Hyflux's Tuaspring Desalination plant slated to open in September

Maybank to arrange its non-recourse project financing.

According to CIMB, Hyflux's Tuaspring Desalination plant is slated to open in Sep 13. Maybank will arrange non-recourse project financing for the plant, including its onsite power plant with its financial close expected in 3Q13.

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The spice is still missing HYF is in need of mega project wins that can act as immediate share price catalysts. Its net gearing is not over the top at 0.8x, but new projects could make this swell.

That said, HYF has done well in the past in tappingthe capital market for funding sound projects that it was keen to pursue. Its current valuation appears fair vis-à-vis its major Asian peers.