Ezion

Ezion: Announced contract win and recall that 2Q11 results saw core earnings at US$12.2m, +3.6% yoy and -45.5% qoq.
Grp has secured marine logistics work worth US$55m for devt of LNG facilities on Curtis Island, Aus, and will undertake project single-handedly. With as many as eight proposed LNG projects in Queensland, Ezion is in good stead to secure further work.

Ezion also plans to raise more cash by issuing SGD denominated perpetual capital securities. While details of instrument are not yet available, securities are ‘Said’ to be non-dilutive and will act like preference shares. Kim Eng and CIMB maintain O/p with $0.99 and $0.92 TP.