Singapore Stock Market News
Ezra Holdings - Valuation bet
StockFanatic
Publish date: Fri, 09 Jan 2015, 04:30 PM
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Ezra's 1QFY8/15 subsea earnings were disappointing and we would have preferred a more forthcoming disclosure on its vessels maintenance programme. However the stock remains an Add, on valuation call. It is trading at a new trough of 0.3x P/BV vs. GFC of 0.43x. The share price could swing positively on the back of a seasonally stronger 2H15, driven by 73% yoy recovery in earnings with higher subsea projects execution and margin expansion from offshore support.
We cut our FY15-17 EPS forecasts by 16-32% to factor in lower margins for subsea and contract wins on conservative ground. We lower our target price to S$0.83, now based on 0.6x P/NTA (ex-goodwill) or -1 s.d. of its 5-year mean (previously based on 0.7x P/BV).
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