Ezra kept at 'buy' with lower target price of 93 cents by CIMB

Stock Name: Ezra
Company Name: EZRA HOLDINGS LIMITED

Research House: CIMB

Price Call: BUY

Target Price: 0.93

SINGAPORE (Jan 12): CIMB Research has cut target price for Ezra Holdings to 93 cents from $1.10 amid disappointing 1QFY8/15 subsea earnings, but maintains a "Buy" call due to its current subsea projects.

The contractor and provider of offshore solutions to the oil and gas industry lost US$15 million gross profit in 1QFY8/15 due to dry-docking of two subsea vessels.

One of the vessel encountered bad weather and gangway malfunction last October, while the other was under a mandatory five-year maintenance.