Ezion

Ezion: OSK maintain Buy, TP $2.48, noting grp’s 4th charter contract of 2013, lifting its YTD new charters to US$290m. Believe Ezion can easily fund the US$12m equity portion from its internal cash flow but net gearing will increase to 1.05x by end-FY13 (from 0.95x). revised FY13-14F EPS by -0.1% and +3.6% respectively on the new contract. TP of $2.48 is based on 16x FY13F P/E.