Stock Name: EzionHldg
Company Name: EZION HOLDINGS LIMITED
Kim Eng Research in a July 14 research report says: "Ezion continues to develop its liftboat business with two project-specific contracts in the last three months and the ongoing delivery of its newbuilds. Its improved capital structure allows it to take full advantage of the opportunities that its liftboat business provides.
"As of its 1Q11 reporting, the company has a net cash balance of just over US$10m. Ezion certainly has demonstrated that it has the resources, capability and balance sheet to further build on its liftboat business, which will drive earnings beyond our current three-year forecast core net earnings CAGR of 30%.
"While core FY2011 earnings are muted due to start-up costs, FY12 will be boosted by liftboat deployments. Target price of 99 cents, based on PEG of just 0.5x or FY11F core PER of 12.5x. MAINTAIN BUY."
Company Name: EZION HOLDINGS LIMITED
| Research House: Kim Eng | Price Call: BUY | Target Price: 0.99 |
Kim Eng Research in a July 14 research report says: "Ezion continues to develop its liftboat business with two project-specific contracts in the last three months and the ongoing delivery of its newbuilds. Its improved capital structure allows it to take full advantage of the opportunities that its liftboat business provides.
"As of its 1Q11 reporting, the company has a net cash balance of just over US$10m. Ezion certainly has demonstrated that it has the resources, capability and balance sheet to further build on its liftboat business, which will drive earnings beyond our current three-year forecast core net earnings CAGR of 30%.
"While core FY2011 earnings are muted due to start-up costs, FY12 will be boosted by liftboat deployments. Target price of 99 cents, based on PEG of just 0.5x or FY11F core PER of 12.5x. MAINTAIN BUY."
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