Singapore Stock Market News
Ezion Holdings - Business potential still underappreciated
StockFanatic
Publish date: Thu, 21 Aug 2014, 09:42 AM
StockFanatic
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Opportunity to pay value stock-equivalent valuation for a high-quality growth stock
Action: 47% implied price upside; initiate at Buy with a SGD3.13 TP
We initiate coverage on Ezion with a Buy rating. Ezion is Southeast Asia's largest owner of liftboats / service rigs, which are used for maintenance work on fixed production platforms in shallow water oil fields. It has 18 operational liftboats / service rigs deployed globally, and 18 units being built as of mid- 2014. This fleet is backed by secured charter-out contracts from oil majors, and will anchor the 36% recurring EPS CAGR over FY14-16F. Despite good profit visibility, Ezion trades at 8.5x blended FY14-15F P/E and 6.9x FY15F P/E.
Our TP of SGD3.13 (which is largely based on DCF valuation) is the highest in the market, and implies 10.5x FY15F P/E, vs ASEAN peers' 13.4x
Read more » Our TP of SGD3.13 (which is largely based on DCF valuation) is the highest in the market, and implies 10.5x FY15F P/E, vs ASEAN peers' 13.4x
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