Singapore Stock Market News
Ezra Holdings - Earnings recovery intact
StockFanatic
Publish date: Sun, 26 Oct 2014, 10:56 PM
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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.
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