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Ezra
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Peter_Pan
Supreme |
21-Jan-2013 13:02
Yells: "did you order dunkin' donuts" |
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" Optimism about an improving macro environment and fund flows from bonds to equities should continue to underpin equity markets," said DBS Vickers in a note. The brokerage said it expects 2013 to be another strong year for offshore and marine companies, as sustained high oil prices will mean continued investment into the sector. Oil services and equipment providers such as Ezion Holdings Ltd outperform rigbuilders like Keppel Corp contract wins help to improve earnings visibility. Loading........50% |
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stocksburntme
Veteran |
21-Jan-2013 12:06
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not cheap enough 
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5spice
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18-Jan-2013 09:55
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load cheaper good !!! i love ezra ezra hongbao
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sgxtrader2013
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17-Jan-2013 13:59
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Downtrend Sentiment | ||||
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Peter_Pan
Supreme |
17-Jan-2013 13:57
Yells: "did you order dunkin' donuts" |
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Loaded! | ||||
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Peter_Pan
Supreme |
16-Jan-2013 22:00
Yells: "did you order dunkin' donuts" |
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Yes.
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tonylim
Master |
16-Jan-2013 20:07
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EZRA in accumulation phase?
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Peter_Pan
Supreme |
16-Jan-2013 18:08
Yells: "did you order dunkin' donuts" |
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Ok
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steadylar
Veteran |
16-Jan-2013 18:00
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Price is consolidating. I recall that the previous qtr's earnings also dragged down by high costs, and this qtrly report again showed that high cost caused net profit to go below-view, adding to the disappointmt abt Ezra's cost mgmt. Dont buy yet until price has finished consolidating which may take weeks.would suggest to cut loss soonest possible, then either switch to one with good earnings, or stay sideline for the time being. |
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Peter_Pan
Supreme |
16-Jan-2013 15:24
Yells: "did you order dunkin' donuts" |
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Credit Suisse buying. | ||||
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simpleguy88
Member |
16-Jan-2013 09:22
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Anybody knows whether it will rebound to what price again ? I bought it at a high price.. realli feel like selling it :( |
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5spice
Member |
16-Jan-2013 09:19
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it is good to go another round on ezra at discounted price again it is good for those who have miss the run, another chance given good days ahead cheers ! smile :) |
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Peter_Pan
Supreme |
16-Jan-2013 08:43
Yells: "did you order dunkin' donuts" |
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Come-back kid. | ||||
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stocksburntme
Veteran |
15-Jan-2013 22:45
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poor souls who chased last week. | ||||
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minsiang
Member |
15-Jan-2013 22:10
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just bought on last Friday 15 lots at 1.305 during closing. Since can hold, I'll hold it first and see how's this month px goes otherwise lost quite a lots :( |
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Listing
Senior |
15-Jan-2013 21:32
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No wonder I hear 1.17 level !!
Ezra Holdings: Results below expectations (Neutral, S$1.25, TP: S$1.15) Jason Saw (+65 6232 3871, [email]jason.saw@sg.oskgroup.com[/email]) 1QFY13 net profit of US$6.7m (-7% QoQ, -49% YoY) was disappointing. The weak net profit was due to lower gross margins and higher admin, interest and income tax expenses. We see little near-term re-rating catalyst. In our view, contract wins are unlikely to excite the market as investors are looking for a sharp improvement in earnings (after a series of earnings disappointment) while debt level remains elevated. We cut our FY13-14F EPS estimates by 28-38% (from a low base) to reflect weaker subsea margins. Maintain Neutral on the stock with an unchanged TP of S$1.15 based on 0.85x P/B. Strong topline growth but bottomline hit by lower margins and higher expenses. 