Stock Name: EzionHldg
Company Name: EZION HOLDINGS LIMITED
DBS Vickers Securities in a Nov 16 research report says: "Ezion delivered core 3Q11 PATMI of US$12.9 million (+69% y-o-y, +6% q-o-q), slightly ahead of expectations. This was mainly on higher contributions from liftboat #4, which commenced operations within the period.
"Given the strong 3Q11, our FY2011F is tweaked +1%, while FY12/13F are cut by 3%/12% from removing the marine bases' contributions. Partially offset by Liftboat #7 which should kick in from 2H2013 onwards, Ezion is still projected to post healthy FY2011-2013 EPS CAGR of 27%.
"We estimate that our FY2011-2013F profit before tax are 97%/75%/76% backed by secured contracts/ LOIs. Our target price is adjusted to 96 cents as we roll forward our valuation to FY2012, pegged to 9x PE in line with its historical average. MAINTAIN BUY."
Company Name: EZION HOLDINGS LIMITED
| Research House: DBS Vickers | Price Call: BUY | Target Price: 0.96 |
DBS Vickers Securities in a Nov 16 research report says: "Ezion delivered core 3Q11 PATMI of US$12.9 million (+69% y-o-y, +6% q-o-q), slightly ahead of expectations. This was mainly on higher contributions from liftboat #4, which commenced operations within the period.
"Given the strong 3Q11, our FY2011F is tweaked +1%, while FY12/13F are cut by 3%/12% from removing the marine bases' contributions. Partially offset by Liftboat #7 which should kick in from 2H2013 onwards, Ezion is still projected to post healthy FY2011-2013 EPS CAGR of 27%.
"We estimate that our FY2011-2013F profit before tax are 97%/75%/76% backed by secured contracts/ LOIs. Our target price is adjusted to 96 cents as we roll forward our valuation to FY2012, pegged to 9x PE in line with its historical average. MAINTAIN BUY."
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