Ezion

Ezion: UOB Kay Hian maintains Buy with $2.85 TP. House note that channel check revealed: a) competition is still muted, b) while potential demand for liftboats in Asia remains large, real demand is contingent on Ezion’s ability to convince Asian oil companies on liftboats’ superior productivity, and c) local banks – faced with declining demand for housing loans – are flushed with liquidity. The cost of debt for Ezion’s new projects remains at 5% p.a.