Brokers' take

Hyflux | Hold

Sept 16 close: S$0.71

Target price: S$0.72

OCBC Investment Research, Sept 16

Hyflux Ltd announced on Tuesday that it, together with partner Mitsubishi Heavy Industries (MHI), has been picked as the preferred bidder by the National Environment Agency (NEA) to develop a WTE (waste-to-energy) plant in Tuas. Hyflux will construct the S$750 million project by 2019; Hyflux, with a 75 per cent stake, will undertake engineering, procurement and construction (EPC) works worth S$636 million, while MHI (25 per cent stake) will provide the technology; both will jointly manage, operate and maintain the WTE plant over the concession period. While Hyflux says it does not expect…