15-05-2011, 12:24 PM
Hi there,
I am new to this forum and hope to learn from many of the veterans in this forum.
With regard to the O&G sector being a cyclical industry, anyone has any thoughts about this comment on Ezion recurring profits. It seems logical as they enter into contracts where the day rates would be locked in. Appreciate comments.
Subject: FW: DBS Vickers (Spore) Ezion Holdings: Bumping up profits; BUY S$0.685; Price Target : S$ 1.09
Ezion Holdings: BUY S$0.685; Bloomberg: EZI SP Bumping up profits; Price Target : S$ 1.09
By: Jeremy THIA +65 6398 7974
At a Glance
• 1Q11 core PATMI of US$11.5m was above; disposal of liftboat #2 finally
completed; headline PATMI boosted +309%.
• Liftboat #4 starts to contribute from June.
• Top pick among asset owners; BUY, TP S$1.09.
Comment on Results
1Q11 above. Recurring net profit surged 110% y-o-y to US$11.5m, 35% above our expectations, driven by full 3 months’ contributions from 2 liftboats (vs. c. 2 months from 1
I am new to this forum and hope to learn from many of the veterans in this forum.
With regard to the O&G sector being a cyclical industry, anyone has any thoughts about this comment on Ezion recurring profits. It seems logical as they enter into contracts where the day rates would be locked in. Appreciate comments.
Subject: FW: DBS Vickers (Spore) Ezion Holdings: Bumping up profits; BUY S$0.685; Price Target : S$ 1.09
Ezion Holdings: BUY S$0.685; Bloomberg: EZI SP Bumping up profits; Price Target : S$ 1.09
By: Jeremy THIA +65 6398 7974
At a Glance
• 1Q11 core PATMI of US$11.5m was above; disposal of liftboat #2 finally
completed; headline PATMI boosted +309%.
• Liftboat #4 starts to contribute from June.
• Top pick among asset owners; BUY, TP S$1.09.
Comment on Results
1Q11 above. Recurring net profit surged 110% y-o-y to US$11.5m, 35% above our expectations, driven by full 3 months’ contributions from 2 liftboats (vs. c. 2 months from 1