Ezion

OCBC starts at Buy with S$0.81 target, based on 12X blended core FY10-FY11 earnings. Says supplier of lift boats, offshore support services will gain from firm demand for its vessels in Asia, Middle East, based on high level of client interest. The group is also looking to cater to offshore wind farms. Forecasts FY10 net profit of S$61m vs S$17m profit in FY09, boosted by gains from disposal of stakes in some lift boats; excluding exceptional gains, tips core profit of S$32m.