Ezion

Ezion: SCB raise TP to $1.80 from $1.39 as house factor in an expected re-rating from 9x to 12x 2013E P/E due to the robust backlog, forecast of a 33% EPS CAGR over the same period and good execution. House raise gross profit forecasts to reflect recent orders but lower EPS estimates as house reclassify the dividend from the perpetual securities as an expense. In view, there are significant growth opportunities for liftboats in Southeast Asia and the Middle East given limited market penetration; liftboat usage in North America is 10x higher than in these regions.