1QFY13 headline net profit of US$6.7m (-49%) was lower despite revenue rising +54% YoY. The weak net profit was due to: (1) decline in overall gross profit margin from 19.2% in 1QFY12 to 17.9% in 1QFY13 (2) admin expenses rose +34% YoY (3) interest expense up +28% YoY and (4) higher taxes due to withholding taxes on vessels operating in overseas water. Ezra also recognised a US$3.8m gain from disposal of fixed assets, a US$0.6m gain from fair value changes in FVTPL but offset by US$0.3m forex loss. Operating cash flow remains negative at -US$64.8m due to growing working capital needs. Subsea profitability below-par competition may cap margin expansion. Subsea gross margin was 14-15% vs. 17-18% in 4QFY12 due to lower fleet efficiency. In the past three months, Ezra has secured US$360m new orders for the offshore support vessel (OSV) and subsea divisions. We estimate that Ezra has a net subsea order book of around US$900m and OSV backlog of US$500m. While we expect the subsea spending to remain robust on high crude oil prices, aggressive bids from established and emerging players may cap margin expansion. Delay in project implementation is also a risk to earnings. Cut FY13-14F earnings by 28-38% on lower subsea margins. We lower our FY13F subsea gross profit margin from 21.0% to 18.0% to reflect the lower subsea margins in 1QFY13 (estimated at 14-15%) and lower fleet efficiency. We now estimate FY13-14F net profit (before preferred dividends) of US$29m and US$58m respectively. Consensus net profit estimates for FY13F ranged between US$33m and US$92m. Valuations: Maintain Neutral with an unchanged TP of S$1.15. Our TP is based on FY13F P/B of 0.85x. In the last 12 months, Ezra traded between 0.7x and 1.1x P/B. |
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Listing
Senior |
15-Jan-2013 21:20
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A different view:
Ezra Holdings: Share price has run up downgrade to HOLD ● Weak 1QFY13 results ● 2HFY13 expected to be better ● Downgrade to HOLD after price run-up Soft 1QFY13 results Ezra Holdings (Ezra) reported a 54% YoY rise in revenue to US$278.7m and a 44% rise in gross profit to US$49.9m in 1QFY13. But higher administrative expenses, a lower share of profit of associated companies, and a higher tax rate led to a 49% fall in net profit to US$6.8m. Stripping out exceptional items such as fair value changes of financial instruments and forex changes, we estimate core net profit to be around US$4.3m, 16% lower than 1QFY12. This represents only about 13% of our full year core net profit estimate of US$33m, which is already one of the lowest in the street. Secures contracts for subsea and marine work The group also announced new contract wins worth up to US$160m for several projects, including 1) US$85m of subsea work for an oil major in Asia Pacific, a client in Malaysia and exercise of options and variation orders for Statoil, and 2) five charter contracts worth about US$75m (average tenor 2.6 years, including options). Order book remains healthy The outstanding order book for the subsea division stood at US$850m as of end 1QFY13, while the total bid book remains at about US$4.4b. We estimate about 60% of the US$4.4b amount may be awarded in FY13, with a success rate of 35%. This translates to an estimated new order win of about US$925m for the subsea division in FY13. We estimate Ezra has secured about 48% of our new order win assumption. Limited upside downgrade to HOLD Despite the soft 1QFY13 results, we expect better performance in 2HFY13 as margins in the subsea segment improve. However, as Ezra’s share price has run up by about 18.5% since our last report on 3 Dec 2012, we now see limited upside potential to our fair value estimate of S$1.30. Downgrade to HOLD. (Low Pei Han) |
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Listing
Senior |
15-Jan-2013 20:32
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Already 4 black candles. No 5 likely... $1.10 likely short term then maybe see how.. | ||||
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Peter_Pan
Supreme |
15-Jan-2013 19:21
Yells: "did you order dunkin' donuts" |
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DBS Vickers Securities Ezra posted 1Q13 results below expectations, but improving profitability on Offshore Support seen, which generated gross margins of ~24% (+6ppt q-o-q) on better utilisation rates. Separately, Ezra announced a batch of contract wins worth > US$160m from across its business divisions. In FY13 YTD, c. US$400m of subsea work has been secured, vs our full-year assumption of US$1bn, lifting its current backlog to c. US$930m. We have fine-tuned our FY13/14F earnings forecasts by -9%/-2% respectively. We expect bumpy road ahead to recovery Maintain BUY, TP raised to S$1.58 (Prev S$ 1.30) pegged to 1.15x FY14P/BV (previously 0.9x FY13 P/BV), in line with its historical average valuation post-GFC. |
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Peter_Pan
Supreme |
15-Jan-2013 19:05
Yells: "did you order dunkin' donuts" |
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Ezra Holdings- 1QFY13: Disappointing results offset by strong subsea contract wins.
(EZRA SP/BUY/S$1.25/Target: S$1.46) FY13F PE (x): 17.1 FY14F PE (x): 11.5
Below expectations. 1QFY13 net profit came in at US$6.8m (-49% yoy). Compared with consensus net profit forecast of US$73m and our net profit forecast of US$95m, 1QFY13 results are below expectations. Of the US$98.2m increase in turnover, subsea services contributed the lion share of US$86.2m while offshore support services (
Management said that earnings are lumpy. Earnings in 2HFY13 are expected to be substantially higher than 1HFY13’s because of recognition timing of Ezra’s subsea orderbook (UOBKH estimates current orderbook at US$1b). Thus far in FY13, subsea contract wins have been good, totalling more than US$400m. Our projected subsea turnover of US$850m is doable. FY12 subsea turnover was US$552m. |
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