Notice of a New Substantial Shareholder's interest. [Please complete Part II and IV]
>> PART II
1.
Date of change of Interest
12-11-2009
2.
Name of Registered Holder
UBS AG
3.
Circumstance(s) giving rise to the interest or change in interest
# Others
# Please specify details
Deemed interests arising by virtue of (a) UBS AG having an interest, or (b) Section 7(4) or 7(4A) of the Companies Act in shares over which subsidiaries/affiliates of UBS AG have an interest, by reason of the ability to exercise voting discretion and to acquire/dispose of shares. Changes in the deemed interests have occurred as a result of transfer of shares for portfolio management purposes.
4.
Information relating to shares held in the name of the Registered Holder
No. of Shares held before the change
32,059,400
As a percentage of issued share capital
4.87 %
No. of Shares which are subject of this notice
1,833,642
As a percentage of issued share capital
0.28 %
Amount of consideration (excluding brokerage and stamp duties) per share paid or received
Initiate Coverage: Double Double, All Toil No Trouble Analyst: Stella Tan / Nancy Wei Tel: 6590 6629
We have initiated on Ezra Holdings with a Buy recommendation and a target price of S$2.70. (Please find report attached)
Our recommendation is premised on the doubling of earnings over the next 3 years, driven by its new deepwater subsea segment and a second fabrication yard in Vietnam. Additionally, we also see asset owners as early-cycle beneficiaries of increasing E&P activity, given the sensitivity of charter rates to demand.
Price catalysts include nascent contract wins for its subsea segment, on-schedule delivery of subsea assets, and more acquisitions of distressed assets.
Initiate Coverage: Double Double, All Toil No Trouble Analyst: Stella Tan / Nancy Wei Tel: 6590 6629
We have initiated on Ezra Holdings with a Buy recommendation and a target price of S$2.70. (Please find report attached)
Our recommendation is premised on the doubling of earnings over the next 3 years, driven by its new deepwater subsea segment and a second fabrication yard in Vietnam. Additionally, we also see asset owners as early-cycle beneficiaries of increasing E&P activity, given the sensitivity of charter rates to demand.
Price catalysts include nascent contract wins for its subsea segment, on-schedule delivery of subsea assets, and more acquisitions of distressed assets.
"DISCLAIMER:- This announcement was prepared and issued by the below mentioned listed issuer to the Exchange. The Exchange assumes no responsibility for the correctness of any of the statements made, opinions expressed or reports contained in this announcement and is posting this announcement on SGXNET for the sole purpose of dissemination only. In the event of any queries or clarification required in respect of any matters arising from this announcement, such queries are to be made to the listed issuer directly and not to the Exchange. The Exchange shall not be liable for any losses or damages howsoever arising as a result of the circulation, publication and dissemination of this announcement."
Name of Announcer *
EZRA HOLDINGS LIMITED
Company Registration No.
199901411N
Announcement submitted on behalf of
EZRA HOLDINGS LIMITED
Announcement is submitted with respect to *
EZRA HOLDINGS LIMITED
Announcement is submitted by *
David Tan Yew Beng
Designation *
Company Secretary
Date & Time of Broadcast
10-Nov-2009 19:12:15
Announcement No.
00164
>> ANNOUNCEMENT DETAILS
The details of the announcement start here ...
>> PART I
1.
Date of notice to issuer *
10-11-2009
2.
Name of Substantial Shareholder *
UBS AG
3.
Please tick one or more appropriate box(es): *
Notice of a New Substantial Shareholder's interest. [Please complete Part II and IV]
>> PART II
1.
Date of change of Interest
06-11-2009
2.
Name of Registered Holder
UBS AG
3.
Circumstance(s) giving rise to the interest or change in interest
# Others
# Please specify details
Deemed interests arising by virtue of (a) UBS AG having an interest, or (b) Section 7(4) or 7(4A) of the Companies Act in shares over which subsidiaries/affiliates of UBS AG have an interest, by reason of the ability to exercise voting discretion and to acquire/dispose of shares. Changes in the deemed interests have occurred as a result of transfer of shares for portfolio management purposes.
4.
Information relating to shares held in the name of the Registered Holder
No. of Shares held before the change
31,677,400
As a percentage of issued share capital
4.82 %
No. of Shares which are subject of this notice
1,874,017
As a percentage of issued share capital
0.28 %
Amount of consideration (excluding brokerage and stamp duties) per share paid or received
0
No. of Shares held after the change
33,551,417
As a percentage of issued share capital
5.10 %
>> PART III
1.
Date of change of [Select Option]
2.
The change in the percentage level
From % To %
3.
Circumstance(s) giving rise to the interest or change in interest
[Select Option]
# Please specify details
4.
A statement of whether the change in the percentage level is the result of a transaction or a series of transactions:
>> PART IV
1.
Holdings of Substantial Shareholder , including direct and deemed interest :
Maintain Outperform; results beat expectations. We maintain Outperform on Ezra and raise our sum-of-the-parts based target price to S$2.60 from S$2.14. 4Q09 core profit of US$30m was above our estimate (US$20m) and double that of consensus (US$14m) mainly due to stronger-than-expected project recognition at its marine services (Vietnam fabrication yard) and strong offshore chartering operations. FY09 core profit of US$80m (+61% yoy) was 29% above our forecast. We raise our earnings estimates by 1-5% for FY10-11 to incorporate higher revenue and better margins for marine services. We also introduce FY12 estimates. Our target price rises to S$2.60 following our earnings upgrade and rollover to end- CY10. We continue to like Ezra for its strong earnings growth and move into the deepwater and subsea markets, ahead of its Singapore peers.
• Strong margins. EBITDA margins improved to 31% in 4Q09 (4Q08: 10%) as 4Q08 included US$10m of unrealised forex losses on the back of the Norwegian kronor’s depreciation and provision for doubtful debts. Gross margins were stable at about 30%, boosted by stronger margins from offshore chartering (38%) and marine services (24%). We believe the trend can be sustained.
• More good news ahead? We expect positive news flow in the near term as Ezra takes delivery of a 12,000bhp AHTS with a potential chartering contract announcement. Management also expects earnings contributions from an FPSO owned by Ezra’s associate, EOCL, as the vessel is already producing 150mmscfd of gas, within its contract with PTTEP.
• Acquired shipset for ice-class vessel to venture into Arctic region. Separately, Ezra announced that it has acquired a shipset (equipment, engines and thrusters) from the Ice Maiden project at undisclosed distress prices from the Scottish engineering group, C&M. The Ice Maiden is a multi-purpose support vessel capable of operating in harsh environment. We believe Ezra could have paid less than US$10m for the shipset utilising recent placement proceeds. The ice-class vessel will be completed by end-2011 or beginning 2012 and we estimate it could potentially command day rates of up to US$50,000/day.
Ezra has been rather quiet. While the rest of the stocks during the same period have went up and down drastically, Ezra went down heavily initially and the trading range shrunk afterward. Indicating lack of willingness for sellers at this range and lack of confidence caused by scared investors from the mega drop. It is value for money but no one dares to take the chance. All recent reports have indicated Ezra is about 20% below fair value.There is opportunity but the momentum and investor confidence lost is putting it stagnant for the past few sessions. Renewed sentiments needed for it to go back to its $2.08. Given the recent economic indicators from US and China, we can expect trading seaward activities to pick up rapidly over the last 3 months and for the next 3 months. Ezra will benefit from this revived shipping volumes.
Watch this counter. Looks set to return to its previous range. Reminder it was between 2.04-2.10 previously....that is a 10 cent potential. My goodness...
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