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Chionged 10c!..
water treatment rocks!
check out soundglobal..have not moved yet..
ok 2.80 coming liao
L..... ( Date: 05-May-2010 15:14) Posted:
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Ha ha, fun, also sold half holding of its brother HyWt. Though not loosing $ as a whole, less knee jerking, still cheers.
ANALYSTS RESEARCH RECOMMENDATION ON HYFLUX LTD (S$3.15) : Maintain OUTPERFORM recommendation; 1Q10 results within expectation. 1Q10 net profit rose 25% yoy to S$6.4m, meeting our and consensus expectations. 1Q10 net profit made up 7% of our FY10 forecast and can be compared to 1Q09’s net profit which also formed 7% of FY09’s forecast. We maintain our EPS estimates. Our target price remains at S$4.51, still based on a sum-of-the-parts valuation. In our opinion, Hyflux is a prime candidate to benefit from government infrastructure spending around the world. Potential catalysts for the stock could include fresh order wins, particularly those in collaboration with the Japan Bank for International Cooperation : CIMB-GK GOH Securities Research House - 06/05/2010 Company Background Hyflux Ltd is a Singapore-based investment holding company engaged in seawater desalination, raw water purification, wastewater cleaning, water recycling, water reclamation and ultra pure water production for municipal and industrial clients, as well as home consumer filtration and purification products, and design, building and sale of water treatment plants, seawater desalination plants, wastewater treatment plants and water recycling plants under service concession arrangements. Its renewable resources management comprise of development of membrane applications in resource recovery, waste recycling and energy reclamation, including applications, such as used oil recovery and recycling; development and commercialization of specialty materials, such as L-lactic acid from natural renewable resources; and separation, concentration and purification treatments for manufacturing process streams. On July 9, 2009, it acquired additional 41.5% interest in Lube Oil Re-fining Co., LLC. • Maintain OUTPERFORM; 1Q10 results within expectation. 1Q10 net profit rose 25% yoy to S$6.4m, meeting our and consensus expectations. 1Q10 net profit made up 7% of our FY10 forecast and can be compared to 1Q09’s net profit which also formed 7% of FY09’s forecast. We maintain our EPS estimates. Our target price remains at S$4.51, still based on a sum-of-the-parts valuation. In our opinion, Hyflux is a prime candidate to benefit from government infrastructure spending around the world. Potential catalysts for the stock could include fresh order wins, particularly those in collaboration with the Japan Bank for International Cooperation. • Recognition of MENA municipal projects (S$79m) alone accounted for 78% of total revenue. 1Q10 revenue, which rose 15% yoy to S$101.3m, is anchored by the municipal sector, which contributed 87% to total revenue. With progressive EPC recognition, contribution from MENA (Tlemcen and Magtaa) accounted for 78% of the group’s revenue. Revenue from the industrial sector remains flat at S$12m on the back of a general slowdown in China’s industrial sector and the timing of order deliveries. • Margins improved. Raw material costs fell 1% yoy in 1Q10 while staff costs only increased by 1% yoy. Other expenses rose to S$15.2m (+221% yoy) due to higher professional fees, utilities charges and net forex impact. As a result, 1Q10 gross margins were lifted to 41% from 32% in 1Q09. The increase in working capital is attributable to collection dues from contract work (S$189m). The balance sheet remained in good shape with cash rising to S$199m with a net gearing of 0.6x. • Order book of around S$1.8bn. Two Singapore EPC contracts were awarded in 1Q10, offset by about S$100m of revenue already recognised, which put the EPC order book at a healthy level of S$730m. Its total order book remains largely unchanged at S$1.8bn. • Management believes that the municipal sector will stay as the main revenue contributor, while cautioning that the movement of commodity prices and credit spreads could thwart profitability. Apart from revealing that the Magtaa project is around 40% completed, management also articulated that the emerging markets will see aggressive government-induced spending on water-related infrastructure. OCBC SECURITIES RESEARCH HOUSE ANALYSTS COMMENT ON HYFLUX LTD: Recommend BUY Rating With Target Price At S$4.19 Hyflux Ltd posted its 1Q10 results last night. Revenue grew 14.9% YoY to S$101.3m, aided by continual EPC revenue recognition from the world’s largest seawater RO (reverse osmosis) desalination plant in Magtaa, Algeria. And thanks to better cost control, net profit jumped 24.6% to S$6.4m. But sequentially, revenue and earnings slipped 42.3% and 75.3% respectively but it comes as no surprise as 1Q