Stock Name: EzionHldg
Company Name: EZION HOLDINGS LIMITED
OCBC Investment Research in an Aug 10 research report says: "Ezion announced that it has been awarded an initial project worth about US$55 million to provide full logistics and support services for the haulage of equipment and modules for the development of LNG facilities on Curtis Island, Queensland, Australia.
"According to management, Ezion will provide about five pairs of tugs and barges for this initial project, with some chartered in and the rest built at yards in SE Asia. Capex required is estimated to be around US$40 million, and we estimate that about 70% of this will be funded by debt.
"We assume net profit margin of about 20%. We have adjusted our earnings estimates after taking into account this latest development and based on 10x blended FY11/12F core earnings, our fair value estimate rises to 86 cents (prev. 79 cents). MAINTAIN BUY."
Company Name: EZION HOLDINGS LIMITED
| Research House: OCBC | Price Call: BUY | Target Price: 0.86 |
OCBC Investment Research in an Aug 10 research report says: "Ezion announced that it has been awarded an initial project worth about US$55 million to provide full logistics and support services for the haulage of equipment and modules for the development of LNG facilities on Curtis Island, Queensland, Australia.
"According to management, Ezion will provide about five pairs of tugs and barges for this initial project, with some chartered in and the rest built at yards in SE Asia. Capex required is estimated to be around US$40 million, and we estimate that about 70% of this will be funded by debt.
"We assume net profit margin of about 20%. We have adjusted our earnings estimates after taking into account this latest development and based on 10x blended FY11/12F core earnings, our fair value estimate rises to 86 cents (prev. 79 cents). MAINTAIN BUY."
No comments:
Post a Comment