SINGAPORE (Nov 20): CIMB reiterates its “add” view on CITIC Envirotech with a $1.80 target after the Singapore-listed water-treatment firm announces a potential 1 billion Chinese yuan ($221 million) in orders and establishes a US$750 million ($1.1 billion) securities issuance programme.

CITIC Envirotech also sells its first US$175 million ($247 million) US dollar-denominated senior perpetual bonds, drawing in strong demand and allowing it to price them at the lower end of the final yield guidance.

CITIC Envirotech is up 2.6% at $1.60 in contrast to a 0.5% fall in the local benchmark Straits Times Index.