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Published Thu, Jul 25, 2019 · 09:50 PM
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Citic Envirotech (CEL)| Hold (downgraded) July 25 close: S$0.30 Target price: S$0.34 DBS Equity Research, July 25
Our biggest concern on CEL is execution risk as slow project execution has been the main reason for earnings disappointment. CEL's valuation is rather stretched given the low single-digit earnings growth in FY2019.
The high adjusted net debt-equity ratio (adjusted for perpetual securities) is also …
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