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CNA said it subsidiary Beijing Herocan Environmental Engineering Tech has secured two wastewater treatment projects worth RMB100m in China.
The first, worth RMB60m, is a build-operate-transfer project involving the the construction and operation of the 50,000-ton/day Caijiabo Wastewater Treatment Plant in Shaanxi Province, China. Construction of the plant is scheduled to commence in the current quarter and is expected to be completed by December 2007, following which Herocan will have a license to operate the facility for the next 20 years.
The second project, worth RMB40m, involves the design, construction and commissioning of a 50,000-ton/day wastewater treatment facility in Shenzhou City in China's Hebei Province.
"These two new projects highlight the groups efforts to expand our earnings base beyond our existing strength in building and facility controls and automation," CNA president and CEO Michael Ong said.
"We expect our entry into the water and waste treatment construction business to generate strong returns for the group and our shareholders," he added.
Thanks for TA comments and noted. CNA Group is generally illiquid but interest in this stock has caught on. Last week, we saw 2 days when volume hit as high as 2 million. Bought at 0.20 cts 5-6 weeks ago and now up 20+%. From a deep value investing stand point, this stock beats many of the existing water treatment stock listed both on the main board and Sesdaq. Management guidance for 2H 06 is that it is going to be better than 1H 06. Very favourable analyst coverage by SIAS, OCBC Investments and Phillips. Company has just started its expansion into PRC and Middle East and already they have secured many projects.
TA comments - look at the volume... on some days, the volume traded is zero or close to it! If you get this stock, you might end up stuck with it for some time.
Recently loaded up on CNA following release of their 1H 2006 performance. Share price has since trended up 15%. Volume is up significantly since Business Times did a feature on this company. Been doing a lot of research the last few days on this sesdaq listing and came away very impressed with the CEO vision and his strategy execution post IPO. Plan to buy more in the coming weeks to increase my holding but not sure if I have missed out anything. I welcome any comments, analysis, insights anyone can offer for this stock ...