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From CIMB 14May09
Epure International S$0.44 Target: S$0.52
Improving margins and stronger balance sheet
• Positive outlook intact. On the back of increased government efforts, as well as contracts expected to come from the construction of new plants and the upgrading and replacement of old and inefficient plants, management expressed a positive outlook for the water industry.
• Maintain Outperform; higher target price of S$0.52 (from S$0.37). We have kept our forecasts intact. However, we roll forward our P/E target to CY10, now pegging it at 10x (8x previously) to reflect an industry-wide re-rating. As a result, our target price rises from S$0.37 to S$0.52. Epure has a high-earnings-visibility business and solid track record in sustaining its margins.
Maintain Outperform.
From DBS research 15May09
Epure International Ltd
At a Glance
• 1Q results in line with our expectations
• Respectable EPC orderbook of over RMB800m, Epure also adds stake in another BOT project
• Records strong positive operating cash flow of RMB54m
• Maintain BUY, TP raised to S$0.64 (14x FY09 EPS)
Quote:
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Originally Posted by addict951
wah epure 1.07??? power sial now .44 leh if really good tmr load liao, this is the China original version of Hyflux right?  Anyway, I've been monitoring since .355 yes, currrently the xd buang theory no longer applies in the current bull mkt almost 10 out of 10 counters I noticed all xd-ed chiong even more, besides those u mentioned, also, Venture, CDL, YZJ, etc all flew up the sky after the XD dates |
Lai liao..46cts eve of ex-date likley will push >46cts today
Epure's 1Q09 net profit of Rmb40.7m (+32.4% yoy) was within expectations. Though 1Q09 accounts for only 15% of our FY09 forecast, there is no cause of concern due to the lumpy nature of EPC earnings. Gross margins climbed to 35.4% in 1Q09. Balance sheet strengthened as net cash shot up to Rmb505.9m from Rmb381.3m in 4Q08. Management expressed a positive outlook for the water industry. We have kept our forecasts intact. However, we roll forward our P/E target to CY10 and peg it at 10x (from 8x) to reflect an industry-wide re-rating, raising our target price to S$0.52 from S$0.37. Maintain Outperform.
Epure ever hit a high of $2.52 and private placement to institutional dealers were between $2.16 to $2.20 and Epure is now cash rich and
dividends paying too 
[/quote
Epure International Ltd (Buy; S$0.50; EPUR SP)
First batch of orders for 2008
Price Target: 12-Month S$ 1.07
By: Wee Lee Chong +65 6398 7971
Story: Epure announced that it has won RMB257m worth of consolidated EPC
contracts for wastewater treatment systems in the past months in China. The
contracts are secured and being finalised for signing. These latest batch
of contracts win can be broken down into: 1) Four industrial contracts (one
in Tianjin and three in Tangshan), worth RMB55m. Target completion dates
are in 4Q 2008, and 2) Three municipal contracts (one in Ezhou and two in
Hubei), worth RMB202m. Target completion dates are in the 4Q 2008 to 1Q
2009 periods.
Point: We believe that this order book update should alleviate concerns on
its lack of new order news flow y-t-d in 2008. Epure's current order book
is RMB435m, which implies that about RMB178m orders were carried forward
from 2007. Our net profit projection stays at RMB275m in FY08, assuming
RMB900m new orders win in 2008.
This latest batch of contracts also reaffirms our view that the lack of
news flow till last week is a matter of timing issue, especially when Epure
has the habit of announcing new contracts win in batches (vs. individual
contract announcements). Given China's increasing focus and stricter rules
on environmental issues, and Epure¡¯s position as one of the more recognised
EPC player for wastewater treatment systems in the PRC, we are anticipating
more orders flow in the months ahead.
Relevance: Our fair value for Epure is S$1.07, after adjusting for its
recent 1-into-3 shares split, and using 25x FY08 PE. We reckon that Epure
deserves the scarcity premium as one of the few fundamentally performing
SGX-listed water play. Epure has also declared net dividend of 2 Scents per
pre-split share for FY07. On a post share split basis, the net dividend per
share is about 0.07 Scents. Maintain BUY.Even better is Epure is going to pay 0.08 cents ex date 18May...payable 29May..evidence of its cash on hand status unlike other S chip and with contracts worth >1 $ Billion,Epure is set to soar so don't miss the boat
haha epure is a strong player in water play. Worth buying.
