Ezion

Ezion: 4Q13 results beat, as net profit nearly doubled to US$40.5m (consensus: US$35.4m). Topline spiked 60% y/y to US$83.8m, propelled by additional service rigs under its liftboat and jack-up rig segment, and higher OSV services for three projects in Australia. Gross margins also improved 7.7ppt to 48.7% to buoying bottomline further. Overall, expenses rose in line with business activities and increased staff strength. Share of associates profit climbed 20.2% to $7.8m from Service Rigs JVs. At yesterday’s closing price, Ezion is trading at 14.1x FY13 P/E. FY13 EPS improved to 16.38¢ (FY2012: 7.95¢). Final DPS of 0.1¢ announced (unchanged)