Ezra Holdings - Market Misunderstood Refinancing Plan | I3investor

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Ezra Holdings - Market Misunderstood Refinancing Plan

StockFanatic

Publish date: Mon, 08 Jun 2015, 02:20 PM

We were too early in upgrading Ezra in April, thinking that most negatives had been priced in at 0.3x P/BV. We change our call to TRADING BUY with a SOP-based SGD0.34 TP (from SGD0.55, 17% upside), implying a conservative 0.42x ex-rights P/BV. The rights issue's size was the main negative surprise, but we think the market has priced in more dilution than a realistic case. We note a hefty margin of safety now exists for the net market-realisable value of its assets.

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