Ezion: UOB kay Hian while Maintaining BUY, note that grp’s share price has had a sharp run-up in the last few wks and could see some correction in the near future. House TP of $0.95 is based on 8x 2012F PE. This is at a discount to the long-term (since 2004) 1-year forward PE mean of 9.5x of the offshore support vessel owners segment.
Add that at a long-term 1-year forward mean valuation of 9.5x 2012 PE, house fair value for Ezion would be $1.24. Overall, maintains fundamental BUY call on Ezion, but suggest entry after a share price correction in view of its recent sharp run-up. TP of $0.95 is pending an upgrade.
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