Ezion: UOBKH maintains buy with TP of $0.90. Notes grp has made meaningful inroads in Aus, recently announcing 2 new marine supply bases and another A$70m logistics services contract….
While Gorgon gas project contracts has come in slower than expected, expects high potential for positive revisions to consensus forecasts once it materializes. For now earnings growth to be largely structural, stemming from expansion of liftboat fleet in Australia, which has yet to reach critical mass. Current share price implies a 8X FY11E PE, which appears compelling, given 2 yr core EPS CAGR of 38.4%.
Seperately, OCBC has buy rating for grp with TP of 0.79
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