Brokers' Take

Hyflux, Oct 3 closing: $1.94

04 October 2004
The Business Times

BNP Paribas Peregrine Securities

VALUATIONS remain undemanding. At price earnings ratios (PEs) of 17 times for 2004 and 14 times for 2005, Hyflux trades at a discount to its global peers (prospective PEs of 14.9 to 47.5 times). We raise our target price to $2.62, based on a 0.8 times price earnings to growth ratio (PEG), or 2004 PE of 25.8 times. Reiterate OUTPERFORM recommendation.