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Hyflux: Buy (Kim Eng, 23 Nov)
Hyflux has unveiled new investment plans for a new innovation centre and production hub in Singapore.
This is expected to cost about $120m over the next three to five years. We see this as another testament
to Hyflux’s DNA of constant progress. Hyflux has always retained its commitment to research, spending
between 5-8% of revenue each year on R&D. The Group already has the largest research team in Asia-Ex Japan.
To support its larger project requirements and anticipated market demand, production capacity in terms of membranes
and systems will be expanded. The new Hyflux Production Hub will be located at a 7.7 hectares site in Tuas, Singapore.
This will integrate Hyflux's production sites and increase production capacity significantly. Since its founding 20 years ago,
Hyflux has been constantly breaking new grounds, being an early pioneer of the use of membrane technology for water
plant applications. The Group moved into China very early and has since broken into the lucrative Middle East North Africa
Region even against strong odds. We adjust our estimates to take into account higher capex, with associated financing costs
to be offset by slightly better margins.
The Group continues to explore new markets and applications and we do not rule out other rabbits in its hat going forward.
We also expect the Singapore government to continue being supportive of the water sector, having identified it as an international niche.
Buy with target maintained at $3.52.
Hyflux awarded approximately S$95 million design and supply contract for desalination facility in Oman
• First project in Oman
• First Independent Water and Power Project for Hyflux
Singapore, 23 November 2009 – Mainboard-listed Hyflux Ltd today announced that its whollyowned
subsidiary, Hydrochem (S) Pte Ltd, has secured a contract to design and supply a
desalination facility for the Salalah Independent Water and Power Project (IWPP) in Oman.
The contract marks the first desalination project in Oman for Hyflux and the first IWPP project
for Hyflux. This is a reflection of the growing market opportunities for membrane-based
desalination facilities to be built alongside IWPP projects in China, India and the Middle East.
Valued at approximately S$95 million (about US$69 million), the design and supply contract has
been awarded by SEPCOIII Electric Power Construction Corporation, a wholly-owned
subsidiary of China’s Shandong Electric Power Construction Corporation. The desalination
facility, which will have an estimated designed capacity of approximately 68,000 m3 per day, is
expected to be completed within 22 months from receiving the notice to proceed.
SEPCOIII was appointed the engineering, procurement and construction (EPC) contractor for
the Salalah IWPP by a joint venture between Sembcorp Industries’ wholly-owned utilities arm
(Sembcorp Utilities) and the Oman Investment Corporation, which will develop, own, operate
and maintain the Salalah IWPP. In addition to the desalination plant, the Salalah IWPP includes
a 445MW power plant.
The design and supply contract for the desalination facility is not expected to have a material
impact on the net tangible assets or earnings per share of Hyflux for the financial year ending 31
December 2009.
– End –
NEWS RELEASE
HYFLUX ANNOUNCES EXPANSION PLANS
• New Innovation Centre and Production Hub to be developed in phases
• Total investment expected to be about S$120 m over three to five years
Singapore, 19 November 2009 – Mainboard-listed Hyflux Ltd today announced its expansion
plans and investments for its global headquarters to be named “Hyflux Innovation Centre” and a
new membrane manufacturing facility to be called “Hyflux Production Hub”.
Hyflux Innovation Centre, which will be developed on a site which is approximately 1.7 hectares
located in Bendemeer, Singapore, will house Hyflux’s new global headquarters which will serve
as the nerve centre of its global operations. When completed, the centre is expected to have a
gross floor area of about 32,000 square metres. The design, R&D and commercialization
centre located there will spearhead development of advanced membrane technologies in water
and process treatment for both municipal and industrial applications. It will also serve as a
centre for collaborative research efforts with its strategic partners, the universities and research
institutes.
http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_BD90D252F99232EC48257673005A5D1C/$file/Hyflux_Innovation_Hub.pdf?openelement
With the 1billion project in hand, it is a matter of time that it will cross $3.50 soon.