But i have to correct you, sino env is nt yet collapse lo.. haha
787180 ( Date: 08-May-2009 14:32) Posted:
It's time to buy Epure with dividend $8 per 1000 shares ex date 18may,i ensure before or after this date it will soar again,ever hit a high of >$2.This counter is tightly held by Asean Finance Corp and hence limited scripts in play,when it moves then U'll realise its potential.Hovering around 30-35cts since Jan 2009,at this price of 47cts still OK to load up.Last year 1 for 3 stocksplit is to ehance its liquidity,strong buy.Very few waste treatment plant in PRC with collapse of Sino-E,this is definitely a good stock to keep
787180 ( Date: 11-Mar-2008 14:44) Posted:
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EPURE INTERNATIONAL LTD.
(Incorporated in the Republic of Singapore)
Company registration number: 200515422C
EPURE SECURES EPC CONTRACTS AMOUNTING TO APPROXIMATELY RMB257 MILLION
The Board of Directors of Epure International Ltd. ("Epure") is pleased to announce that its subsidiary, Beijing Sound Environmental Engineering Co., Ltd ("Beijing Sound") has secured EPC contracts amounting to approximately RMB257 million. These contracts are secured and are being finalised for signing.
Industrial Contracts
The total industrial contracts secured amounted to approximately RMB55 million.
The first contract is with Tianjin Metallurgy Co., Ltd. Beijing Sound is in charge of design and project management, as well as to supply, install, test and commission the equipment for the wastewater treatment system. Completion is expected by December 2008.
Another three contracts are secured in the Tangshan area, namely with Tangshan Dafeng Coking Co., Ltd, Tangshan Desheng Chemical Co., Ltd and Tangshan Metallurgy Co., Ltd. The projects are to design, construct, procure, fabricate, install, test and commission the equipment for the entire wastewater treatment systems. Completion is expected by fourth quarter of 2008.
Municipal Contracts
The total municipal contracts secured amounted to approximately RMB202 million.
The first contract is with Ezhou Eqing Environmental Engineering Co., Ltd. The project is for the construction of a wastewater treatment system with a capacity to treat 120,000 tonnes of wastewater, divided into three phrases. Beijing Sound is in charge of design, construction, procurement, fabrication, installation, testing and commissioning of the equipment for the entire wastewater treatment systems. Completion is expected by fourth quarter of 2008.
Another two contracts are secured in Hubei province, namely with Jingzhou Jingqing Water Co., Ltd and Danjiangkou Yiyuan Water Co., Ltd. The projects are for the construction of wastewater treatment systems with a total capacity of 90,000 tonnes of wastewater. For one of the projects, it includes the laying of a 42km-long pipe network. Beijing Sound will construct, procure, fabricate, install, test and commission the equipment for the entire wastewater treatment systems. Completion is expected by first quarter of 2009.
The municipal contracts are entered into with Beijing Sound Environment Group Co., Ltd ("BJ Sound Enviro") and are subject to the guidelines and review procedures under the general Shareholders? Mandate for transactions with BJ Sound Enviro approved on 15 August 2007.
- 1 -
Taking these contracts into account, the order book stands at approximately RMB435 million. This order book is for recognition as revenue, based on the percentage of completion of each project, mainly in 2008. Barring unforeseen circumstances, the projects are expected to have a favorable impact on the net earnings per share and the net tangible assets per share of Epure for the financial year ending 31 December 2008.
Epure?s CEO, Mr Wang Zhili, commented: "These projects are in line with our strategy to target larger projects with greater technical engineering complexity which will enhance Epure?s position as a leading player in the industry. Given the increasing attention and investment in the water and wastewater treatment industry in China, we expect numerous projects to materialise in the medium term and are confident of securing several of these."
By Order of the Board
Submitted by Choo Beng Lor, Company Secretary on 10 March 2008 to SGX.
The initial public offering of Epure International Ltd. was sponsored by Stirling Coleman Capital Limited who assumes no responsibility for the contents of this announcement.
- 2 -
About Epure International Ltd.
Epure International Ltd. is widely recognised as one of China?s leading turnkey water and wastewater treatment solutions providers. Backed by extensive R&D, technical expertise, and a proven track record of over 12 years, it has successfully completed many award-winning large-scale and complex projects in the PRC.
The Group develops proprietary water and wastewater treatment technologies and customizes them into effective turnkey solutions for industrial and municipal projects. Epure has a strong marketing network in the PRC, making the Group much sought after for its strong design and engineering project management capabilities.
