Ezra

Ezra: Announced an aggregate US$95m worth of contracts (including options) across subsea services and offshore support services. Subsea services arm, EMAS AMC, secured work in the North Sea and Gulf of Mexico worth US$40m, with a variety of cable lay and subsea installation which includes one of the longest high voltage alternate current cable lays in the world, at 160km in the North Sea. Meanwhile, offshore supply services arm, EMAS Marine, was awarded US$55m in contracts, for the deployment of one anchor handling tug and supply (AHTS) and two platform supply vessels (PSV) in Africa, and another five AHTS and one PSV in Asia. The latest wins brings order book to more than US$2b, with the bulk expected to be executed over the next 12 to 18 months. At $1.03, Ezra trades at 14.5x forward P/E, in line with regional peers' average of 14.8x. Majority of the street maintains a Hold/Sell rating on Ezra with a 12-month TP of $1.13, mainly due to continued scepticism about the group’s execution.