Vest and good luck
It is the right time now to collect some hyflux share the latest partnership for 1b project will definately increase the profit margin. DBS buy call with TP: $3.5
Vest and good luck
17 November
Singapore water treatment company Hyflux (HYFL.SI) said it expects to post a 20% rise in annual sales and profit over the next five years and plans a partnership with a Japanese group to develop water projects that could be worth more than $1 billion.
Hyflux, builder of the largest membrane-based desalination plant in China, would boost its profitability on the back of increased spedning by governments on treatment and desalination facilities to conserve scarce water supplies, Deputy Chief Executive Sam Ong told Reuters in an interview
Hyflux Water Trust Q3 DPU up 27.5% to 1.15 cts
Hyflux Water Trust on Wednesday said distributable income for its fiscal third quarter
rose 27.9 per cent to $3.49 million (US$2.51 million) from $2.73 million in the year-ago quarter.
Hyflux Water Trust on Wednesday said distributable income for its fiscal third quarter
rose 27.9 per cent to $3.49 million (US$2.51 million) from $2.73 million in the year-ago quarter.
Hyflux is forming Head & Shoulders, it is time to start the correction!
http://mystocksinvesting.blogspot.com/2009/11/hyflux-forming-right-shoulder.html
http://mystocksinvesting.blogspot.com/2009/11/hyflux-forming-right-shoulder.html
technicals looking damn good for entry.. vested $3.05
pure technical play..
DYODD
3 Sep 2009 DBS
Hyflux, Clearer visibility, stronger funding: Upgraded price target to S$3.50
• Visibility clearer than ever, thanks to a firm and growing orderbook
• Potential for asset divestment strengthened by JBIC collaboration and lower cost of funding at HWT
• Divestment will provide earnings boost; recycle capital to drive further growth in MENA, India
• Reassessment of Hyflux’s BOT valuation raises SOTP value to S$3.50. Maintain Buy, with 22% upside.
We have upgraded our price target to S$3.50, as we raised FY09/10 earnings forecast to account for higher
margin. The recent hike in water tariffs in China’s main cities, and an improving investment climate, has also
resulted in a higher valuation for Hyflux’s BOT portfolio.
We maintain our BUY call on Hyflux with 22% upside to TP. We believe recent developments have raised the
company to a whole new level, as outlined below.
Firstly, earnings visibility is clearer than ever. This is underpinned by a firm orderbook of S$952m to be realized
over the next 18 months. This is excluding the potential S$1.1bn worth of projects from Libya pending finalization
and financial close. When these are officially awarded by early 2010, earnings visibility will extend to 2013. In the
meantime, Hyflux is actively bidding for jobs in new markets such as India and more countries in the Middle
East including Tunisia and Morocco. As such, we expect Hyflux to impress the market with yet more contracts from
new locations.
Secondly, Hyflux’s financial backing has grown stronger especially after its collaboration with the Japan
Bank for International Co-operation (“JBIC”). Funding is not only critical for project executions; the ability to
monetize completed projects is imperative for further growth. As more plants are being completed in China, we
believe Hyflux would have a critical mass of water plants by next year, ready for divestment. It also helps that HWT –
with a lower cost of capital following the market recovery – is in a better position to acquire yield accretive projects.
Divestments will provide an instant lift to earnings in 2010.
Hyflux Go Go Go
hmmm the black candle would be the mummy.. the smaller candle after it is the baby .. it look like a pregnant woman. that is why called harami.
