Stock Name: EzionHldg
Company Name: EZION HOLDINGS LIMITED
Company Name: EZION HOLDINGS LIMITED
| Research House: CIMB | Price Call: BUY | Target Price: 1.11 |
Target S$1.11
Growing traction among oil companies, strong demand for its niche offerings and high oil prices are behind Ezion's unrelenting order momentum. Including its latest contract, Ezion has secured US$437.5m of contracts YTD. Factoring in the new contract, we lift our FY13-14 EPS by 5%. However, we lower FY12 EPS by 7% as we delay contributions from the Kenai JV (Alaska rig now set to be deployed in 2H12). We raise our target price, still at blended P/E & P/BV valuations. Maintain Outperform.
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