SINGAPORE (Dec 15): UOB KayHian says CITIC Envirotech’s (CEL) recent price correction offers investors a buying opportunity.
CEL's share price has fallen from a recent high of 79 cents on Nov 2 to 73 cents now. That's below or around the 82.5 cent and 72.5 cent price level entered in by strategic investors CITIC and China Reform Fund recently.
"With CEL’s stellar 3Q17 results, there are no fundamental reasons supporting such a price correction. A 30% dividend payout is also to be expected for 2017, likely to be announced around Feb 18," says UOB lead analyst Edison Chen in a Wednesday report.