EZRA

EZRA: CIMB maintains U/p and cuts TP further to $0.70 from $0.80. HOuse note that Ezra disappointed (again) with a core net loss of US$53m in 3Q13. This may not be the end as it could be hit with low utilisation in the winter months, putting 1Q14 earnings at risk. Weak results was due to project delays and cost overruns in subsea. 3Q13 net profit (US$7m) was boosted by a US$67m divestment gain of Ezion’s shares. HOuse would revisit the stock post 1Q14 if it survived the winter lull.