In 2006, Epure diversified into the management of water treatment plants with a 20% stake in Shanghai Chenghuan Water Operation Co. The Group also intends to venture into capital investment, having taken a 15% stake in Anyang Mingbo Water Operations Co. It looks to other BOT and TOT projects for co-investment. Both investments were done through Epure?s wholly-owned Beijing Sound Environmental Engineering Co.
The Group seeks to expand into other aspects of the supply chain for better integration of the whole eco-protection process, having set its sights on becoming a fully integrated services provider in the waste & wastewater treatment industry.
Having a major shareholder in International Finance Corporation, the World Bank?s private sector arm promoting socially and environmentally sustainable private sector investments, is ample testimony to Epure?s capabilities.
Epure was listed on the Main Board of the Singapore Exchange on 6 October 2006. That year, the Group ranked among the 10 Most Influential Water Companies in China and China Water Industry Top 10 EPC Companies. Non-executive chairman Wen Yibo came second among the 10 Most Influential People in China?s Water Industry.
For further information, please contact:
Mr Yan Xiao Lei of Epure International Ltd. at +86-10 6050 4710
or e-mail yxl@epure.cn
Mr Choo Beng Lor of Epure International Ltd. at +86-10 6050 4711 or +65 6272 6678
or e-mail zml@epure.cn
Ms Huang Ying Ling at +65 9026 6839
or e-mail yingling@oaktreeadvisers.com
Ms Nora Cheng of OakTree Advisers at +65 9634 7450
or e-mail noracheng@oaktreeadvisers.com
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unlikely to drop to 35.5cts anymore....this EPURE is for the orphan,widow,widower,etc...no need to check screen everyday ,just buy and keep ,will be richly rewarded.
EPURE INTERNATIONAL LTD.
(Incorporated in the Republic of Singapore on 7 November 2005)
(Registration Number 200515422C)
By Order of the Board
Submitted by Choo Beng Lor, Company Secretary on 8 January 2009 to SGX-ST
About Epure International Ltd.
In 2007, Epure was named one of the 10 Most Influential Water Companies in China and the Top 10 EPC Companies in China’s water industry. Non-executive chairman Wen Yibo ranked second among the 10 Most Influential People in the industry.
PROPOSED SHARE BUY-BACK MANDATE
Where capitalised terms are used in this announcement and not otherwise defined, such capitalised terms shall bear the same meanings as ascribed to them in the Company’s announcement of 7 January 2009.
The Board of Directors of Epure International Ltd. (the "Company") wishes to clarify the following matters relating to the announcement made on 7 January 2009 in relation to the above subject matter as follows:
The Company has not obtained approval from the SGX-ST for the Proposed Share Buy-Back Mandate. Instead, the SGX-ST has issued clearance for the Circular. Accordingly, the announcement title should read "Proposed Share Buy-Back Mandate".
Epure is one of China’s leading turnkey water & wastewater treatment solutions providers. Backed by extensive R&D and technical expertise, it has successfully completed many award-winning projects.
The Group develops proprietary technologies and customises them into effective turnkey solutions for industrial and municipal projects. It has a strong marketing network in China, where it is much sought after for its strong design and engineering project management capabilities.
In 2006, Epure diversified into the management of water treatment plants. It is also looking to co-invest in BOT (build-operate-transfer) and TOT (transfer-operate-transfer) projects. The Group plans to expand into other parts of the supply chain, orchestrating the entire eco-protection process as it becomes a fully integrated services provider. Epure has clinched two DBO (design-build-operate) projects that will propel the Group into the top league of a minority in China that can provide total water and wastewater treatment solutions under one roof.
International Finance Corporation, the World Bank arm that promotes socially and environmentally sustainable private-sector investments, is a substantial shareholder.
For further information, please contact:
Mr Yan Xiao Lei of Epure International Ltd. at +86-10 6050 4710
or e-mail yxl@epure.cn
Mr Choo Beng Lor of Epure International Ltd. at +86-10 6050 4711 or +65 6272 6678
or e-mail zml@epure.cn
It's time to buy Epure with dividend $8 per 1000 shares ex date 18may,i ensure before or after this date it will soar again,ever hit a high of >$2.This counter is tightly held by Asean Finance Corp and hence limited scripts in play,when it moves then U'll realise its potential.Hovering around 30-35cts since Jan 2009,at this price of 47cts still OK to load up.Last year 1 for 3 stocksplit is to ehance its liquidity,strong buy.Very few waste treatment plant in PRC with collapse of Sino-E,this is definitely a good stock to keep
787180 ( Date: 11-Mar-2008 14:44) Posted:
|
EPURE INTERNATIONAL LTD.
