SINGAPORE (Nov 26): Environmental engineering services company CITIC Envirotech's new projects--five of them as per recent announcements--are only the beginning, with more to come next year, Jefferies says in a note.

The research firm argues that CITIC’s strong network in China means that the firm will likely announce more new projects in 2016, with management focusing on high return options that use the company's membrane technology.

Jefferies says that from a stock perspective, CITIC’s low free float could lead to high price volatility, but it rates the firm a buy with a target price of $2.13.

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