Ezra Holdings

Ezra Holdings: OCBC maintains Buy with $1.35 TP, but note that earnings impact from Triyard listing not significant House positive on dev, as this would allow the Triyards Group to tap the debt and equity capital markets independently from Ezra to pursue future growth opportunities. The move may also allow Ezra and Triyards to leverage on each other for business opportunities. Ezra is currently trading at about 12x FY12F earnings; should the market assign a lower P/E multiple to Triyards, this would lower SOTP based valuation of Ezra, and vice versa. As the proposed move is subject to the approval of Ezra shareholders, maintain BUY rating with $1.35 fair value estimate on Ezra for now.