(Incorporated in the Republic of Singapore)
Company registration number: 200515422C
EPURE SECURES EPC CONTRACTS AMOUNTING TO APPROXIMATELY RMB257 MILLION
The Board of Directors of Epure International Ltd. ("Epure") is pleased to announce that its subsidiary, Beijing Sound Environmental Engineering Co., Ltd ("Beijing Sound") has secured EPC contracts amounting to approximately RMB257 million. These contracts are secured and are being finalised for signing.
Industrial Contracts
The total industrial contracts secured amounted to approximately RMB55 million.
The first contract is with Tianjin Metallurgy Co., Ltd. Beijing Sound is in charge of design and project management, as well as to supply, install, test and commission the equipment for the wastewater treatment system. Completion is expected by December 2008.
Another three contracts are secured in the Tangshan area, namely with Tangshan Dafeng Coking Co., Ltd, Tangshan Desheng Chemical Co., Ltd and Tangshan Metallurgy Co., Ltd. The projects are to design, construct, procure, fabricate, install, test and commission the equipment for the entire wastewater treatment systems. Completion is expected by fourth quarter of 2008.
Municipal Contracts
The total municipal contracts secured amounted to approximately RMB202 million.
The first contract is with Ezhou Eqing Environmental Engineering Co., Ltd. The project is for the construction of a wastewater treatment system with a capacity to treat 120,000 tonnes of wastewater, divided into three phrases. Beijing Sound is in charge of design, construction, procurement, fabrication, installation, testing and commissioning of the equipment for the entire wastewater treatment systems. Completion is expected by fourth quarter of 2008.
Another two contracts are secured in Hubei province, namely with Jingzhou Jingqing Water Co., Ltd and Danjiangkou Yiyuan Water Co., Ltd. The projects are for the construction of wastewater treatment systems with a total capacity of 90,000 tonnes of wastewater. For one of the projects, it includes the laying of a 42km-long pipe network. Beijing Sound will construct, procure, fabricate, install, test and commission the equipment for the entire wastewater treatment systems. Completion is expected by first quarter of 2009.
The municipal contracts are entered into with Beijing Sound Environment Group Co., Ltd ("BJ Sound Enviro") and are subject to the guidelines and review procedures under the general Shareholders? Mandate for transactions with BJ Sound Enviro approved on 15 August 2007.
- 1 -
Taking these contracts into account, the order book stands at approximately RMB435 million. This order book is for recognition as revenue, based on the percentage of completion of each project, mainly in 2008. Barring unforeseen circumstances, the projects are expected to have a favorable impact on the net earnings per share and the net tangible assets per share of Epure for the financial year ending 31 December 2008.
Epure?s CEO, Mr Wang Zhili, commented: "These projects are in line with our strategy to target larger projects with greater technical engineering complexity which will enhance Epure?s position as a leading player in the industry. Given the increasing attention and investment in the water and wastewater treatment industry in China, we expect numerous projects to materialise in the medium term and are confident of securing several of these."
By Order of the Board
Submitted by Choo Beng Lor, Company Secretary on 10 March 2008 to SGX.
The initial public offering of Epure International Ltd. was sponsored by Stirling Coleman Capital Limited who assumes no responsibility for the contents of this announcement.
- 2 -
About Epure International Ltd.
Epure International Ltd. is widely recognised as one of China?s leading turnkey water and wastewater treatment solutions providers. Backed by extensive R&D, technical expertise, and a proven track record of over 12 years, it has successfully completed many award-winning large-scale and complex projects in the PRC.
The Group develops proprietary water and wastewater treatment technologies and customizes them into effective turnkey solutions for industrial and municipal projects. Epure has a strong marketing network in the PRC, making the Group much sought after for its strong design and engineering project management capabilities.
In 2006, Epure diversified into the management of water treatment plants with a 20% stake in Shanghai Chenghuan Water Operation Co. The Group also intends to venture into capital investment, having taken a 15% stake in Anyang Mingbo Water Operations Co. It looks to other BOT and TOT projects for co-investment. Both investments were done through Epure?s wholly-owned Beijing Sound Environmental Engineering Co.
The Group seeks to expand into other aspects of the supply chain for better integration of the whole eco-protection process, having set its sights on becoming a fully integrated services provider in the waste & wastewater treatment industry.
Having a major shareholder in International Finance Corporation, the World Bank?s private sector arm promoting socially and environmentally sustainable private sector investments, is ample testimony to Epure?s capabilities.
