Singapore Stock Market News
Ezra Holdings - Earnings recovery intact
StockFanatic
Publish date: Sun, 26 Oct 2014, 10:56 PM
StockFanatic
0 10,453
Welcome to Stockfanatic Singapore stock market and regional market news. This is a platform to share Singapore stock market and regional news to investors / man in the street. Investors can also look forward to analyst reports and brokers recommendations. Stockfanatic's Singapore stock market and regional news blog, home of investors one stop news station.
FY14 core profit was in line with consensus but 9% above our forecast due to lower SG&A expenses. Offshore margin improved to c. 20% in 4Q14, while subsea margin was stable at 14-15%. 60% of the OSV fleet are backed by 1-3 year contracts, especially for higher-tonnage AHTS and PSVs. This could insulate Ezra from potential downward pressure on rates. Subsea order win dipped 25% yoy in FY14 to US$1bn as some project awards were delayed. To be prudent, we cut our subsea orders to US$1.2bn (US$1.5bn prev.).
We trim our FY15-16 EPS by 1-3% and introduce FY17 EPS. Our TP is now pegged at 0.7x P/BV (1 s.d. below its mean) given the weaker industry sentiment. Ezra could re-rate as oil prices stabilises, with earnings recovery as the catalyst. It is trading at 0.54x P/BV, close to the GFC trough of 0.43x. Maintain Add.
Read more » Related Stocks
| Chart | Stock Name | Last | Change | Volume |
|---|
Market Buzz
More articles on Singapore Stock Market News
Market Commentary: Record highs on trade, vaccine developments
Created by StockFanatic | Aug 26, 2020
Market Commentary: Record highs on trade, vaccine developments
Created by StockFanatic | Aug 26, 2020
Market Commentary: Data help US market end week on a high note
Created by StockFanatic | Aug 24, 2020
Market Commentary: Data help US market end week on a high note
Created by StockFanatic | Aug 24, 2020
Market Commentary: And they are back, with S&P within inches of record high close
Created by StockFanatic | Aug 13, 2020
Market Commentary: And they are back, with S&P within inches of record high close
Created by StockFanatic | Aug 13, 2020
Market Commentary: US negotiations over stimulus continue amid diplomatic tensions
Created by StockFanatic | Aug 11, 2020
Market Commentary: US negotiations over stimulus continue amid diplomatic tensions
Created by StockFanatic | Aug 11, 2020
Discussions
Be the first to like this. Showing 0 of 0 comments
Post a Comment
Featured Posts
New Update. Discover investment communities that resonate with your ideas
Trade Confidently & Analyze Charts Conveniently - Download VCPlus IOS & Android App Now!
Latest Videos
Apps
Top Articles
1
RHB Investment Research Reports
2
CEO Morning Brief
Singapore Airlines Vows to Expand Capacity Despite Rising Competition
3
RHB Investment Research Reports
4
RHB Investment Research Reports
Venture Corp - Soft Demand Delaying 2H Recovery; Maintain BUY
5
#
Stock
Score
Daily Stocks
Stock Name
Last
Change
Volume
Stock Name
Last
Change
Volume
Stock Name
Last
Change
Volume
Featured Advertisers / Partners
Ride The Bull Short The Bear
CS Tan
4.9 / 5.0
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
