OCBC Investment Research raised its share price target for United Envirotech to $0.52 from $0.50 and maintained its buy rating on the Singapore-listed Chinese wastewater treatment firm.
Shares of United Envirotech were flat at $0.355 and have gained around 9% so far this year.
The broker revised upwards United Envirotech’s revenue and earnings estimates for the year ending in March 2014 by 2 percent and 3% respectively after the company won a 70 million yuan ($13.9 million) project to run a wastewater treatment plant in China's Heilongjiang province.
The plant is expected to operate at full capacity from July, OCBC said.
United Envirotech also won a 216 million yuan project to build a 100,000 cubic metre per day drinking water plant in China’s Shandong province. But the company expects to see revenue from the project only by the end of fiscal 2013.
No comments:
Post a Comment