Kensonic77 ( Date: 03-Aug-2009 23:21) Posted:
|
| Updated: 19th August 2009, 1852 hrs |
| Hyflux signs MOU with Japan Bank on global collaboration |
|
Mainboard-listed water treatment firm Hyflux has entered into an agreement with the Japan Bank for International Cooperation for global collaboration on water projects. The agreement explores the possibility of cooperation between Japan Bank and Hyflux on water projects in the Middle East, North Africa and Asia, including China and India. Under the agreement, Japan Bank will consider providing financing for Hyflux's water projects in those regions that involve the participation of Japanese equipment suppliers or investors. The mechanism through which such financing is provided may include financial instruments such as debt finance, guarantees, and equity investments. Hyflux says the global collaboration is not expected to have any material impact on the earnings per share and net tangible assets of the firm for the current financial year. |
(OCBC 7Aug2009) Raising fair value to S$2.96. Maintain BUY.
Due to the better-than-expected recovery
in gross margins, we have bumped up our FY09 net profit estimates by
17.9% (FY10 by 17.5%), while keeping our revenue estimates unchanged.
This in turn raises our fair value from S$2.52 to S$2.96, still based on 20x
blended FY09/FY10 EPS.
Resurgent 2Q09 results.
Hyflux Ltd posted its 2Q09 results last night, where revenue jumped
24.4% YoY to S$134.5m, while net profit climbed 14.7% to S$25.9m.
The better performance was due to the progressive completion of
higher-valued projects, especially from the MENA region, with continued
active project execution driving improved gross profit margins.
More importantly on a sequential basis, revenue shot up 52.4%, while
earnings surged >400%, but this comes as no surprise as we had already
noted the seasonality factor in our 1Q09 report (also see Exhibit 1). And
for 1H09, revenue climbed 12.7% to S$222.7m, meeting 36.4% of our
FY09 forecast, while net profit rose 9.6% to S$31.0m, or 50.4% of full-year
estimate.
Wah! everyone falling except her.....looks like BB chasing her skirt
Results announced; copy from edge for reading
Mainboard-listed Hyflux, one of the leading global players in
integrated environmental solutions and a specialist in membrane
technologies, today reported PATMI of $25.9 million on revenue of
$134.5 million for the quarter ended June 30 (2QFY09), an increase of
15% over the corresponding period in 2008.
Hyflux says Middle East North Africa (MENA) and China continue to
be major revenue contributors, accounting for 60% and 38% of the
group’s total revenue respectively.
Raw materials and subcontractors’ costs rose to $72.5 million,
from $55.7 million in 2QFY08, in line with the increase in revenue for
the quarter. Staff costs rose in tandem with revenue to support the
group’s business expansion.
The increase in other expenses to $19.9 million in 2QFY09 from $8
million in 2QFY08 was mainly due to higher project related costs
including project tender fees, bank charges, selling, travelling
expenses and foreign exchange differences.
The group’s cash position stood at $120.3 million as at June 30,
2009. The improvement in the cash position for this quarter was mainly
due to the increase in operating profit and improvement in working
capital for the period. Net gearing ratio also improved to 0.6 times.
RECENT DEVELOPMENTS
Hyflux completed the divestment of the Yangkou Rudong Waste Water
treatment plant to Hyflux Water Trust (HWT) on June 30. This divestment
to HWT represents the last of the 5 plants which were approved for
acquisition by HWT’s unit holders in December 2008.
The group entered into a Memorandum of Agreement in June with
General Desalination Company of Libya. This agreement provides Hyflux
the rights to negotiate for the Build, Operate and Transfer (BOT)
development of two membrane-based seawater desalination plants in
Libya. The proposal is for these two plants to use Hyflux’s Kristal
Ultra-Filtration pretreatment membranes and process technologies. The
plants will be situated in the three largest cities in Libya, Tripoli
and Benghazi, and their estimated plant capacities are 500,000 cubic
metres/day and 400,000 cubic metres/day respectively.
Aiyo! I am also not sure leh...
DnApeh ( Date: 03-Aug-2009 22:56) Posted:
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Or is it? Can someone please clarify for candlesticks harami pattern, 1st candle is mummy or baby? thanks.
DnApeh ( Date: 03-Aug-2009 22:39) Posted:
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This one harami leh....be careful hor.
Anyone knows when is the result coming out?