Brokers' take

Moya Holdings Asia | Buy Target price: S$0.15 April 9 close: S$0.099 RHB Research, April 9

Moya's founding shareholder, Moya Holding, sold out its stake in the group. In January, it sold a stake to majority shareholder Tamaris infrastructure at 10 Singapore cents each. This was followed by a sale to Gateway Partners - a private equity fund which is now a substantial shareholder - in April at 11 Singapore cents per share or a 10 per cent premium. We believe that this is a vote of confidence on the company's growth prospects.

We understand that the management is currently in talks with the Indonesian water authority (PDAM) to extend to 27 years the concession for its Aquatico assets (which have seven years remaining). An extension would benefit Moya Holdings Asia, and would lead to a re-rating of the stock.