Stock Name: Ezra
Company Name: EZRA HOLDINGS LIMITED
CIMB in a Mar 6 research report says: "Ezra is on a roll with US$200 million contract wins in the past week. Ezra has secured yet another subsea contract worth US$55 million, bringing subsea wins to date above US$300 million, or 40% of our US$800 million target.
"Its subsea order backlog has breached US$1 billion, ahead of time as we previously expected this to happen only in 2Q12. Group order book is now close to US$2 billion. We increase our EPS by 2-6% for FY2012-2014 to reflect Ezra’s stake divestment in Ezion and stronger subsea project recognition.
"Our target price increases to $1.43 as a result, still based on 10.5x CY13P/E, a 10% discount to the5-year mean of 12x for small/mid-cap industrials. OUTPERFORM."
Company Name: EZRA HOLDINGS LIMITED
| Research House: CIMB | Price Call: BUY | Target Price: 1.43 |
CIMB in a Mar 6 research report says: "Ezra is on a roll with US$200 million contract wins in the past week. Ezra has secured yet another subsea contract worth US$55 million, bringing subsea wins to date above US$300 million, or 40% of our US$800 million target.
"Its subsea order backlog has breached US$1 billion, ahead of time as we previously expected this to happen only in 2Q12. Group order book is now close to US$2 billion. We increase our EPS by 2-6% for FY2012-2014 to reflect Ezra’s stake divestment in Ezion and stronger subsea project recognition.
"Our target price increases to $1.43 as a result, still based on 10.5x CY13P/E, a 10% discount to the5-year mean of 12x for small/mid-cap industrials. OUTPERFORM."
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