listedcompany.com/ir/epure/newsroom/Ann_4Q2006.pdf Epure Result... |
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victor_lee
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20-Jan-2007 12:15
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So comparing with Beijing Capital Co PE of 38x, Epure @ SGD2 PE will be at 33x. Quite reasonable. |
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zhuge_liang
Supreme |
20-Jan-2007 12:09
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Home to 1.3 billion people, fast-growing China has low water resources per capita -- only one quarter of the world average -- according to the OECD. China's booming demand for water and lack of conservation are accelerating the depletion of its water resources, which have been polluted as a result of agricultural, industrial and domestic discharges. Two-thirds of its larger cities suffer from water shortages that might limit China's economic growth. Meanwhile, rapid urbanisation in the country has fuelled growth for sewage treatment services in the world's fourth largest economy. The country's water woes have also attracted the interest of international investors and utility firms such as France's Suez and Veolia SA . According to Qiu Baoxing, vice-minister of the Ministry of Construction, China will spend 330 billion yuan between 2006 and 2010 on urban sewage treatment facilities and 320 billion yuan for the South-North water diversion project. The Chinese government is encouraging investment in the water services sector. As a result, more cities are opening their water and sewage operations to external investors. Beijing Capital Co, which has invested in sewage treatment projects in seven provinces and aims to double its capacity by 2010, now trades at 25 times 2007 earnings. Shanghai Municipal Raw Water, the flagship water utility, trades at almost 38x prospective earnings. |
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victor_lee
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20-Jan-2007 11:49
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UOB KH (16 Jan 07) issue 12-mth target price of SGD2.00. Not vested yet, but seriously looking at this interesting counter for long term. |
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ralphguy
Member |
15-Dec-2006 17:01
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wow.. DBSV price target $1.42 is it announced on 14dec? (bcos it rise 13cts on 14dec). any gurus personal price target? |
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zhuge_liang
Supreme |
15-Dec-2006 11:27
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Rose after DBSV upped its price target to $1.42 from $1.08. |
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zhuge_liang
Supreme |
14-Dec-2006 21:02
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It said its unit Beijing Sound Environmental Engineering Co. Ltd. has won two contracts via public tenders, worth a total of RMB213 million. The shares rose on the news. |
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Nostradamus
Supreme |
24-Nov-2006 10:50
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UOBKH issued a non-rated report on Epure. Epure is a leading turnkey water and wastewater treatment solution provider in China. It has extensive R&D and technical expertise, as well as a good track record. The company develops proprietary water and wastewater treatment technologies and customises them into effective turnkey solutions for both industrial and municipal projects. 3Q06 revenue grew 12% while net profit grew only 3% yoy due to higher tax expenses as the tax exemption expired in 2006. For 9M06, revenue and net profit grew 22% yoy and 20% yoy respectively. The results are in line with the company's guidance in its IPO prospectus. Epure has an outstanding orderbook of Rmb419m. We expect Epure to recognise another Rmb90m-110m in 4Q06 and the balance in 2007. With the bouyant demand for water treatment facilities in China, Epure is well positioned to win more water treatment projects. In addition, Epure is building up its expertise in operational management of water treatment facilities to develop a recurring income steam. The recent JV with Shanghai Chengtou Environmental Investment Co., Ltd and Shanghai Yuhe Chemical Materials Co.,Ltd enables Epure to tap the Shanghai market for water treatment facilities management. While Epure is currently a pure turnkey EPC company, we would not be surprised if Epure starts to take up projects on a Build, Operate and Transfer (BOT) basis. Increasingly, we are seeing municipal water treatment projects being awarded on a BOT basis rather than a turnkey basis. With Epure's orderbook, the company could achieve 25-30% net profit growth for 2006. This would give the stock an EPS of 5.3-5.5 cents (fully diluted) and FY06 PE of 14.1-14.6x. Assuming similar growth prospects for 2007, Epure's FY07 PE would be 10-11x. Valuation for the stock is not demanding as close comparables such as Bio-treat used to trade at forward PEs of mid to high teens. Catalysts for the stock price include contract wins that would improve earnings visibility, favourable marco policies or China's initiatives to protect the environment. |
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teeth53
Supreme |
23-Nov-2006 01:03
Yells: "don't learn through life, learn to grow with life " |
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Morning trade expecting some profit take coming, jus my guess hohh.. |
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zhuge_liang
Supreme |
22-Nov-2006 23:30
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A trader said that it's no secret that water treatment surcharge and sewage treatment fees may rise soon and this benefits water companies that manage municipal contracts. |
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bulbideal
Member |
22-Nov-2006 18:45
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DING DONG.... RING RING RING RING....! Hit on the soft spot 2 weeks ago! Fundamental will not go wrong. Good luck guys! You may like to try Lum Chang tomorrow, DING DONG.....! |
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