is typically the softer quarter. Going forward, Hyflux remains confident of its prospects and will be focusing on projects in Singapore, China and MENA (Middle East North Africa). Order book remains around the same level as of end-Dec; it will give a mid-Jun update. Although 1Q10 revenue and earnings only met 15.7% and 7.3% of our full-year estimates respectively, we note that it was also the case last year (1Q09 only met 16.8% and 6.8% then); hence we are leaving our FY10 estimates unchanged. Maintain BUY with S$4.19 fair value. Seasonally softer 1Q10 results. Hyflux Ltd posted its 1Q10 results last night. Revenue grew 14.9% YoY to S$101.3m, aided by continual EPC revenue recognition from the world’s largest seawater RO (reverse osmosis) desalination plant in Magtaa, Algeria. And thanks to better cost control, gross profit jumped 41.5% YoY to S$41.5m, which also translated into a healthy gross margin of 40.9% vs. 33.2% in 1Q09. As a result, Hyflux was able to post a 24.6% jump in net profit to S$6.4m. But with 1Q being the traditionally softer quarter, it was not surprising to see a 42.3% QoQ slide in revenue and a 75.3% tumble in net profit; we also note that 4Q09 included the divestment gain of S$12.1m, thus further distorting the sequential fall. Order book remains strong. Although management did not provide an official order book update (their practice is to provide bi-annual updates), it reassured that the level remains largely unchanged from its last update; this as the recognized portion of S$101.3m was replaced by its recent win of a S$43.8m contract for the Tembusu Seawater Desalination Plant on Jurong Island as well as the S$35.8m contract by PUB for a membrane bioreactor (MBR) plant. As a recap, its order book stood at S$1848m at end Dec, where the S$748m EPC portion will keep it busy for the next 18 months, while the S$1100m O&M portion will be recognized over the next 25 years. Confident about its prospects. Going forward, Hyflux remains confident of its prospects and will be focusing on projects in Singapore, China and MENA (Middle East North Africa). We understand this will be for either new contract or extension contracts on projects completed by them earlier; however, management warns against being complacent. As for the two mega projects in Libya, management reveals that talks are still ongoing and both parties are in the process of ironing out the technical requirements and specifications. Nevertheless, Hyflux notes that its original time-line of 12 months to reach an agreement by Jun may have been “too aggressive” – it believes that the conclusion may come towards the end of 2010. Maintain BUY. Although 1Q10 revenue and earnings only met 15.7% and 7.3% of our full-year estimates respectively, we note that it was also the case last year (1Q09 only met 16.8% and 6.8% then); hence we are leaving our FY10 estimates unchanged. Maintain BUY with S$4.19 fair value.
wah..sure or not?? meaning still got chance to SHORT HAR?? tempted siah ! :)
DJ Hyflux Target Cut To S$2.93 From S$3.38 By Daiwa
damn!! shld hv shorted! wow 3.16 now!!looks like still got meat left siah! :P
haha...mkt totally ignoring the result siah! hee.... still got meat for further SHORT? :P
DJ MARKET TALK: Hyflux May Gain On 1Q10 Performance, Outlook
[Dow Jones] Hyflux's (600.SG) improved 1Q10 performance may help share price close yesterday's S$3.33-S$3.40 technical gap formed by broad market weakness. Shares closed down 4.7% at S$3.24. 1Q10 net profit +25% on-year at S$6.4 million, driven by higher revenue from municipal sector in Middle East, North Africa region, which accounted for 78% of total sales. Contributions from industrial sector lower due to slowdown in China market. Overall gross margin at 41% v 32% year earlier. Prospects for water treatment firm remain bullish given strong demand for desalination services from both developing, developed countries, as evident in S$43.8 million contract Hyflux secured in March to build phase 1 of seawater desalination plant in Singapore's Jurong Island. Company already building two such plants in Algeria. (frankie.ho@dowjones.com)
dec17 2009 hit 3.20... i think 2.80 is fair enough.. let the PIIGS milk it down abit more
nickyng ( Date: 05-May-2010 16:14) Posted:
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well...din know a sell down today so fierce siah !! but the qtr result not too bad leh ! :P
HYFLUX RECORDS 25% JUMP IN 1Q NET PROFIT TO S$6.4 MILLION
• Revenue rises 15% to S$101.3 million
• Gross margin expands to 41%
Singapore, 5 May 2010 – Mainboard-listed Hyflux Ltd (“Hyflux” or “The Group”) posted a 25%
rise in profit attributable to shareholders for the first three months ended 31 March 2010. The
net profit of S$6.4 million was achieved against a 15% rise in Group revenue of S$101.3 million.
Gross margin expanded to 41% in the first quarter of FY2010, compared to 32% in the first
quarter of FY2009.
