Towards Financial Freedom
Ezion - Another Record Quarter
Ezion (EZI)'s 2Q13 net profit soared 142% y-o-y to USD36.3m, thanks to full quarter contribution from 3 service rigs and higher logistics revenue in Australia. Its results beat estimates on lower interest and depreciation charges. EZI has proposed a 1-for-5 bonus issue. The results prompt us to raise our FY13-15F core EPS by 8%-12%. Maintain BUY, with a higher SGD3.26 TP, based on a 16x blended FY13/14F P/E.
- Results exceed expectations. Excluding exceptional gains, EZI's 2Q13 core net profit rose 28% q-o-q or 142% y-o-y to USD36m. Its 1H13 core net profit of USD64.7m (+122% y-o-y) made up 58% of our estimate as depreciation and interest expenses came in lower than expected. Depreciation for its new liftboats was 25 years versus 20 years in our model while part of the interest cost was capitalised as fleet capex.
- Firing on all cylinders. 2Q13 revenue jumped 81% y-o-y to USD67.2m due to higher liftboat and service rig charter contributions and heightened activities at LNG related projects in Australia. Specifically, 2Q13 saw the full contribution of two 50%-owned service rigs deployed in the Gulf of Mexico and a service rig in the North Sea. Ten more rigs are to be delivered in 2H13, three in 3Q13 and seven in 4Q13.
Source: OSK
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This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
