Ezra

Ezra: Co has posted 1Q results, rev at $75.9m, +25%yoy, -30.5%qoq. Net profit at $13.3m -28.0%yoy, -37.9%qoq. Revenue growth yoy came mainly from Marine and Deepwater segments. Gross margin at 33.7% improved compared to 31.6% yoy and 29.7% prev quarter. Both contributors to poor showing was decline in quarterly rev and share of profits from both associates and JVs partly attributed to EOC’s Lewek Champion transition to alternate employment opportunities…

EPS per share of US 1.79c . In separate announcement, co has won charters of US$73m for 3 of its offshore support vessels from EMAS Offshore, an AHTS vessel and 2 PSVs deployed in Asia. Lifting of trading halt tmr at 9am. DB maintains Hold at TP $1.80 with view that long-term industry prospect remain firm and Ezra’s capabilities and global footprint enable co to bid for major contracts. Co last traded at 12.86x P/E vs hist avg 10.71x