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12 April 2010 14:20
Ezra cut to ‘hold’ by DBS Vickers, trims target price to $2.62
DBS Vickers Securities has downgraded Ezra Holdings (5DN.SG) to “hold” from “buy”,
trimming its target price to $2.62 from $2.75 after lowering fiscal FY10 net profit
forecast by 14% to reflect lower fiscal 2Q10 earnings, according to Dow Jones.
“At current price levels, we believe that most of the positives have been priced in.
In the near term, the share price is unlikely to outperform,” says the broker. Notes
2Q10 net profit down 31% on-year at US$10.4 million ($14.5 million) on lower margins
due to repair, maintenance of certain vessels.
But adds 2Q10 performance more likely “a one-off hiccup” as all of Ezra’s vessels now
back in service.
A huge drop of -$0.12 almost wipe out last week's gains.
Agree that there are downside when more people found out and start to digest the financial reports.
Offshore support services - $$ spent on maintenance and refurbishment (a good thing). However, no clear indication of when will the "next charter project" be...
Deepwater subsea Services - no more income from drilling activities. FY10 projected lower revenue (this is worrying).
Sold and got out.
More downside this week.
what is yr view? ('.' )
Ezra Holdinga Ltd
Half-Year Financial Statement
Group 3 mths ended 28Feb'2010(a) and 6 mths ended 28Feb'2010(b):
(a) Revenue: US$74.5 mln +18% (b) US$135.4 mln -23% <---- ('.' )
(a) Profit after tax: US$10.3 mln -31% (b) US$28.8 mln +17% <---- ('.' )
(a) Total Comprehensive Income US$8.6 mln -26% (b) US$28.6 mln +440% <---- ('.' )
for the financial period:
http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_4D9FEB6B2085F21C482577000031A1FB/$file/Ezra1HFY10.pdf?openelement
Report does not look favourable.Somemore expensive in term of PER and PRICE/NAV.
Not Vested as well.
musicwhiz5 ( Date: 11-Apr-2010 19:04) Posted:
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Would anyone like to check if this is accurate? If so, this would make it pretty expensive in terms of valuations. The market must be pricing in very very explosive growth for it to trade at such valuations.
Not vested.
sure or not, target price 1.20
think shd more like 2.35 rite?
Ezra will report Q22010 earnings on the 9th April post close
Singapore, followed by an analyst briefing. We expect EPS USD
0.03. We reckon current risk-reward is skewing towards the
downside as market expectations on new contracts for the
upcoming newbuilds remain demanding. Recent market bids
from the Petrobras' tenders support our NAV valuation of Ezra.
DnB NOR Q2 2010 estimates (Q1 reported in brackets), no
quarterly consensus available
street for 2010 FY)
(12), EBIT USDm 19 (10), and EPS SGD 0.029 (0.023). Please see
our sub-segments' estimates below. •
segment 1)
expected to be delivered by Q2 and Q3 this calendar year.
500-men construction support vessel Lewek Crusader expected
delivery in Q2 this calendar year.
Ezion in Q2-3 2010 calendar year. •
Falcon and Lewek Fulmar) -
of 50' USD/day for the two vessels (and EBITDA USDm 13-15 per
year), under the assumption that they will operate as offshore
supply vessels (AHTS) instead of subsea vessels. Judging from the
recent market tender with Petrobras, contracts for similar size
vessels are going for 45-60' USD/day, inline with our estimates. • we are modeling average dayrates of 40' USD/day and EBITDA per
year of USDm 3-5. Our estimated rates are lower compared to
similar size construction vessels as this vessel does not have
pipelaying capability and has a smaller crane than competing
barges in the market (such as the LTS 3000, Sapura 3000, Aziz,
and sister vessel Lewek Champion). •
1.20. 2010 EV/EBITDA of 15x. Our EBIT estimates of USDm 69/85
for 2010/2011 are 15% and 18% below consensus, respectively.
We reiterate that EZRA should be priced inline with offshore supply
We maintain SELL recomm with tp SGD/sh 1.20 based on NAV.
companies rather than subsea companies.
Is this good news and how will it affects the shares price?
http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_8C5443BAC3CE57A9482577000035C0B8/$file/EzraAcquisitionofVendorSharesAnnouncement.pdf?openelement
cheh! why so wayang... need to halt for half yr results?
| sgx website: "Pending release of announcements on the unaudited results for the financial half-year ended 28 February 2010 of EOC Limited and Ezra Holdings Limited. " |
bishan22 ( Date: 09-Apr-2010 12:47) Posted:
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tonylim ( Date: 18-Mar-2010 18:46) Posted:
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marubozu1688 ( Date: 24-Mar-2010 19:45) Posted:
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Chart does not looks good. Wave C starts now?
http://mystocksinvesting.com/singapore-stocks/ezra/ezra-wave-c-starts/
Welcome to post your views at my blog post.
Has Ezion done with the accumulation? Today's positive price trend with STI gap down proving it.. Let's see.
http://star-trader.blogspot.com/2010/03/ezion-holding-my-previous-analysis.htmlSOBAYOR,
Star-Trader
star-trader ( Date: 09-Mar-2010 23:07) Posted:
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