Ezra

DBS Vickers upgrades Ezra to Buy from Hold on attractive valuations noting supplier of offshore & marine vessels building up warchest to over US$300m in preparation for possible acquisitions. This could be a positive share price catalyst should any acqn be earnings accretive or enhance the group's capabilities. But trims target price to $2.50 after reducing FY10-11 recurring earnings forecasts by 5% to account for associate EOC's potentially weak 3Q10 performance due to maintenance downtime on 1 of its vessels as well as under-utilization of its barge. Shares trending up at $1.88.