Singapore share market news :

CSFB downgrades Singapore listed Epure to Neutral :

Since its trough in November 2008, Epure’s share price has risen
76% (from S$0.165) and outperformed the STI by 69%. Similarly,
against its regional water peers with exposure to the China water
sector, Epure is one of the best performers over the past three
months.
● Our S$0.28 target price remains, based on 1x forward P/B, which
translates to 6x P/E. With no potential upside from current levels,
we are downgrading Epure to NEUTRAL (from outperform). In
view of the strong outperformance, especially for a small cap
stock, investors should take profit, in our view.
● Fundamentally, we remain positive of its strong engineering
capabilities and positioning in China within the construction (EPC)
segment. Our forecasts remain unchanged and have assumed
new contracts value of Rmb1.3 bn in 2009E. Though it is in a net
cash position, we caution that Epure may intensify its strategy into
concession projects (BOT and TOT) in 2H09 and, hence,
execution success of the strategy is critical.