Thursday, June 7, 2012

Ezion

Ezion: CIMB note that Ezion’s third service-rig contract from the Gulf of Mexico amply demonstrates the demand for its niche offerings. Including this latest contract, Ezion has announced US$523.8m of orders YTD. Factoring in the new contract, house raise FY13-14 EPS by 5-6%. Target price rises accordingly to $1.15, still at blended P/E & P/BV valuations. CIMB maintain O/p with more contracts to serve as catalysts and places counter as house Top Pick in the small-mid cap offshore universe. DMG maintains O/p with $1.31 TP.

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