Ezion price target reduced by 16.6% to $1.51 by CIMB

Stock Name: Ezion
Company Name: EZION HOLDINGS LIMITED

Research House: CIMB

Price Call: BUY

Target Price: 1.51

SINGAPORE (April 10): CIMB has cut its price target for Ezion Holdings to $1.51 from $1.81 after lowering its FY2015 to FY2017 earnings per share estimates by 22% to 36% to factor in a projected 20% decline in charter rates for the company's liftboats and service rigs.

Ezion, which has 37 liftboats and services rigs, may even end up with one or two contract cancellations, according to CIMB analyst Yeo Zhi Bin.