Others
Epure Tnt'l IPO (a water recycle stock)
Post Reply
1-20 of 115
Thank you, teeth53. Please do keep us posted if you have more information and details. By the way, I have recently bought into Boustead at $1.53 and thought of selling as price has gone up to $1.80 already. Do you think I should continue to hold ? (dont worry, I wont hold you responsbible...hehehe). For your info, I have heeded your advice and still holding to my IPO 1 lot of CapitalRetailChinaTrust :)
*Notes this especially SINOSPRING*
Temasek has the 1st Say as far as CTSpring infarstruture Trust
Earlier this year, S'pore's water-treatment group Hyflux also announced an IFC investment of up to US$20 mil in SinoSpring, a Hyflux joint-venture Coy that undertakes projects in China.
|
FYI: Feb 27, 2007 Sept IPO at 0.65c, now traded at $1.84 c
Published Aug 26, 2006 (FYI: Another hyflux in making)  |
|
US$10m IFC boost for Epure ahead of its listing here
By CHEW XIANG |
EPURE International, a water-treatment specialist in China which is planning a Singapore mainboard listing, has received a US$10 million investment from
Int'l Finance Corp (IFC), the private sector investment arm of the World Bank.The preliminary prospectus lodged with the Monetary Authority of Singapore (MAS) yesterday shows IFC has a pre-IPO stake of 13.4 per cent. 'Post-listing, IFC will retain a substantial shareholding,' said Epure.
Francisco Tourreilles, director of IFC's infrastructure dept, said: 'IFC's investment in Epure will support the development of China's water and wastewater sector and will contribute to public health and environmental improvements for the country's population.'
Epure chairman Wen Yibo said: 'IFC's investment is a strong endorsement and testament to the high standards of water and wastewater treatment technologies that we currently possess. It is also a major recognition of our high standards of quality and commitment to environmental protection.'
*Notes this especially SINOSPRING*
Earlier this year, S'pore's water-treatment group Hyflux also announced an IFC investment of up to US$20 mil in SinoSpring, a Hyflux joint-venture Coy that undertakes projects in China.
Reflecting the increased water-treatment activity in China, Epure's revenue hit 380 million yuan (S$75 million) in FY2005, a compound annual growth rate of 38 % from FY2003's 199 million yuan. This resulted in net profit growing from 37.6 million yuan to 79.9 million yuan over this period. Epure said the group is backed by a 10-year track record.
First-quarter results for the current financial year showed a 15.4 million yuan net profit on revenue of 90.3 million yuan. As at March 31, Epure's order book stood at 456.7 million yuan, with 366.7 million yuan expected to be recognised this financial year.
As a result of rapid growth, Mr Wen said, the company felt the time was right to tap capital markets to fund further expansion. 'Singapore is an ideal place for us to list the company as investors here are familiar with water and wastewater treatment companies.'
Water stocks listed in Singapore include Bio-Treat, Asia Environment, Asia Water, Hyflux and Sinomem, all having interests in China. Locally listed Boustead Singapore's wholly owned subsidiary Salcon is also one of Asia's leading wastewater engineering players, having already completed more than 60 projects in China.
Hi jessie. Have a nice reading and decide for ur self ( Me all for subscribe on the word GO..yahoo...memm....$$$, if kena again.
Target price $0.80c reach liao, but still got room to move up again, big big boys bot it up, another 3-5c take profit again.
Epure should trade S$0.83/share on 11x CY07 (forward PE).
A fast one, Epure can do type, another 3-5 cents more then profit take.
Epure TP px coming to $0.80c liao. closed of......
Press Release ( FYI )
Epure's IPO Receives Strong Response from Institutional and Individual Investors
Invitation attracted institutional investors like Schroder Investment Management (Singapore) Ltd. and UOB Asset Management Ltd.
IFC holds 10% of the issued share capital of the Company immediately after listing
Proceeds will be used to undertake new large-scale and complex turnkey projects; repay short-term bank loans
SINGAPORE - 5 October 2006 - Epure International Ltd. ("Epure"), one of the leading turnkey water and wastewater treatment solutions providers in the People's Republic of China ("PRC").
IPO closed at 12 noon on 4 Oct 2006, 9,649 valid applications were received for the 1.5m Offer Shares that were made available to the public for subscription. In total, these applicants applied for approximately 276m Offer Shares, with application monies received amounting to approximately S$179.4 million.
The Invitation of 100m New Shares of S$0.65 each comprises 1.5m Offer Shares by way of Public Offer and 98.5m Placement Shares by way of placement. At S$0.65 per share, Epure's IPO has an estimated PE ratio of 12 times, based on the Group's net earnings per share of 5.41 cents for FY2005 and pre-Invitation share capital of 300m shares.
Epure's placement tranche of 98.5 million shares received strong interest from individuals and institutional investors. Investors who each subscribed for 5% of the Invitation Shares are Schroder Investment Management (Singapore) Ltd. and UOB Asset Management Ltd.
International Finance Corporation ("IFC"), the pte sector arm of the World Bank Grp, has invested US$10m in Epure in July 2006, will be retaining 10% of the issued share capital immediately after listing. The IPO was approximately 3.7 times subscribed.
"The water and wastewater treatment sector is widely-covered in Singapore and enjoys a strong following amongst investors. We are extremely pleased with the strong response to our IPO as this clearly demonstrates the investment community's confidence in our company," said Mr Wen Yibo, chairman and founder of Epure.
