Singapore Stock Market News
Ezra Holdings - Subsea substandard
StockFanatic
Publish date: Sat, 13 Apr 2013, 02:12 PM
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Ezra made a core net loss of US$0.3m in 2Q13, affected by low
utilisation in both subsea and offshore segments. Stiff competition,
slower pace of contract awards by customers, weak margins and
higher tax rates all point to a grim outlook. Maintain Underperform.
We had expected US$7m core profit
for 2Q13. Ezra's 1H13 core profit of
US$6.4m forms only 15% of our and
consensus forecast. But its 2Q13
reported profit of US$29.7m was
boosted by a US$30m gain on
disposal of sale-and-leaseback assets.
We cut FY13-15 core EPS by 11-18%
on lower margins. Thus, our target
price is reduced to S$0.80, still based
on 10x CY14 P/E or 1 s.d. below its
5-year mean.
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