Ezion

Ezion: Philip initiates at Accumulate wtih TP $2.71. Believes Ezion is well positioned to benefit from the robust liftboat demand in SE Asia & Middle East, as oil companies outside the US Gulf of Mexico begin to realise the advantages of liftboats as a low cost alternative for offshore service functions. Estimates Ezion will enjoy 68% 2yr EPS CAGR driven by , i) expanding self-elavating units fleet (both liftboats as well as service rigs), and ii) higher growth in the Offshore Logistics support business (thanks to its 3 LNG projects in Australia which will kick start in 2013).