Ezra: strong 3Q10 results. Revenue +82% yoy to US$109m, gross profit +50% yoy to US$33m, and net income +37% yoy to US$26m. Revenue growth came largely from the Marine Svcs Division, which benefitted from an increase in procurement and eqpt supply and engineering activities in Vietnam. Ezra’s Offshore Support Services Division now has a fleet of 33 vessels (fully deployed) and expects to its first MFSV and a deepwater subsea construction vessel to join its fleet shortly.
Management also anticipates better prospects for its Deepwater Subsea Services Division, which is expected to secure more projects in future. Deutsche maintains Buy with $2.80 target. Says Ezra could benefit over the long term from potential enhanced safety and environmental regulations post the US GOM oil spill, via its fleet of high-spec subsea vessels.
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