Epure was listed on the Main Board of the Singapore Exchange on 6 October 2006. That year, the Group ranked among the 10 Most Influential Water Companies in China and China Water Industry Top 10 EPC Companies. Non-executive chairman Wen Yibo came second among the 10 Most Influential People in China?s Water Industry.
For further information, please contact:
Mr Yan Xiao Lei of Epure International Ltd. at +86-10 6050 4710
or e-mail yxl@epure.cn
Mr Choo Beng Lor of Epure International Ltd. at +86-10 6050 4711 or +65 6272 6678
or e-mail zml@epure.cn
Ms Huang Ying Ling at +65 9026 6839
or e-mail yingling@oaktreeadvisers.com
Ms Nora Cheng of OakTree Advisers at +65 9634 7450
or e-mail noracheng@oaktreeadvisers.com
- 3 - |
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Ha, had cleared 10lts at 0.29 for kopi $. Keep d other half for new budget annoncement loh.
If near weekends drop again, may buy back some for luck next week.
AK_Francis ( Date: 12-Jan-2009 11:50) Posted:
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Nonetheless, had q for acc ds morning. Didn't aim 4 far, got kopi $ b4 CNY, chow liao.
Its last AGM was on 20 Feb 08. Last FY gave 0.0343 cts for div. Ha ha, 03; 43 toto no. for 10m. but likely 30 winning tickets. Last yr 26 shares. Ds yr more buyers as economy plummet.
Recommended hot spot for Q, If not mistaken, Yishun, Ave 4. Ask for Ah Lian's teller. Must go early, if she go toilet, luck declines liao. Cheers.
des_khor ( Date: 12-Jan-2009 11:32) Posted:
| U see the fortune teller say will go up to 0.78... now 0.30 only ! |
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Nonetheless, had q for acc ds morning. Didn't aim 4 far, got kopi $ b4 CNY, chow liao.
Its last AGM was on 20 Feb 08. Last FY gave 0.0343 cts for div. Ha ha, 03; 43 toto no. for 10m. but likely 30 winning tickets. Last yr 26 shares. Ds yr more buyers as economy plummet.
Recommended hot spot for Q, If not mistaken, Yishun, Ave 4. Ask for Ah Lian's teller. Must go early, if she go toilet, luck declines liao. Cheers.
des_khor ( Date: 12-Jan-2009 11:32) Posted:
U see the fortune teller say will go up to 0.78... now 0.30 only !!
zhuge_liang ( Date: 01-Jul-2008 01:20) Posted:
| CIMB starts Epure International at Outperform with $0.78 target, based on 15X FY09 P/E. Says China-based turnkey water treatment specialist has outstanding orderbook of CNY1.2 b, to be recognized over FY08-10, underpinning house's revenue CAGR forecast of 28% over that period; "we are optimistic of more EPC wins in 2H08, on the back of affiliate Beijing Sound Environment Group's strong momentum." |
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U see the fortune teller say will go up to 0.78... now 0.30 only !!
zhuge_liang ( Date: 01-Jul-2008 01:20) Posted:
| CIMB starts Epure International at Outperform with $0.78 target, based on 15X FY09 P/E. Says China-based turnkey water treatment specialist has outstanding orderbook of CNY1.2 b, to be recognized over FY08-10, underpinning house's revenue CAGR forecast of 28% over that period; "we are optimistic of more EPC wins in 2H08, on the back of affiliate Beijing Sound Environment Group's strong momentum." |
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Likely, basing on its results upon coy's announcement, if earlier.
potomoto ( Date: 08-Jan-2009 21:55) Posted:
what will be a good selling price for Epure before CNY? 0.310 able to hit? |
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what will be a good selling price for Epure before CNY? 0.310 able to hit?
as we speak...it is now 40cts !! wowoWWow! :D
If it's really because of margin call, it is worth to buy. I think its fundamental and business nature is ok. Any comment?
margin call ????
Does anyone know what happen to Epure today? Why did the price drop by so much?
open at $0.615 up to $0.660 now at $ 0.590 . still can go in ??
CIMB starts Epure International at Outperform with $0.78 target, based on 15X FY09 P/E. Says China-based turnkey water treatment specialist has outstanding orderbook of CNY1.2 b, to be recognized over FY08-10, underpinning house's revenue CAGR forecast of 28% over that period; "we are optimistic of more EPC wins in 2H08, on the back of affiliate Beijing Sound Environment Group's strong momentum."
