Singapore Stock Market News
Ezra Holdings - Baby steps to recovery
StockFanatic
Publish date: Mon, 28 Oct 2013, 09:14 AM
StockFanatic
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Ezra's kitchen-sinking efforts in 3Q13 were warranted on hindsight as
subsea turned around nicely in 4Q13. However, it is too early to turn
bullish with just one good quarter. Maintain Underperform.
4Q13 core profit of US$7.3m was
above our US$2m estimate, bringing
FY13 core loss to US$39m. This is
ahead of our -US$44m forecast and
consensus's -US$33m, thanks to
stronger subsea margin in 4Q13. We
lift our FY14-15 EPS by 3-43% for
stronger subsea margin and introduce
FY16 EPS. Our target price rises to
S$1.00 after rolling over to CY15, still
based on 11x (-1 s.d. of its 5-year
mean). Ezra could be catalysed by
positive margin surprises.
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