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Counter was up 5.2% yesterday, partly spurred by news of a possible delisting from SGX by peer Sound Global. Recall buyout specialist, Kohlberg Kravis Roberts (KKR) currently holds 16.6% of the water treatment company but could raise its stake to 45.2% and trigger a mandatory takeover if it decides to convert its entire US$113.8m convertible bonds into UENV shares. The 2.5% 2016 convertible bonds carry a conversion price of $0.45/share, and are deep in the money given that UENV is currently trading at $0.91.
Given KKR’s expertise in leveraged buyouts and restructuring deals, investors are not ruling out the prospects of KKR making a privatization move on UNEV to extract maximum value from its investment. Given the recent market rout, United Envirotech (UNEV) now trades at a mid-range 14x trailing P/E. This is despite the group’s earnings surging nearly three-fold in its recent FYMar13 results to $29.5m, driven by strong improvements in both its engineering and water treatment businesses.
i gave an early warning sign to take profit.. DBS issued theirs today.. Utd dropping from $1 to 91.5c.. almost 10%
DBS
4Q13 headline net profit of S$6.8m for United Envirotech
met our S$6.2m forecasts but fell short if we exclude the
S$1.8m of forex gain. Higher contribution from EPC drags
margins but growing Treatment supports transformation
to a recurring earnings model. Earnings estimates are
intact as higher costs offset the increase in turnover.
However, higher tariffs and capacity have lifted
Treatment’s DCF valuation and therefore, our fair value is
lifted to S$0.97 (Prev S$ 0.74). UENV’s share price has
done exceedingly well, rising 90% YTD. We believe near
term upside will be capped, but acquisitions or new
contracts are re-rating catalysts. Downgrade to HOLD.
ozone2002 ( Date: 27-May-2013 13:10) Posted:
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United Envirotech: Long-term prospects still sparkling
United Envirotech Ltd (UEL) reported its FY13 results, with revenue jumping 117% to S$185.0m, or just 2% above our forecast, while net profit surged 182% to S$29.5m, and was about 1.6% ahead of our estimate. UEL also declared a final dividend of S$0.005/share. Going forward, management intends to further expand its recurring water treatment revenue by acquiring or investing in more water treatment plants. We believe UEL has the financial means to achieve its goal after its recent fund raising exercises. We are also positive on the company's long-term prospects. Maintain BUY with a higher S$1.03 fair value (versus S$0.90 previously), still based on 13x FY14F EPS. (Carey Wong)
...last done: $0.915...
xkclzf ( Date: 27-May-2013 15:38) Posted:
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ozone2002 ( Date: 27-May-2013 14:25) Posted:
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Don't B greedy.. set ur target price, profit n B happy :)
gd luck dyodd
xkclzf ( Date: 27-May-2013 13:14) Posted:
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you seem like earn the profit of every stock you invested.
very lucky
I still hold this and kruze.
seem like trend still up.
back up to previous high..
may want to take profit..
gd luck dyodd
went as high as 95.5.. after breaking new high and moved further
before correcting to lowest 82 and settling at 89
as indicated technicals are overbought as stated in my previous post..
waiting for a better price for entry
gd luck dyodd
ozone2002 ( Date: 15-May-2013 22:02) Posted:
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there will be result out soon. last year was 21 or 29th May.
Dr Lin is good in expanding it's water treatment and he is good in collecting debt. attended it's AGM, even the big water treatment admire his capability/networking in collecting money.
DBS price target is $0.92
Price Target :
12-Month S$ 0.69* (S$0.92**)Potential Catalyst:
* based on fully dilution of convertible bonds into 302m shares
** based on existing share cap
gd luck dyodd
87.5 new high
gd luck dyodd
ozone2002 ( Date: 15-May-2013 22:02) Posted:
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