Stock Name: Ezra
Company Name: EZRA HOLDINGS LIMITED
Company Name: EZRA HOLDINGS LIMITED
| Research House: UOB KayHian | Price Call: BUY | Target Price: 2.10 |
Shares of Singapore oil services provider Ezra Holdings (EZRA.SI) rose as much as 3.9% on Friday on expectation that it will win more orders and benefit from higher charter rates for vessels.
At 12:10 a.m., Ezra shares were up 3.3% at $1.575 on a volume of 6.6 million shares, around 1.6 times the average daily volume so far this year.
At 12:10 a.m., Ezra shares were up 3.3% at $1.575 on a volume of 6.6 million shares, around 1.6 times the average daily volume so far this year.
UOB Kay Hian, which has a buy rating and a target price of $2.10 on Ezra, said the firm aims to increase its subsea orderbook from US$276 million ($337 million) currently to US$800 million-US$1 billion by the first quarter of 2012.
Charter rates for most vessel sizes have also stabilised while those for larger vessels have been rising, the brokerage said, adding that Ezra's assets can perform multiple tasks, thus increasing the likelihood of securing employment.
Most analysts are bullish about the offshore sector due to strong demand. Ezra's peers STX OSV (STXO.SI) was up 4.7% and Swiber Holdings (SWBR.SI) rose 4.3%.
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