Commenting on the Group’s performance for the first quarter, Ms Olivia Lum, Hyflux’s Group
CEO, said: “We registered improvements at both top-line and bottom-line due mainly to strong
municipal sector sales and to continued emphasis on cost management and quality execution.”
Financial Review
The Group’s revenue for the first quarter was boosted by higher revenue contributions from the
Middle East & North Africa (“MENA”) region where the Group is developing two large-scale
desalination projects in Algeria, including the world’s largest membrane-based seawater
desalination plant in Magtaa with a designed capacity of 500,000m3 of water per day. The
MENA region contributed 78% of total revenue. The China market contributed 15% of total
revenue, while Singapore and other markets made up the remaining 7% of total revenue.
Despite the higher revenue recorded, costs arising from raw materials and consumables used
and sub-contractors’ cost as well as staff costs remained stable.
Depreciation and amortisation rose 38%. Finance costs went up by 16% because of higher
loans and borrowings in the first quarter of 2010.
2
Other expenses rose from S$4.7 million to S$15.2 million due to higher professional fees and
utilities charges. In addition, a net foreign exchange gain was recorded in the first quarter of
FY2009, lowering other expenses recorded for that period.
The Group’s cash position continued to strengthen in the new financial year. Cash and cash
equivalents stood at S$198.8 million at the end of March 2010, compared to S$166.7 million as
at 31 December 2009.
Outlook for the Year
Moving forward, the municipal sector will continue to be the main driver of the Group’s revenue.
Both the MENA region and China will remain as key markets for the Group in the municipal
sector where Hyflux has established a strong track record in desalination and in wastewater
treatment and recycling.
In the area of wastewater treatment and recycling, there is an increasing demand for plants with
smaller footprints along with advanced membrane technologies, such as Membrane Bioreactor
(MBR) systems that are able to treat and produce consistent, high-quality effluent fit for re-use
applications. Winning the contract to build Singapore’s largest MBR plant has placed the Group
in an advantageous position to offer MBR solutions in the key markets that it is operating in. The
Group will focus on the development of this new market segment.
The global demand for sustainable water solutions has taken on a new urgency as developed
and developing countries alike grapple with acute water shortages. Hyflux has the technology
and cost-effective solutions to help these countries meet their demand for clean, safe and
affordable water.
While the global economic situation has improved, inherent risks remain that could thwart
business recovery. For instance, a significant increase in the prices of commodities and in oil
prices will have an impact on business costs, while credit tightening will have implications on
credit spreads.
2.80 ?!?!? sure? 3.20 now leh :D hee...
i like hyfluzzz its a good company, but too expensive now... when will it ever be one of the stocks of sti???
will revisit at 2.8 if possible
nickyng ( Date: 05-May-2010 14:48) Posted:
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wow! after XD today drop 17cts ?!?! wow!! dividend only 5cts leh!! wow...abit overdone right? hee... :)
Is this good or bad news for Hyflux ?
The Board of Directors of Hyflux Ltd (the “Company”) wishes to announce the
allotment and issuance of an aggregate of 41,216,863 new ordinary shares in the
capital of the Company ("New Shares") between November 2009 and April 2010.
These New Shares were allotted to Istithmar World PJSC (formerly known as
Istithmar PJSC)("Istithmar") pursuant to Istithmar's exercise of warrants issued under
a Warrant Subscription Agreement dated 23 November 2004 and supplemented by a
Supplemental Warrant Subscription Agreement dated 25 April 2008 (the
“Agreements”) entered into between the Company and Istithmar, subject to, inter alia,
the terms and conditions of the Agreements and the Warrant Instrument. The option
exercise period expired on 13 April 2010.
As at 23 April 2010, the number of issued and paid-up shares in the capital of the
Company is 570,291,410 ordinary shares (excluding Treasury Shares).
BY ORDER OF THE BOARD
SAM ONG
Any advice for this stock?
Still sleeping???
Married deal again 16.6M. Who behind this..
| 09:03:27 | 3.430 | 3 | S |
| 09:01:37 | 3.420 | 3 | B |
| 09:00:06 | 3.087 | 16,600 | X |
| 08:59:02 | 3.420 | 27 | B |
chriscyng ( Date: 07-Apr-2010 12:07) Posted:
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what went wrong on this stock
Married Deal for hyflx today.. Something go on ?
CHARTVIEWS For 7th April 2010
Hyflux - Signs of rebound suggest more upside potential
Levels to Watch in Trading: Support set at S$3.38
Resistance set at S$3.77
Stock Rating: No Rating
Target Px: NA
Last Closing Px: S$3.54
52-week Px Range: S$1.67 - S$3.77