Friday, November 30, 2012
Ezion
Ezion: UOB Kay Hian maintains Buy with $2.00 TP. House note that Liftboats and service rigs are gaining acceptance among NOCs in Asia Pacific. Ezion’s recent breakthroughs include securing more charters from Pertamina and maiden charters from Petronas. Potential demand for liftboats and service rigs in Asia Pacific is huge as the current fleet is still relatively small, compared to Asia Pacific’s fixed platform fleet that they can service.
Add that grp’s earnings will ramp up as more liftboats and service rigs come on-stream. New demand is booming, now that NOCs in this region are convinced over the superior efficiency of liftboats and service rigs over traditional OSVs
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