Singapore Stock Market News
Ezra Holdings - Treading on thin ice
StockFanatic
Publish date: Thu, 09 Apr 2015, 12:47 PM
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| Lewek Constellation |
2QFY15 net profit was below our forecast and consensus due to lower utilization and margins. Both subsea and offshore support are facing headwinds of rate cuts and margin pressure. In the near term, efforts to reduce its gearing could re-rate the stock but operational headwinds could persist in the next 12 months. We cut FY15-17 EPS by 28-57% on lower margins and higher depreciation. Our target price is lowered, now pegged at 0.3x (CY15) P/BV (previously 0.6x), justified by c.3% ROE. We downgrade from add to Reduce. De-rating catalysts include weaker orders and margins.
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