In China Hyflux now has water projects in 20 cities, including Beijing and Shanghai.

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As it seeks to bid on bigger projects, can Hyflux's chutzpah overcome the deep pockets of such rivals?

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The name "Hyflux" comes from a technical term meaning the higher the "flux" of the membrane, the better its cleaning ability.

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As Hyflux's profile grows, the company will increasingly be in the crosshairs of larger rivals, such as France's Suez, Siemens' USFilter and GE.

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When Olivia Lum had just started her water treatment firm, Hyflux, in Singapore, she could not afford a professional welder to build her first projects.

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Most of Hyflux's rivals offer a more limited selection of capabilities.

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Without these Hyflux's earnings were essentially unchanged--far below most analyst's estimates.

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And unlike its rivals, Hyflux is one of the few companies in the world that provide a full suite of water solutions, from basic engineering and design to managing "build-own-operate" projects.

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Hyflux is now the world pioneer in this treatment.

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With its stock now priced at 28 times forward earnings, Hyflux needs to give a nearly flawless performance to justify such lofty valuations (the Singapore market trades at an average of just 13).

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In 2001 Hyflux went public.

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