Stirling Coleman Capital Limited is the Manager, Underwriter and Placement Agent while UOB Kay Hian Pte Ltd is the Primary Sub-Underwriter and Primary Sub-Placement Agent for Epure's IPO.
Epure intends to use the net proceeds of approximately S$58.0 million for the following:
SINGAPORE - 5 October 2006 - Epure International Ltd. ("Epure"), one of the leading turnkey water and wastewater treatment solutions providers in the People's Republic of China ("PRC").
IPO closed at 12 noon on 4 Oct 2006, 9,649 valid applications were received for the 1.5m Offer Shares that were made available to the public for subscription. In total, these applicants applied for approximately 276m Offer Shares, with application monies received amounting to approximately S$179.4 million.
The Invitation of 100m New Shares of S$0.65 each comprises 1.5m Offer Shares by way of Public Offer and 98.5m Placement Shares by way of placement. At S$0.65 per share, Epure's IPO has an estimated PE ratio of 12 times, based on the Group's net earnings per share of 5.41 cents for FY2005 and pre-Invitation share capital of 300m shares.
Epure's placement tranche of 98.5 million shares received strong interest from individuals and institutional investors. Investors who each subscribed for 5% of the Invitation Shares are Schroder Investment Management (Singapore) Ltd. and UOB Asset Management Ltd.
International Finance Corporation ("IFC"), the pte sector arm of the World Bank Grp, has invested US$10m in Epure in July 2006, will be retaining 10% of the issued share capital immediately after listing. The IPO was approximately 3.7 times subscribed.
"The water and wastewater treatment sector is widely-covered in Singapore and enjoys a strong following amongst investors. We are extremely pleased with the strong response to our IPO as this clearly demonstrates the investment community's confidence in our company," said Mr Wen Yibo, chairman and founder of Epure.
Stirling Coleman Capital Limited is the Manager, Underwriter and Placement Agent while UOB Kay Hian Pte Ltd is the Primary Sub-Underwriter and Primary Sub-Placement Agent for Epure's IPO.
Epure intends to use the net proceeds of approximately S$58.0 million for the following:
approximately S$20 million to undertake new large-scale and complex turnkey projects,
approximately S$4 million to expand its sales and marketing network,
approximately S$4 million for R&D,
approximately S$18 million to repay certain short-term bank loans, and
the balance for general working capital.
"Our immediate aim is to focus on maintaining our strong leadership position in the industry by implementing our business strategies such as taking on bigger and more complex projects in the PRC, taping the market opportunities in the PRC and focusing on R&D to offer a wider range of innovative and cost effective solutions," Mr Wen added.
Epure will target certain large scale wastewater treatment projects in the industrial sector with a value of at least RMB30 million, and municipal water and wastewater treatment projects with a treatment capacity of at least 100,000 tonnes per day.
With its experience and relevant certifications, Epure also intends to focus on securing projects with greater technical complexity, such as industrial wastewater treatment projects for pharmaceutical and petrochemical industries, as well as major projects in various areas facing water pollution or shortage. In the current financial year, Epure has already secured three of such projects: the Shanghai Songjiang district wastewater project; Zhejiang Huzhou tap water treatment project; and the Hebei Kailuan Jingtanggang coking project.
As at 31 Mar 06, Epure has an outstanding order book amounting to RM 456.7 million, of which, barring any unforeseen circumstances, approximately RMB366.7 million is expected to be recognized in FY06 and the balance by FY07. Epure has already recognised revenue of RMB90.3 million between 1 Jan 2006 and Mar 2006.
About Epure International Ltd.
Epure is one of the leading turnkey water and wastewater treatment solutions providers in the PRC that is backed by extensive R&D, technical expertise and a proven track record. The Company develops proprietary water, wastewater treatment technologies & customise them into effective turnkey solutions for both industrial & municipal projects.
With over 10 years of industry experience, Epure is sought for its strong project mgnt capabilities, award winning portfolio of large-scale and complex projects spanning across the PRC and various major industries such as coking, paper-making, metallurgy, petrochemical, food and power generation.
As a testimony of its capabilities, (IFC), the pte sector arm of WB Grp which promotes socially and environmentally sustainable pte sector investments, invested US$10m in Epure in July 2006.
Get real and don tink tink the sky will open up with unlimited rescource!!. take what is on the plate and hope it chenogg... although on Friday closed result, it performance is well received and supported, but Monday Oct 9, 2006. feeling may get Mon blue and oso Dow performance not very good.
http://www.remisiers.org/research//Epure-Intl-QT-061006.pdf
FYI: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. EPURE's 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.
Epure should trade S$0.83/share on 11x CY07 (forward PE).
Countesy of CMIB-GK (not vested any more)
Closed at $0.735, it net PE stood at 13.6x and mkt cap value at S$294 m.
At $0.65c, a mkt capitalisation of S$260m, that 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, countesy of CMIB-GK.
A compatriot sis of Hyflux and a competitor of BIO-T.
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??.
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
EPURE is link to d above news on
www.sgx.com.sg
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.
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.
don't be greedy lah, make some, leave some for others...anyway u're already on the positive side now...but still...everything got a limit to it's peak...so watch it...cannot be too "tam sim" ok? :-)
Aiya ! Should have buy more, now cheonging up , up !!!
Hi,
seems you are right, now Epure is "Cheonging" !
Whow..here it come again.. $0.72 liao..cheongg..let cee end of d day.
Balloting-English.pdf