Right now, the demand for FLC stock is determined by how 'cheap'...

Right now, the demand for FLC stock is determined by how 'cheap' it currently is ... rather than how valuable they will become. 

Good points raised. Allow me to add to your post.

How do we value a company like FLC? Price earnings? Price to book? That is where the market is not clear. In tech companies, investors are prepared to pay billions for companies like Uber even when it's incurring losses, only because they believe the platform can spin off other businesses eg self driving cars, food and different ways of making deliveries etc. Innovation is therefore key.

But the problem with the water industry is this, it frowns on innovation. Market participants, especially investors from Asia are wary. They are not convinced that the conservative nature practised now by market practitioners will change. It's also  not convinced that decentralisation, even though much discussed, is ever going to become a secular trend. Hence, the malaise. The uncertainty is making investors prefer to see earnings come in so that they can place a floor on its valuation. 

Thankfully, China is embracing the new smart packages faster than ROW. But is the order iTest a one time fluke? The broad market remains sceptical judging from the share price. If it's not, then the future is much more valuable than today.