Singapore Stock Market News
Ezion Holdings - Renewed faith
StockFanatic
Publish date: Mon, 16 Feb 2015, 11:07 PM
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Ezion's 4Q14 core net profit of US$49m (+27% yoy) was 21% above our forecast but in line with consensus. We were overly conservative on potential losses from its tugs & barges. FY14 core net profit met 104% of our full-year forecast.
Management shared that liftboat #1 (deployed in West Africa; contract expires in Jan 15) has successfully renewed its contract for another two years at the same charter rates. We cut our FY15-16 EPS by 7-9% as we push back our contract-win assumptions. We also introduce our FY17 numbers. Our blended-P/E & P/BV target price drops as we now peg the target multiples to 1 s.d. below its 5-year mean (prev. 0.5 s.d. below). Contract extensions at firm day rates and ontrack delivery of liftboats/service rigs could catalyse its share price. Maintain Add.
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