NEW YORK, January 20 (FinanceEnquiry.com) - Analyst Siddharth Rajeev at Fundamental Research Corp initiates coverage of Blue Horizon Industries Inc (CNSX: BH) with a buy rating. The fair value is set to $0.30.

In a research note published on January 11, analyst Siddharth Rajeev mentions that Blue Horizon is building its first biodiesel plant, which is expected to be in commercial production during 2H12. Additional five biodiesel production modules are planned to be completed by mid-2013 subject to financing.
The analyst holds a positive outlook on the second-generation biodiesel market, considering the surge in environmental and governmental regulations as well as low feedstock costs relative to the first-generation biodiesel market. Blue Horizon Industries has completely finished its first dismantling project that produced $1.7 million in revenues and 80% of the second project where the projected revenue for the entire project is $20.5 million, the analyst adds.